Manulife concepts … more than just a tool to help you make a sale
Manulife’s suite of insurance concepts are a unique package in the marketplace for many reasons. Not only do they help your client understand how the benefits of a life insurance policy can be used to support their complex problems, they also provide you with the tools and resources you need to deal with the various marketing and technical issues that arise during the sales process. But Manulife’s concepts can be much more than that. They can also provide you with peace of mind that your client has purchased a life insurance policy for all the right reasons.
How does the concept package do that?
All of Manulife’s insurance concepts include a client profile. Each is designed to help you understand who is an ideal candidate for the planning strategy, so you determine if your client is someone who should consider it.
The Tax & Estate Planning Group has also created a Personal (MK2261) and Business (MK2260) Concept Matrix which highlights the benefits and client profile for all of the insurance concepts available on Diamond View and on a custom basis from the Advanced Sales Unit. These documents help you ensure your client is in the right situation for you to recommend a concept to them.
Concept illustrations include a description page that clearly explains to your client how the concept works and the benefits it provides. Concept illustrations are based on assumptions. Some assumptions cannot be changed while others can be changed at your discretion.
To help your client understand the impact that certain assumptions can have on illustrated benefits, concept illustrations include disclosure pages, checklists, sensitivity analysis and comparisons to other planning alternatives. Showing your client potential downsides or worse case scenarios can be a useful exercise in the sales process. This can be done by doing different iterations modifying assumptions and using the sensitivity analysis built right into the concept. Showing conservative assumptions and iterations can set a baseline for client expectations, setting the stage for potentially exceeding those expectations over time, or at least not disappointing them. All of this information helps you ensure your client makes an informed purchase decision.
For leveraged life insurance concepts, the Tax & Estate Planning Group has created a comprehensive Leveraging Guide (MK1847). This guide provides information on leveraged life insurance and helps clients understand the benefits and risks associated with leveraged life insurance strategies. The Guide is in addition to all of the support materials created in support of the Insured Retirement Program (IRP) and Corporate IRP concepts.
Taking comfort with Manulife’s suite of concepts
As an advisor, you understand the challenge of managing client expectations and maintaining positive client relationships. Life insurance is a long-term financial vehicle and may not provide benefits for many years. As a result, your client may forget just why they purchased the insurance policy and the benefits it is designed to provide. If you find yourself in a situation where the client is questioning why they bought insurance, the tools and materials cited above should go a long way in reinforcing to them why they initially did what they did.
There are many facets of client service. Consider a process that begins with marketing the concept using conservative assumption and includes iterations and sensitivity analysis.
Maintain client files that include signed copies of the concept and product illustrations provided. Maintain up-to-date meeting notes. In the future, provide inforce product illustrations to track progress and secure inforce concept illustrations where possible. Finally, re-evaluate when the client’s circumstances change.
Manulife’s insurance concepts are more than just tools to help you make a sale. When combined with a client service process they can help prevent client issues in the future.