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Tim Wilhoit Answers More Life Insurance Questions

Tim Wilhoit Answers More Life Insurance Questions

Tim Wilhoit agency owner of Your Friend 4 Life in Nashville, TN answers a few common questions about life insurance that consumers and agents frequently ask. Hopefully, one of these questions can help you as well.

How Do You Become The Best Life Insurance Agent?

I am not sure I am qualified to tell you how to become the best life insurance agent, I don’t even know who that would be. But after 22 years in the business, I can tell you the things you need to become a very good life insurance agent.
First and foremost become a student of the industry. Never stop educating yourself and products and regulations. I am not talking about CE credits but carrier trainings and brokerage trainings, this is invaluable to your success.
Next learn to be a good resource for people, be a giver not a taker. Learn appropriate networking skills about how to help clients and prospects, not just sell them something, be a problem solver. Sell like a teacher not a salesman.
Last, actually learn social media and how to effectively use it to grow your practice. Don’t guess, there is nothing worse than an agent or broker selling all over the place. Be helpful and relevant.
I wish you the best of luck with your growth. Feel free to contact me anytime.

When Should I Buy Term Life Insurance?

Term life insurance is needed when a loved one depends on your income to live or function. It could be a spouse or child or a business partner or key employee situation. Term life insurance is the most affordable way to create an instant estate due to a sudden or unexpected loss.

Can A Wife Take Out Life Insurance On Her Husband?

Yes, a wife can take out life insurance coverage for her husband as there is an insurable interest. However, the wife cannot take out life insurance coverage without the husband’s knowledge and consent. The husband must sign the application and submit his personal and medical information to the insurance company’s underwriting department.

What Is A Policy Fee On Life Insurance?

A policy fee is the life insurance company’s way of covering their administration expenses and the cost of underwriting the policy at the point of purchase. Their fees can be as low as $1.00 to $9.00 per month included in your monthly premiums. A client may notice them more on a cheaper plan than a more expensive plan. For example, someone can purchase a policy with a $100,000 face amount for just a couple of more dollars than a $50,000 face amount policy because the fee is included in the baseline premium.

Is A Term Life Insurance Policy Considered An Asset?

No, a term life insurance policy is not an asset. The only type of policies that are considered assets are whole life and universal life because these polices accumulate cash value. The only point where a term life insurance policy would be an asset is after a death claim and the proceeds would become an asset to the beneficiary.

Please be sure and read all of the blogs in the series life insurance FAQs from April 2014 to find your question or contact Tim Wilhoit at Your Friend 4 Life.

Take the attitude of a student, never be too big to ask questions, never know too much to learn something new.Og Mandino

Image by Stuart Miles images at www.freedigitalphotos.net

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Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 27 years of experience in sales and marketing in the insurance and beverage industries.

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