TMK1536 0510Agent training only. Not for sales use. Worksite TMK1536 0510Agent training only. Not...
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Transcript of TMK1536 0510Agent training only. Not for sales use. Worksite TMK1536 0510Agent training only. Not...
TMK1536 0510 Agent training only. Not for sales use.
Worksite
TMK1536 0510 Agent training only. Not for sales use.
TMK1536 0510 Agent training only. Not for sales use.
Mondays
• Week 1: Sponsorships• Week 2: Worksite• Week 3: Sponsorships• Week 4: Worksite
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
• Prepare 100 Businesses per 2-Agent Team
1. Sales Genie2. Organize List of businesses:
- Eliminate ineligible businesses- 15-50 Employees- Route Order
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Agents should calculate total potential ADP coverage for all the employees in the business
# of employees x $3,000 = Total Potential Employee $ ADP coverage+ (# employees divided by 2) x $3,000 = Total Potential Spouses’ potential ADP coverage+ (# employees x 2 children) x $1,000 = Total Children’s $ ADP coverage)
= TOTAL POTENTIAL ADP COVERAGE TO THAT COMPANY’S
EMPLOYEES PLACED IN BUSINESS
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Step 1 – Securing ADP Enrollment
• Each 2-Agent Team goes to see as many businesses from its list as possible
• No Selling, just securing ADP enrollments using ADP calculation with total potential coverage for strong opening statement to get decision maker’s attention
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Script for Step 1:“Mr. Smith, Liberty National has authorized me to place a potential total of up to $130,000 or more of Accidental Death coverage. This lets your employees ‘test-drive’ our company for an entire year, in hopes that when you have other insurance needs you will call us first. No premium will be due until the end of the first year and if you don’t wish to continue the coverage, no premium will be due. Each employee will receive $3,000 in coverage, their spouse will get $3,000 of coverage and each of their children will get $1,000 of coverage. All I need to do to offer your employees this coverage is an enrollment date. Which works better for you, this week or next?”
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Step 2 – Scheduled ADP enrollments visited in the next 2 weeks
BM has each 2-agent team set plans for the second call. The goal is to show the total approximate10-year tax savings generated within the business from Section 125 qualified AP.
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Use this formula: # employees x $400 AP average Group Term Life APx 10% estimated employer tax savingsx 10 years= Total Approximate Employer Tax Savings
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Use this formula: # employees x $400 AP average Group Term Life AP x 20% estimated employee tax savingsx 10 years= Total Approximated Employee Tax Savings
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Use this formula:
Total Approximated Employer Tax Savings+ Total Approximated Employee Tax Savings= Total Approximated Employee Tax Savings over 10 years within the business from Section 125 qualified AP
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Example 20 employees x $400 AP average Group Term Life AP = $8,000 Section 125 eligible APx 10% estimated employer tax rate= $800 potential employer tax savingsx 10 years
= $8,000 potential employer tax savings
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Example 20 employees x $400 AP average Group Term Life AP = $8,000 Section 125 eligible APx 20% estimated employee tax rate= $1,600 estimated employee tax savingsx 10 years
= $16,000 potential employee tax savings
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Example $8,000 potential employer tax savings + $16,000 potential employee tax savings $24,000 total approximate10-year tax savings generated from Section 125 qualified AP
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Each 2-agent team will go back to the businesses that accepted the ADP enrollment, using the estimated total tax savings within the business for your strong opening statement to get the decision maker’s attention.
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Script for STEP 2:“Mr. Smith, upon returning to my office the other day, I conducted some surprising calculations which have identified a way we could potentially save you and your employees up to $24,000 or more in taxes over the next 10 years - by simply adding one product to your upcoming ADP enrollment.
TMK1536 0510 Agent training only. Not for sales use.
Worksite 2-Step
Script for STEP 2 (Continued):“Let me show you how - (using the previous formula) at no direct cost to you, we could save your business up to $8,000 in taxes over the next 10 years, while saving your employees up to $16,000 over the next 10 years, all by adding only one IRS Section 125 qualified life product - again at no direct cost to your business. Let me explain… (use the ‘Tax Savings – Employer’ Laptop Presentation).”
TMK1536 0510 Agent training only. Not for sales use.
Worksite Resources
TMK1536 0510 Agent training only. Not for sales use.
TMK1536 0510 Agent training only. Not for sales use.
Worksite Marketing Page
TMK1536 0510 Agent training only. Not for sales use.
Steps to Success
TMK1536 0510 Agent training only. Not for sales use.
Order your supplies
Organize your prospect notebook
Step 1: Supplies
TMK1536 0510 Agent training only. Not for sales use.
Learn about:
Your companyYour productsRules concerning worksite cases
Step 2: Study
TMK1536 0510 Agent training only. Not for sales use.
Prospect for eligible businesses by:
Using Two-Step Prospecting MethodUsing Sales GenieAsking Family and FriendsNetworkingChamber/Professional Organization EventsCustomers
Step 3: Search
TMK1536 0510 Agent training only. Not for sales use.
Complete survey for every business lead
Fill in missing info through Phone Calls & Walk ‘N’ Talks, using scripts
Step 4: Surveys
TMK1536 0510 Agent training only. Not for sales use.
Your goal is to get an appointment with the person who handles employee benefits
Use Phone Call or Walk ‘N’ Talk script to secure appointment
Let’s talk about common objections and rebuttals
Step 5: Schedule
TMK1536 0510 Agent training only. Not for sales use.
