About Mark Pace

T. Mark Pace

When there is an immediate need for cash at the time of someone’s death, it has been my experience that life insurance, when properly acquired and managed, is one of the best tools ever invented for the creation and transfer of wealth. However, life insurance is rarely acquired properly and, because it is mistakenly assumed to be a "buy and hold" asset, it is never managed. The resulting financial disasters are far too frequent and completely avoidable.

If you would like to learn more about any Pig-in-a-Poke blog posts or discuss any other life insurance issues, contact T. Mark Pace at Mark@objectivereview.com

 

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Pace’s Pig-in-a-Poke

About Pace’s Pig-in-a-Poke

Pace’s Pig-in-a-Poke, provides an arena for sharing the four great passions in my life. My three foundational passions are:

  1. Invest in yourself first;
  2. The genius in all of us, and;
  3. We can all live a long healthy life.

These three support my life work and my fourth passion; LIPM™ (Life Insurance Property Management).

As the blog title suggests, my focus is on debunking all of the myths, misuse, and muddled thinking that has accumulated in the life insurance industry. And, from time to time, I will go outside of the specific world of life insurance and share my views on my other three passions.

I hope you find my blog worthy of your attention, informative, and occasionally inspirational. I welcome your comments, questions and suggestions.

Mark Pace

Do you keep cool under Q4 sales pressure?

 

The Poke

Stop me if you’ve heard this one…

Late one November, an insurance advisor makes an urgent client call. “Mr. Smith, you’re a great client so I thought I would give you the heads up on the rate increases the insurance carriers are planning to push through in January.”

Or, how about this one…

In early December while meeting a new prospect, an insurance advisor casually comments, “You know, the big insurance companies are under a lot of pressure to make their year end numbers. We can get a great deal if we apply before the end of the month.”

Oh, and here’s one more…

The agency owner walks into the insurance advisor’s office and says, “So, what do you think your numbers will be by year end?”

These situations are no joke; they’re real and show up every year as advisors, agencies and carriers try to meet or exceed their sales targets.

The Poke Exposed

While rate changes occur often and underwriting can be a little more competitive at year end, giving in to the pressure to make sales can result in clients signing an application for products they do not need, do not want, and ones that will not perform adequately in the years ahead.

It happens. And, from the number of policies we are asked to rehabilitate every year, we know it happens all too often.

When the pressure is on, advisors may make recommendations and people may make buying decisions only on the basis of a potential price advantage without proper consideration of all the other factors behind a prudent and valuable purchase of life insurance.

Pace’s Poke Remedy

While price changes and preferential underwriting do occur, advisors must balance these with proven processes for doing the right thing. Don’t get me wrong; a sense of urgency is great. Meeting real outside deadlines could positively affect the value of your client’s policy and its ability to meet their goals.  But, do not forget to do all the homework you would normally do during the other three quarters of the year. Research your client’s needs, their concerns, their circumstances… do your homework!

If you want to make sure you do what is absolutely right for your client, use

The Five Pillars of Life Insurance Property Management™ to guide your research and recommendations.

The Five Pillars of LIPM™

  1. Appropriate amount and period
  2. Correct underwriting class
  3. Right product type or mix of types
  4. Competitive internal pricing
  5. Effective funding level

 

Making life insurance work at its very best is no joke. For more information on how you can use these and many other concepts in your business, This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 

About the author

Mark Pace
Mark Pace
When there is a need for immediate liquidity at the time of someone’s death, it has been my experience that life insurance, when it is properly acquired and managed, is one of the best tools ever created for the creation and transfer of wealth. However, in my 35 plus years of experience, life insurance is rarely properly acquired and never managed… thereby creating a monumental financial disaster for many individuals that should never happen.

If you would like to learn more about this Pig-in-a-Poke subject or discuss any other life insurance issues, contact T. Mark Pace at Mark@objectivereview.com

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