This week’s feature: How to Get the Most Out of $1 Million

$1 million is nothing to sneeze at.

If you are someone of limited means, $1 million could be a windfall of extraordinary proportions. Truly a life-changer.

On the other hand, if your personal net worth is $100 million, then $1 million would be relative small change. But it still could be a game changer for the charity to which you gift it. And, if you leveraged it correctly with the proper financial instrument, that million dollars could return many times that amount in value.

Either way, $1 million can make a difference. So, whether you are rich, poor, or in between, to get the most bang for the buck, you really need to be comfortable and confident with the plan for using the money.

That’s where prequalification comes in.

Prequalification is the process used by our insurance teams to select the appropriate product for the client. All the factors of the purchase are aligned prior to making the commitment. The insurer; the funding; the product design; the tax management strategy; and so on are all determined before the paperwork is signed.

This way everybody concerned with the purchase – most importantly, the client – can be certain the purchase makes sense, and that the client will get exactly what he or she wants…

  • that purchasing $1 million of combined life and long-term care coverage, is the right amount for covering personal needs.
  • that investing $1 million in an offshore product, is the right way to minimize taxation, and pass on a family legacy.

In our next article, will speak about how it is primarily the role of the “Grinder” member of the team to manage the pre-qualification process effectively.


Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: How the “Minder” Makes Sure the Expert Works for the Client

This is the sixth in a series of articles describing what the Global Insurance Portal is all about.

In our last article, we discussed the essential role experts play on the insurance service teams of our Global Insurance Portal (GIP). An expert is dedicated to taking excellent care of the client.

There’s a very interesting dynamic employed by the service team to make sure this takes place.

It’s a very common business practice for an advisor to bring in an expert to service the client. Then, typically, the advisor and the expert partner up. The dynamic essentially becomes “the professionals versus the consumer.” The relationship would certainly not be adversarial, but all too often, the consumer can feel the professionals are working more for each other.

That is not the case with the service teams of the GIP. The key is how the Minder plays his or her role.

If you recall from a prior article, the Minder is one of the four types of people who collaborate on an insurance sale:

The Finder: the marketer who finds the prospect, and sets the stage for the sale;

The Grinder: the back-room specialist who takes charge of prequalification, and generates quotes;

The Binder: the expert who closes the sale;

The Minder: the rep who provides service, and stays in touch with the client.

The Minder’s first responsibility is to keep the client’s interest first and foremost. To some extent, this means that the dynamic is one of “Mr. Client, this is what our expert and I can do for you.”

But in the final analysis, the dynamic is really one of “OK, Mr. Client, let’s see what the expert can do for us.” The Minder sits on the client’s side of the table, so to speak, and makes sure the expert does whatever is necessary to help the client become comfortable and confident with the recommendation.

This is how the service teams of the GIP provide the optimal service the client deserves. It takes place whether the client is a small business buying group insurance, or an ultra high net worth individual purchasing an offshore asset protection vehicle.


Our  friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:
 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: “Who Exactly is an Expert?”

This is the fifth in a series of articles describing what the Global Insurance Portal is all about.

 
In this article, we will discuss the importance of staffing our service teams with experts.

What exactly qualifies somebody as an expert, and do you really need one when buying insurance?

People tend to define expertise solely based on knowledge: product knowledge, tax laws, etc. But that doesn’t really address the bottom line from a consumer’s point of you.

People who buy insurance – whether it’s a simple term life insurance policy, or a complicated offshore asset protection vehicle – need more than simple knowledge. They want to work with somebody who can get it done, and provide exceptional value. It’s the product knowledge, but it’s also the carrier selection, comprehension of the marketplace, management of underwriting, leverage with the key players, etc.

But it’s even more than the total package required to get the right product of the right value in place. The shopping experience has to be first class. Convenience, courtesy, and communication are essential. Most important, the client needs to feel that the service team has his or her interests at heart.

At the end of the day the client should be able to say “my insurance service team took care of me!”

A true expert knows how to keep the client’s interest first and foremost.

In our next article, we will continue our discussion about the business standards upheld by the client service teams working through our Global Insurance Portal.


Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: “The Four Players on Every Service Team”.

This is the fourth in a series of articles describing what the Global Insurance Portal is all about.

My early training in life insurance sales featured a fascinating study of behavioral styles. We new agents were taught the four basic types of people who collaborated on the sale, and were encouraged to concentrate on playing the role that best suited our strengths and skills.

The four types are:

  • The Finder: the marketer who finds the prospect, and sets the stage for the sale;
  • The Grinder: the back-room specialist who takes charge of prequalification, and generates quotes;
  • The Binder: the expert who closes the sale;
  • The Minder: the rep who provides service, and stays in touch with the client.

I have always been a Finder, and have employed a wide variety of marketing methodologies to connect with prospective clients. When a prospect is found, I recruit a Grinder, Binder, and Minder to fulfill the sale and service the client.

Within a captive insure agency, the other team members are fellow agents with the company. But with a Global Insurance Portal, the roster of available players is delightfully deep and broad. Some examples of the teams we assemble:

For servicing citizens of China, I have a Minder who is a financial adviser that speaks fluent Chinese; a Binder who is a consultant that designs private placement plans for citizens of that country; and a Grinder who is a company that stuctures offshore risk and asset management products.

For insurance brokers who need to find policies for higher-risk life insurance candidates, I have a Binder who was a home office underwriter, and who is now a general agent with vast experience with these cases; and a Grinder who is one of the county’s top wholesalers, representing virtually every company in the brokerage marketplace. The brokers themselves serve as Minders, under the business standards that I have established.

These business standards apply to all the service teams that are assembled through the Portal. In our next article, we will explore them further.


Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: “World Class Thinking”.

This is the third in a series of articles describing what the Global Insurance Portal is all about.

In previous articles, we discussed the mandate of filling the insurance gap for our clients, and how the formation of a network of providers can accomplish this. Today our question is: how should this network of providers be managed so that the right team of experts can be assembled for each client?

To start, I’m going to share some of the teachings I have gleaned from one of my mentors, Steve Siebold. I have never met Steve personally, but I have made the study of his research on world class performance part of my daily routine. These lessons have helped me design my role as the developer of the Global Insurance Portal. They have helped me formulate my global world view, and to define my job as one of teambuilding and organizational development for an array of immensely talented world performers.

They will give you insight into the principles and ideas that went into this innovative form of insurance distribution.

In subsequent articles I will provide more details on how I bring together and manage ensemble teams of these experts.

All the quotes are from Steve’s book, “177 Mental Toughness Secrets of the World Class – the Thought Processes, Habits, and Philosophies of the Great Ones,” London House, United States, copyright 2010.

  • “The world class believes in the philosophy of one collective global economy. True champions know what happens in Bombay affects what happens in Chicago, and what happens in Sydney affects what happens in Tokyo.” p 102
  • “Champions understand the world is an interdependent, complex network in which the aggregate potential is limitless. The great ones know successful people and organizations of the future must rely on the collective collaboration of the team.” p 125
  • “Champions embrace leadership for what it is: the facilitation, guidance, and influence necessary to bring about change… The pros see leadership as building a team, connected both intellectually and spiritually, in order to manifest the vision of the unit.” p 127
  • “World class performers learn to see their greatest achievements as a team effort. They realize grand achievements demand more than any one person can deliver. They enlist other great performers to join the team, and often give most of the credit for their achievements to those talented team members… their worldview of achievement seems to be, ‘it takes a village.’” p 133
  • “If I had to name the single characteristic shared by all truly successful people I’ve met over a lifetime, I’d say it is the ability to create and nurture a network of contacts.” Quote from Harvey Mackay, founder, Mackay envelope corporation. p 140
  • “Champions know the most valuable assets they have are their personal and professional networks. In business, you can measure the power of a player by the size of the Rolodex… professional performers are not only collecting business cards, but also handpicking exactly who they want to network with, based on who can help them the most.”… the great ones build relationships with the movers and shakers of society.” p 140

 

Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: “It takes a Network”.

This is the second in a series of articles describing what the Global Insurance Portal is all about.

In our last article, we discussed the mandate of filling the insurance gap for our clients. How do we help them purchase the wide variety of products they need?

