TMK1536 0510Agent training only. Not for sales use. Worksite TMK1536 0510Agent training only. Not...

TMK1536 0510 Agent training only. Not for sales use.

Worksite



Mondays

• Week 1: Sponsorships• Week 2: Worksite• Week 3: Sponsorships• Week 4: Worksite


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


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


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


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?”


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.


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


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


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


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


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


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


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.


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.


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).”


Worksite Resources



Worksite Marketing Page


Steps to Success


Order your supplies

Organize your prospect notebook

Step 1: Supplies


Learn about:

Your companyYour productsRules concerning worksite cases

Step 2: Study


Prospect for eligible businesses by:

Using Two-Step Prospecting MethodUsing Sales GenieAsking Family and FriendsNetworkingChamber/Professional Organization EventsCustomers

Step 3: Search


Complete survey for every business lead

Fill in missing info through Phone Calls & Walk ‘N’ Talks, using scripts

Step 4: Surveys


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


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


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


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


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


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


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.



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.



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.



Agent Guide


Types of cases

Qualified benefits for Section 125

Employer and Employee benefits

Agent Guide: Introduction


Eligible Employees

Qualified Employers

• Approval-Required Industries• Ineligible Industries

Agent Guide: Approval Guidelines


Plan Adoption AgreementPayroll Deduction AgreementPoints to RememberApplication for Group TermEmployee RosterPayroll Deduction Billing Information Sheet

Agent Guide: Required Forms Packets


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


II. Deduction Period

Deductions begin the first pay period of the month following the Enrollment Period



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



Electronic Worksite Packets



Advantages

• Cannot submit with errors• Repetitive info prepopulates• Enrollment period, effective date, deduction date automatically set• Prompts for employee roster• Faster Franchise Number



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



Other Things You Should Know



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


• 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


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


What have you put on your To Do List?


TMK1536 0510Agent training only. Not for sales use. Worksite TMK1536 0510Agent training only. Not...

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