Incubating Long-Term Care Sales:

Making the Seven Second Sale to Baby Boomers
and their parents

When you combine the wealth transfer needs of Baby Boomers and their parents, you have a massive two-for-one sales opportunity for wealth transfer products. Every seven seconds, another Baby Boomer turns 50. Baby Boomers form 26% of the U.S. population; more than 40 million are over 50 and they wield $1 trillion in spending power, according to MetLife’s Mature Market Institute. It’s an appealing life insurance customer base. Perhaps, most significantly, older Baby Boomers are willing to spend a staggering 20% more than average on life insurance.
It’s no secret that the Baby Boomer generation has been focused on building assets. But, their thinking is shifting as they age. People in this vast emerging demographic are looking for the best way to pass on their financial legacy.
On top of that, factor in the aging parents of Baby Boomers. Those who have more assets than they plan to use in their retirement years are making plans to transfer wealth to their heirs. Just how much wealth will be transferred to beneficiaries over the next 50 years? The now famous report from Boston College’s Social Welfare Research Institute puts it at a staggering $41 trillion.

Life Insurance for the Living

Baby Boomers and their parents haven’t always seen eye to eye on social and political issues, but those who want to leave a legacy certainly agree it’s preferable to transfer their wealth without losing a big chunk to taxes or forcing the burden of probate on their heirs.
Standard Life and Accident Insurance Company’s easy to understand wealth transfer products offer these tax and probate advantages and more. Wealth Guardian, a single premium universal life insurance plan and Classic Elite, a single premium whole life insurance product, work two ways for your clients.
Beyond the traditional application of a life insurance product, an invaluable feature allows for the acceleration of the policy’s death benefit. This living benefit can be applied to long-term care related expenses or used if the insured suddenly becomes terminally ill. This accelerated death benefit offers the peace of mind that the death benefit can become a liquid asset in times of need while the insured is still living.
These versatile products can be excellent choices for several types of clients: those shopping for long-term care options; those who want life insurance, but think they can’t afford a long-term care policy or don’t need one; and those who don’t want to purchase a long-term care policy and then lose their premium if they don’t use the benefit.
For all of these customers, Wealth Guardian and Classic Elite offer the comforting opportunity for long-term care benefits and the security of life insurance if no long-term care is needed. They’re attractive products to have in your portfolio for these reasons alone. But, they are even more compelling because they appeal to a range of ages.
Wealth Guardian is designed for somewhat younger customers. It’s for Baby Boomers who want a wealth transfer plan with a slightly more aggressive earning potential, product maturity when the insured reaches 95, an adjustable death benefit to meet changing financial needs, and a 100% money back guarantee.
Classic Elite is designed to provide peace of mind to older seniors, such as parents of Baby Boomers. It offers a guaranteed death benefit and cash values and policy loans to respond to opportunities or emergencies. Also, there is no worry of outliving the policy since it reaches product maturity when the insured reaches 121. Even though the product offers an immediate increase in the estate’s transfer value, it’s free from market volatility.

Expand Their Legacy

Bruce Burak, marketing director for Standard Life, has coached numerous producers on how to boost their sales. He offers the following tips to help your customers expand their legacy:
1. Maximize every lead.
You already know that clients are a valuable resource for generating leads. If you explain the importance of wealth transfer and the tax and probate advantages of Classic Elite and Wealth Guardian, you’re likely to receive an entirely new set of leads – those who need the wealth transfer solutions you can offer.
2. Don’t shy away from selling big-ticket items.
Seniors aren’t usually flashy about their money. The person living in a 50-year-old home and driving a 10-year-old car probably has more money put away than you think.
3. When clients say they want to pass on a legacy, annuities aren’t always the right product to sell.
Annuities don’t offer a tax-free death benefit. Plus, an annuity is like a savings account. It takes much longer to grow than do wealth transfer products, which offer an immediate increase on the single premium no matter when the death benefit is paid. It’s simple to get Standard Life’s wealth transfer products underwritten. There is a faxable short-form application; the medical information is verified over the phone; and there’s no blood drawn or Paramed exam.
4. Use the knowledge edge.
Take advantage of Standard Life’s value-added services including a generous lead program, incentives, and a full-service marketing support staff. “Our top selling producers still take advantage of our marketing support staff for unique marketing ideas and to make sure they’re up to date on our competitive wealth transfer products,” explains Burak.
Producers who’ve already taken their businesses to the next level have made Standard Life’s Wealth Guardian and Classic Elite essential parts of their portfolio. Get the information you need by calling 800-514-2080.
Every seven seconds you let go by, you’re passing up another promising opportunity to fill this enormous consumer need. In about the time it took you to read this article, 17 more Baby Boomers blew out their “big five-o” candles. q
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For more information, call us at 800-514- 2080 or email us at: standard.marketing@slaico.com,
visit our website at www.slaico.com