4 Steps to an Effective Cover Letter for Life Insurance Applications

There is an ongoing myth that Underwriters do not review cover letters. Boy, is that so far from the truth!

The purpose of a cover letter is similar to the frame of a house. It serves as the foundation of the applicant’s risk. This foundation gives a carrier underwriter a peek into the window of how the case was sold, the purpose of coverage, your relationship with the applicant, and a little about the client’s risk. As a result, the underwriter can start off with an open mind and baseline of the proposed insured.

Essentially, the key to an efficient and effective cover letter is being transparent and detailed, thus sending a signal to the underwriter that you’ve done your part in the application process. Effective cover letters are your introduction of your client to the carrier underwriter. 

Learn more in the full white paper "4 Steps to an Effective Cover Letter for Life Insurance Applications" by VP of Underwriting and Development, Lisa “Lee” Morris. 



Do you have an underwriter with experience on your side? Partners Advantage can help!
Contact Lisa “Lee” Morris at 888-251-5525, Ext. 199 or email lmorris@partnersadvantage.com.

For Financial Professional Use Only. Not For Use with the Public.

This blog is designed to provide general information about the subject matter covered. Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this blog is provided for informational purposes only and should not be construed as tax or legal advice. Guarantees and benefits are based on the claims-paying ability of the issuing insurance company. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Each case is individually underwritten as the severity of medical conditions varies among individuals. Formal underwriting evaluation and pricing is based on the individual characteristics of each case.

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Do you have a marketing, sales and client fulfillment program?

Top producers consistently have one advantage the average agents don’t: they all have a system. Do you have one?

Partners Advantage’s PILLAR Playbook is an “online university” that gives you access to a huge library of 2-8 minute videos, which give you quick-hit tips you can apply from day one. These videos are bringing fresh ideas in prospecting and fact-finding that help excites clients, drive sales, and bring your business to a whole new level. 

What is PILLAR?
Partners In Life, Long-Term Care, And Retirement

The PILLAR System was created by Partners Advantage and reflects dozens of years' experience and countless hours in the field with leading agents, The PILLAR System is a proven marketing, sales and client fulfillment program for growing and thriving in the new era of insurance.

We believe it’s unlike any training and seminar program in the industry. Our approach broadens product confidence, details marketing, sales and client processes and teaches a results-transforming shift in perspective we call, The Seven-Figure Mindset. The PILLAR Playbook takes it a step forward and provides agent additional access to tools and guidance that help them stay up on top.

If you are interested in enrolling in The PILLAR System and would like access to The PILLAR Playbook, you can enroll at www.thepillarsystem.com, click APPLY and fill out the enrollment form, or contact us at 888-251-5525, Ext. 700.

For financial professional use only. Not to be used for consumer solicitation purposes. 

Becoming a member of The PILLAR System may be dependent on various factors including but not limited to production requirement and "PILLAR" carrier contracts placed with Partners Advantage Insurance Services, LLC. Partners Advantage Insurance Services, LLC reserves the right to change the requirements of the PILLAR System at their discretion. Results may vary, this communication does not constitute an offer or guarantee. Participating agents will need to be properly licensed and may be subject to screening. Participating agents must adhere to all federal and state compliance and market conduct standards. Additional terms and conditions to be set forth in an agent agreement between Partners Advantage Insurance Services, LLC and the agent. 

All rights reserved, trademark pending.

For financial professional use only. Not for use with consumers.

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Getting Your Prospect to Think About Longevity, and Longevity Calculators

By Stephen Horvath, Annuity Brokerage Director at Partners Advantage Insurance Services, LLC

How often do you search for a way to get the conversation with a prospect rolling on the right track, particularly taking the discussion into retirement planning territory? You can use the phrases below and the links provided to help shape a thought-provoking conversation and encourage your clients to spend a few minutes “predicting” how long they might live and what a potentially long life could mean.

Since skillful fact finding can lead you to offer correct solutions, why not arm yourself with some thought provoking statements you can use while looking your prospect in the eye across that proverbial kitchen table? Statements like: 

“Let me ask you this. Do you come from a family that has a history of living into their eighties or nineties, or beyond?” 

“Has anyone in your family ever lived to age 100 or more?” 

“Do you have expectations of being the oldest living member in your family?” 

“If I asked you how many years you think you will live in retirement, what would you say?” 

And, conclude with this: 
“Would you be interested in checking out some fun websites that may help you estimate how many years you might continue to live?” 

Usually, the answer will be in the affirmative, so here are those websites – generic in nature – that you can share with clients to play that guessing game that everyone wants to know about but might be afraid to ask … what IS my longevity? 

LONGEVITY CALCULATORS   (click on the link or copy and paste to your browser)

• www.bluezones.com
• www.northwesternmutual.com/learning-center/the-longevity-game.aspx
• www.livingto100.com/calculator
• www.ssa.gov/planners/lifeexpectancy.html

NEXT STEPS
Now that you’ve opened the door to get your prospect thinking about their longevity, you can move to a more comprehensive deep dive into their overall financial situation and talk about their levels of planning, and protection to make those years in the future as well planned as possible.  This is where your Partners Advantage Brokerage Director can be your best friend, arming you with more comprehensive fact finders, as well as programs like Retirement Analyzer or our proprietary The PILLAR System. 

You can rely on us to guide you to more successful sales. Call us today at 888-251-5525, Ext. 700.

For financial professional use only. Not for use with consumers.

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Five Steps That Could Potentially Grow Your Business

By: Michael Macias, Relationship Coordinator at Partners Advantage Insurance Services, LLC

Here are five steps that could potentially help put you in front of more clients and grow your business by fully engaging a referral mindset. This will benefit your current clients, future prospects, and even the network of other financial professionals you work with on a regular basis.

Step 1: Make a Decision and Throw Out the HeadTrash¹
Before developing your referral strategy, you need to make a decision; the decision that you want to be in front of more clients and you are willing to put forth the effort that can potentially create the success you want to achieve.

Step 2: Develop and Work a Process
Developing a process needs to be customized in a way that works for you and your unique business model, but inflexible enough so that you will stick to it.

Step 3: Develop “Referral” Networks
Have you ever thought of giving referrals yourself? What if giving those referrals equated to you receiving referrals in return?

Step 4: Harness the Power of Expectation
Rather than be hopeful of getting referrals, be expectant. Would you agree going into any situation expecting a certain outcome would increase the chances of that outcome actually happening?

Step 5: Rinse, Repeat, and Monitor Results
The final step in the process is bringing it all together. Monitor your process over time for results based off of the action items you have taken. Are you getting the results you are “expecting”?

Putting forth effort into this process can help create a profitable referral strategy. When combined with your overall business model and prospecting strategy, you can create a solid foundation where your referral network and business can continue to grow. Get the full article titled, "Developing a Referral Mindset" by completing the form below.

Contact Michael Macias, Relationship Coordinator for additional creative ways to ask for referrals: 888-251-5525, Ext. 389. 

¹headtrash911.com

FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR USE WITH THE PUBLIC.

This material is intended to provide general information only. It is not intended to render legal, accounting, Social Security or tax advice, and the services of those professionals should be sought. Financial professionals who utilize this material may be able to identify potential retirement income gaps and introduce products, such as fixed annuities, as potential solutions. The testimonial may not be representative of the experience of other financial professionals and is no guarantee of future success.

Always follow your firm’s policies and procedures regarding review and use of third-party templates, creation and distribution of client and prospect materials, hosting of client and prospect events, offering giveaways or prizes, and your firm’s employment process.

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