Should always involve a member of management
Create your master packet
Let’s review the sample presentations
Let’s talk about common objections and rebuttals
Step 6: Solicit
TMK1536 0510 Agent training only. Not for sales use.
Complete the Electronic Worksite Packet or paper packet (more on this later)
Get a copy of the employee roster with hire dates
Submit to the Home Office for approval
Deliver Employer Implementation Manual
Step 7: Secure
TMK1536 0510 Agent training only. Not for sales use.
Prepare for enrollment
Communicate with employer and bookkeepper
Give away introductory offer first
Sell their need and stress the tax savings and convenience of payroll deduction
Upload e-apps
Step 8: Sign-Up & Sell
TMK1536 0510 Agent training only. Not for sales use.
Meet with the bookkeeper (more on this in a minute)
Track policies through underwriting
Deliver policies to the customer’s home for more potential sales/sponsorhsips
Step 9: Service
TMK1536 0510 Agent training only. Not for sales use.
1. Meet with the bookkeeper as soon as the employer agrees to establish the program. Review the schedule for the enrollment. Determine when the bookkeeper needs the authorizations so that she can make the first deductions the first week of the deduction month.
Required meetings with the bookkeeper
TMK1536 0510 Agent training only. Not for sales use.
2. Meet with the bookkeeper as soon as the enrollment is concluded. You must make sure that you get the authorizations to the bookkeeper before the date she requested.
3. Call the bookkeeper the week before the deductions are to begin. Verify that she has everything she needs to begin the deductions on time.
Required meetings with the bookkeeper
TMK1536 0510 Agent training only. Not for sales use.
4. Call the bookkeeper the week the deductions are to begin. Verify that the first deductions are starting as scheduled.
5. Meet with the bookkeeper when she receives the first billing. Work side-by-side with her to be sure she understands how to delete terminated employees and remind her when the first premium is due.
Required meetings with the bookkeeper
TMK1536 0510 Agent training only. Not for sales use.
6. Call the bookkeeper to verify that she mailed the first month’s premium on time.
7. Call the bookkeeper each month when she receives the bill. Answer questions and meet with her if required.
Required meetings with the bookkeeper
TMK1536 0510 Agent training only. Not for sales use.
Agent Guide
TMK1536 0510 Agent training only. Not for sales use.
Types of cases
Qualified benefits for Section 125
Employer and Employee benefits
Agent Guide: Introduction
TMK1536 0510 Agent training only. Not for sales use.
Eligible Employees
Qualified Employers
• Approval-Required Industries• Ineligible Industries
Agent Guide: Approval Guidelines
TMK1536 0510 Agent training only. Not for sales use.
Plan Adoption AgreementPayroll Deduction AgreementPoints to RememberApplication for Group TermEmployee RosterPayroll Deduction Billing Information Sheet
Agent Guide: Required Forms Packets
TMK1536 0510 Agent training only. Not for sales use.
I. Enrollment Period
Enrollment period varies with number of employees3 products during initial enrollment
Paperwork to be filled out by employee:Summary Plan DescriptionPayroll Deduction AuthorizationSalary Reduction FormNew Business Transmittal
Agent Guide: Three Periods of Worksite
TMK1536 0510 Agent training only. Not for sales use.
II. Deduction Period
Deductions begin the first pay period of the month following the Enrollment Period
Agent Guide: Three Periods of Worksite
TMK1536 0510 Agent training only. Not for sales use.
III. Policy Effective Period
Policies have an effective date of the month following the Deduction Period.
Coverage begins when the application is signed for the amount we ultimately issue
Agent Guide: Three Periods of Worksite
TMK1536 0510 Agent training only. Not for sales use.
Electronic Worksite Packets
TMK1536 0510 Agent training only. Not for sales use.
TMK1536 0510 Agent training only. Not for sales use.
Advantages
• Cannot submit with errors• Repetitive info prepopulates• Enrollment period, effective date, deduction date automatically set• Prompts for employee roster• Faster Franchise Number
Electronic Worksite Packets
TMK1536 0510 Agent training only. Not for sales use.
Advantages
• Employer can type signature• PDF saves to folder w/name of business and date• BM does not have to sign, but must send to Home Office from BM email address
Electronic Worksite Packets
TMK1536 0510 Agent training only. Not for sales use.
Other Things You Should Know
TMK1536 0510 Agent training only. Not for sales use.
TMK1536 0510 Agent training only. Not for sales use.
How do you qualify (subject to review quarterly)?
• Payroll Deduction DCN of 10% or less• Payroll Deduction Persistency of 73% or more• Branch Manager must be in place long enough to establish QOB• $13,000 or more total issued PD AP during the reporting period
Worksite Quality Approved Branches
TMK1536 0510 Agent training only. Not for sales use.
• The Home Office monitors cases that are approved but not enrolled
• Branch Managers receive a warning email each month
• After 120 days with no applications, the case can be assigned to another Branch
Enroll Cases ASAP
TMK1536 0510 Agent training only. Not for sales use.
What are the benefits?
• Cases approved with as few as 5 eligible employees and 7 policy requirement will not apply
• Can request a waiting period as short as 3 months in order to “match” the employer’s eligibility period for benefits
Worksite Quality Approved Branches
TMK1536 0510 Agent training only. Not for sales use.
What have you put on your To Do List?
TMK1536 0410 Agent training only. Not for sales use.