James Christie | The Policy Purpose Statement

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One of the most difficult things in our business is setting proper expectations.  The illustrations we use make this increasingly more difficult.  A big reason for this is the illustration was never meant to be a sales tool.  Also, the defaults in the software lead us down the path of only discussing the destination, not the journey.

Years ago I was at an idea sharing contest with some of the top producers from around the country and a gentleman stood up and shared a very simple idea. He won, by the way.

EVERY single client that he writes a life insurance policy on gets a “Policy Purpose Statement”.  This is a document that he creates for the following reasons:

  1. It lays out all of the goals discussed during the sales process that were used to determine the best policy
  2. It describes the variables that could impact the performance of the policy, such as premium levels, rate assumptions, and expected outcomes
  3. It makes sure both he and the client are on the same page, every time they meet. He prints one for the client and keeps one for himself on record

So brilliant and so simple. He uses the document at every annual review and makes adjustments based on any changes in either the goals or the assumptions being used.

I have created a sample “Policy Purpose Statement” that you can find here.  Feel free to make edits and use it in your business.  I guarantee that it will make your life easier.  I have seen it in action and it works. Not only will the client experience be better during the sale, it will be exponentially better after the sale.  This document will put you in a position to set proper expectations and to be judged off of goals rather than just performance.

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