With Veralytic in Texas this week presenting Best Practice Standards for Life Insurance as an Asset Class at The First Annual EY Family Business / Family Office Accounting & Tax Education Series, this article “4 Ways to Achieve Success in Life Insurance Sales” caught our eye and has such great parallels to using Veralytic to:

1. Demonstrate the value of life insurance as an asset class – To demonstrate the value of life insurance as an asset class, you have to talk about life insurance – the way financial advisors talk about other asset classes.  Financial advisors talk about other asset classes by the performance and expense characteristics that define them.  Talking about hypothetical premiums or IRRs on death benefits that can be meaningless because nobody knows when they are going to die, then people are going continue to think about life insurance as only insurance, and NOT think of life insurance as an asset class.  Instead, talk about the performance and expense characteristics of life insurance the way financial advisors do for other asset classes. 
2. Give clients what they want – Everyone wants to know that they are being charged a fair price and getting reasonable performance.  Life insurance is the last, largest, most neglected asset on clients’ balance sheet.  Measure what they are being charged.  Measure what they are actually getting in performance.  Tell them if they are being charged a fair price or when they are being over-charged.  Tell them if they are getting reasonable performance or when performance has fallen short of peer-group alternatives.  Every client wants this information from their financial advisors but have previously not been able to get it for their life insurance. Today, no one is better equipped to give clients what they want, to help them reach their objective than the life insurance producer.
3. Be of service–  The attitude of making the sale and moving on must change if life producers want to be successful. One of the ways the article suggests to be of service is to do policy reviews.  Essential ingredients to any policy review according to financial, insurance, and banking authorities is to consider both policy expenses and the reasonableness of performance expectations.  Too many policy reviews are based on industry practices that are now considered “misleading”, “fundamentally inappropriate” and unreliable by financial, insurance, and banking industry authorities.  In other words, policy reviews can be BOTH a valued customer service that generates new sales AND a competitive advantage against advisors that still offer “misleading”, “fundamentally inappropriate” and unreliable policy reviews.
4. Getting past the pleasantries – To get prospects to ‘open up’, you’ve got to get their attention and talk about what’s most important to them.  Veralytic can help you show your clients that you are taking care of them in ways that even most insurance agents or brokers cannot. Veralytic is the only patented, objective and rules-based research tool that goes beyond the overly-simplistic comparisons of illustrations of hypothetical policy values that can be considered “misleading” and “inappropriate” and unreliable by financial, insurance and banking industry authorities. Veralytic’s independent research reports provide a facts-based solution that is both compliant with industry regulations and established case law.

Veralytic is simply the fastest, easiest, and most comprehensive and cost-effective way to independently verify to clients and their advisors whether or not the pricing and performance of existing or proposed life insurance is in their best interest.  Only Veralytic is accepted for independent client representation, endorsed by the New York Bankers Association (NYBA) and compliant with industry regulations and established case law.

Use the Veralytic Reports to determine the appropriateness of pricing, the reasonableness of performance expectations for invested assets underlying policy cash values, and overall suitability for your client’s policies based on the 5 factors of suitability.  Get up to 3 Veralytic research reports under our NO-Risk trial subscription.