Financial professionals and institutions have come up with a variety of ways to establish themselves as a “one-stop supply house” for their clients. Brokers will become licensed and trained in selling multiple products. Brokerages, banks, and advisory firms will set up multiple product departments. Agencies that distribute one product line, will form strategic partnerships with others who distribute complementary products.

These models do help the client – to a point. But inevitably, they fall short. One broker, one agency, and even one association of agencies can’t keep up with the ever-expanding universe of products and expertise needed by our clients.

My solution to this problem has been to think outside the box – to put aside the notion of forming one organization to be the provider of all the products to my clients. Instead, I have decided to form a network – an association of loosely-connected providers, some with formal relationships, others with informal relationships, that span the spectrum of providers along the total insurance distribution chain, from specialist brokers to reinsurers.

It’s actually an “organization of organizations” – a global insurance portal.

Such a network gives me access to the whole wide wonderful world of the insurance industry, with all the resources my clients need:

Specialists in every product line…

Experts in niche products for specific consumers…

Agencies who provide multiple coverages in multiple states and multiple countries…

Elite distributors of proprietary products of exceptional value…

Excess-market carriers with unique products and underwriting propositions…

Consulting firms, insurers and reinsurers who can create customized products for distinctive applications.

I will elaborate further on how this network operates in the next article,  “Ensemble team service.”



Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: Filling the “insurance gap”.

This is the first of a series of articles describing the mission and methods of the Global Insurance Portal.

For those of us in the financial services industry, the ever-present business challenge is simply this: how do we help our clients have it all? They need multiple products; they trust us; and they really don’t have the time or inclination to go shopping for a new broker or advisor every time they need to make a new purchase.

Wouldn’t it be nice if they could come to us for everything? Speaking as an insurance broker, I would love to be able to sell my clients every policy they needed. Once you work out the licensing and other compensation requirements, it would be great to develop additional revenue streams. Even if you don’t get paid, simply referring your clients to other professionals adds value to the relationship.

Every client needs a full insurance portfolio.

Most importantly, it enables the client to build the full insurance portfolio they need. Each one of us must have protection from a huge array of hazards: death, disability, accident, sickness, lawsuit, theft, natural disaster, cyber crime… the list goes on and on. And when you realize that many of us have multiple spheres of concern – personal, business, corporate, estate, charitable – you see just how many policies must be purchased.

Tragically, my experience has been that the vast majority of insurance consumers end up under-insured. They don’t know where to go for many of the policies they need. In some cases, they don’t even know that policies exist that they could use. Sometimes, they will buy coverage from a firm that doesn’t specialize in the product, and end up overpaying or buying inadequate benefits. You could read any number of consumer analyses, and come to the same conclusion.

Most consumers do not have a full portfolio.

The net result is that many families, businesses, corporations, and estates remain exposed to huge unsecured liabilities. When disaster strikes, the show grinds to a halt. Legal and financial problems mount. The morale of survivors is sorely tested – and this is true whether the survivors are family members, or corporate stockholders.

My lesson learned from the situation is this: the number one responsibility of everyone in the insurance distribution chain is to fill the insurance gap. This includes re-insurers, through general agencies, to brokers and advisors – along with every consulting firm and special markets product designer in between.

So, the primary mission of the Global Insurance Portal is to fill the “insurance gap.”  In subsequent articles, we will discuss principles that guide our effort. These include “It takes a Network”, and “Ensemble team service.”


Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: “How policy audits prevent life insurance cost increases.”

 

Most people buy a life insurance policy and stick it in the drawer.  Time goes by, and then – surprise! The price goes up. If it’s a term policy, the policy renews at an exorbitant rate. If it’s universal life, policy costs increase. Even with whole life, an improper dividend selection can result in unexpected payments.

 

We have insurance consultants who will audit your policy and prevent cost overruns.

  • Your current policy will be evaluated for potential shortfalls, cost increases, and liabilities.
  • Alternatives in the marketplace will be identified.
  • An apples-to-apples comparison will be conducted to determine which option best helps you manage your cost of insurance.
  • If needed, a new application will be submitted on your behalf, with the entire underwriting process managed for you.

Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

https://www.facebook.com/choosethenickel/videos/vb.418479555280491/490303748098071/?type=2&theater

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

“A tour of the insurance platforms you can access through our portal”

Here are the insurance brokerage, consulting, and support services you can access through our portal. Each one features an ensemble cast of experts and specialized operations personnel.

As our network grows, we continue to build new platforms. Stay tuned for updates!

 

** One-stop insurance shopping, on a global basis, to secure the assets and investments of your firm, and the firms of your portfolio clients.

You can purchase virtually all the insurance policies needed to cover directors, officers, executives, key personnel, plants, equipment, and all liabilities. Coverages are available for foreign corporations and executives, as well as those based in the US.

http://planrisklive.com/one-stop-shopping/

 
** Concierge insurance brokerage and consulting services for estate and business planning.

You will receive high-end, personalized expert assistance in meeting all your insurance needs related to estate preservation, estate equalization, business planning, legacy planning, and charitable giving.

http://planrisklive.com/concierge-planning/

 

** Life insurance for men and women who represent a higher underwriting risk due to health, lifestyle, personal record, or other factors.

You can purchase a competitively-priced policy through a highly specialized “impaired risk” brokerage and consulting team.

http://planrisklive.com/underwriting/

 

** Personalized purchasing assistance for individual life, disability, and long-term care insurance, and fixed annuities.

You will receive high-end, personalized sales assistance from a professional financial consultant, with access to virtually every company and product in the brokerage marketplace.

http://planrisklive.com/personalized-purchsing/

 

** Complete insurance services for CPA firms of all sizes.

Both your staff and your clients can receive top-of-the-line insurance consulting and brokerage services from an industry leader.

http://planrisklive.com/cpa-firms/

 

** Insurance policies customized for corporate directors, officers, and executives.

You can indemnify your corporation against potential losses due to death, disability, legal and fiduciary misconduct, and public disgrace/adverse media exposure.

http://planrisklive.com/corporate/

 

** Disability insurance policies customized for physicians and surgeons.

You can secure your earnings, and that of your professional practice, through a combination of traditional and special market policies.

http://planrisklive.com/physicians/

 

** Direct-to-consumer term life insurance purchasing platform for organizations with online services and products for clients, customers, and members.

Your company or organization can offer members or customers the opportunity to purchase term life insurance when going online to purchase your own products or services.

http://planrisklive.com/direct-to-consumer/

 

** A virtual insurance department for agencies and firms with clients who need life, disability, long-term care insurance, and fixed annuities.

You can provide additional financial products to your clients, and generate significant passive commission and override income, without increasing overhead or deviating from your core product or service.

http://planrisklive.com/virtual-dept/

 

** Concierge brokerage services for brokers selling individual life, disability and long-term care insurance, and fixed annuities.

You can receive superior compensation and back-office support from one of the largest distributors in the country, in terms of premium written: advanced case design; priority case handling; expedited application entry/case status; strong underwriting advocacy; in-house APS ordering and review; top commissions; and fast-track commission processing.

http://planrisklive.com/concierge-individual/

 

** Concierge brokerage services for brokers selling Medicare Advantage and Medicare Supplements.

You can receive complete sales, marketing, training, administration, and compliance support from one of the nation’s top wholesalers.

http://planrisklive.com/concierge-medicare/

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.

This week’s feature: Life insurance for marijuana businesses

Life insurance for personal use, such as for family protection and estate planning, is readily available for people who use marijuana for recreational or medical purposes.
However, policies are typically not offered to owners, executives, and key personnel of marijuana businesses themselves.

We have a carrier that will provide such coverage!

* Term life insurance is available to indemnify business loans, fund partnership agreements, and insure key personnel.

* Businesses in most states can be covered.

* Underwriting and approval can be expedited quickly to respect the tight timeline demands of lender and investors.

* No medical exams, blood draws, or urinalysis are required.

* Premiums can be paid by credit card.

 

Want to learn more?
Read my free guide, How To Get Great Life Insurance Rates and learn how you can get life insurance companies to compete for your business, at no risk or extra cost.