I learned from some of the late greats in our profession and MDRT, such as John Savage, Ben Feldman, and Sidney Friedman. In exchange for knowledge, they asked me to learn and then share. I would like to share 11 great questions you can use with your clients.
- Does your estate plan reflect your current values?
- Can you think of anything that will interfere with your plans? Do you think these premiums I am asking for will interfere with your plans?
- Can you sell your business today at a profit? After your death, could your executor do the same – and at a profit?
- I believe it has taken a lifetime to create your estate; isn’t it reasonable to take a few hours to save it? Does Monday at 2 p.m. work?
- How long would you like this process to take? When would you like me to finish?
- Does your current estate plan provide for your kids inside and outside the business in a way they will still talk to each other after you are gone?
- What have you done in your estate plan to protect your assets from creditors and your children’s spouses?
- Are you maximizing the exemptions the government gives you?
- Is it better to have coverage you don’t need — or need coverage you don’t have?
- Besides cash today, what are you doing to motivate, reward and retain your key people?
- I learned this from my friend 50-year MDRT member James W. Monteverde, CLU, ChFC, of Pittsburgh, Pennsylvania, USA: Can I talk to you about a product I am working on and that is in development?
- It is not subject to creditors.
- There’s no tax recapture.
- It’s flexible.
- There are no unknown commitments.
- It’s 100% liquidated at maturity.
- It requires small cash flow.
- There is no gift tax, income tax, capital gains, or estate tax.
- You should earn 300 to 500 basis points more than fixed returns of today with similar risk.
- It shows your values — immediately, privately, and when it is needed most.
Does this sound like something we should schedule a time to discuss?
Howard Sharfman is a 27-year MDRT member and a Top of the Table member from Chicago, Illinois, USA. This blog post is excerpted from the 2018 MDRT Annual Meeting presentation, “Transferable sales ideas and marketing concepts for the life insurance producer.” [MDRT members only]
You can also see more from Sharfman in the video, “The traits of a top producer.” [MDRT members only]
For more client question ideas:
- Watch “Great relationship-building client questions” [MDRT members only]
- Read “4 great fact-finding questions to use during a client meeting”
- Watch “The power of asking questions” [MDRT members only]