Chad Owen walks through a case study of Charles, 61, who bought a $1.5M annuity and got anxious about it. Owen shows how reviewing the policy guarantees with American Equity resolved the worry, then shares three lessons: know your product, know where the guarantees live, and pick insurers that actually help clients sleep at night.
Questions this video answers
About $1.5 million.
61 years old.
American Equity.
About eight to nine days later.
July 24, 2017.
Chapters
Hello, Chad Owen with Annuity Agents Academy. I want to share a case that I just went through with a client. It was about a month and a half ago. I met with this husband and wife and they have about a million and a half of total funds available. And I'm sharing with how the product works. Obviously I got all their information. I went through the fact finder, I went over the different products that are available to meet the different needs. And the biggest concern was income. When he had to start to drop do required minimum distributions. And so that was 10 years from it. So I found the product and the entire time he said, man, this, this can't work the way it works. There's no way. It's great, it sounds great. And so I leave all the information with him, allowing to study it. I meet with him again in a week and he's like, man, I want to do this, this makes sense. I like it. This I want to do. I have had major hesitation though, because I just don't see how it can do what it does, what it says it can do. Long story short, end up going on a two week vacation with my wife. We get the funds transferred. Now we're three weeks out from him agreeing to do this. And the policy I'm delivering, I'm hand delivering the policy. And he's like, man, I've had entire, I've had hesitations the entire time. I'm just not sure if I'm doing the right thing. This just seems so great. How can it be possible what's happening? And his wife the entire time was like, it's perfect. This is what we want, this is what we want to do. We don't want to worry about our money anymore. And they had it sent in cash. This guy is the guy that said he does not want to lose another dime. He lost a ton of money from 2007 to 2009. They don't want to lose any more money. He's 61 years old. He just doesn't want to deal with market volatility anymore. So everything's great. I deliver the policy, they sign it, everything, they're happy. And I get a call about eight, nine days later, which this was Tuesday of this week. And it's from American Equity. And American Equity is like, you know what? I got a call from your client Charles, and he said he wants to free look the policy. So I'm like, man, what's going on? He totally gets it, he understands it, he likes it. What is the problem? So I called Charles right away. And he says, you know, I said, hey, you know, what's going on? I thought you liked this is what you wanted. And he goes, you know what? I just don't see anything in the policy that guarantees what you said. I said, no problem, Charles. I'll come back out there. I have an availability at 3 o'clock today. I'll come, come back out there and let me show you where everything is. He's like, no problem. So I get there and I start talking with him and I, and I show him in the policy.
Highlighted where it said, this rate cannot change. It is guaranteed. And he goes, perfect. I also showed him where the fees come out of the account value, not that the income, account value comes out of the accumulated value. He's like, perfect. So he's real happy now. And I said, how come you didn't call me instead of calling the insurance company first? I told you, I'm always available for questions. And he said, well, first of all, I was reading online a bunch of places and said it was difficult to get your money back when you changed your mind. So when he called this company, fortunately, this company was. It's a great company I use on a regular basis, and I know their customer service, I know how they handle clients, and I know that my clients are always going to be treated well. And so he speaks with this company and said, no problem. Just write a little note, return the policy back, and we'll get the money back to you. And he goes, the reason why I, I wanted to make sure that I actually could get my money back. That what was being said on the website, on the web, on these different forms, if they were true or not. And he found. He goes, they weren't. He goes, and then you showed me where it shows the guarantees and nothing can change. He goes, this is perfect. This is what I want. And he goes, I've been losing sleep over the past three weeks concerned about this, and now I feel very comfortable. And I said, you know what? I said, I still want to make sure you're comfortable. I want to make sure you're sleeping at night. I want to make sure you're, you're not worrying about this anymore. Because what good is it if I protect your money? Because I want you to not worry about it, but you're stressed out because you don't understand what you got. He goes, that's a good point. So I just called him this morning, I said, hey, Charles. And he's like, yeah. I said, how are you sleeping? He goes, I'm sleeping Great. He goes, I totally understand it. It makes sense to me and I really am happy I did this. So there's a couple points to this. Number one, make sure you're always available to expl everything about that product that makes the client comfortable to where they don't stress out about anything. Number two, make sure you understand in the policy where it says the guarantees are, because what good is it if you go to do the policy delivery and the client asks where are the, where are the guarantees that you said? Where does it say that in the policy? And you don't even know, you're not familiar with that policy. Number three, make sure you use a company that you'll be proud of how they interact and communicate with your clients. It's a big deal to me because if they don't treat me well as one of the top producers in the nation, if they don't treat me well, how do you think they're going to treat my clients? To me, it's a matter of making sure my clients, they come first, they get taken care of first. If I have a delay or things like that, that's fine, I can work with that. My client, I want them taken care of right away. So those three things we want to make sure, once knowing your product well, knowing where it is in the brochures that explain the guarantees, making sure you write with a company that is actually going to treat your client well.
This is the reason why you need someone like me helping you because I'm out in the field just like you, experiencing things that we all go through. And I'm sharing with you how to overcome it's to where it's not an issue anymore. And now Charles is getting ready to go on a seven day horseback trip through the Rocky Mountains to scout out for hunting season. And he said, I'm going to be able to go through there and I'm just going to be able to relax and not worry about where my money is. When I'm, when I'm out there on the horses, I'm like, that is perfect. This is exactly why I love what I get to do. I love that I get to help people rest and have peace and not stress out. So if you want any more information, go to theannuityacademy.com or annuityagentsacademy.com they're both places where you can sign up for mentorship programs, the Virtual Academy. These are all tools to help you become a better agent so we can serve our clients better. Thanks so much. You guys have a great day. Talk to you later.
