Following the rules is very important when selling Ethos IUL (Index Universal Life) insurance. Since insurance is an important tool for ensuring people’s financial security, transparency and reliability must be present in the way it is sold.
By respecting the rules, customers will get the right information. They can understand the insurance plan they need and buy it with peace of mind. This not only benefits the customer but also provides protection for both the insurance company and the agent.
On the other hand, if the rules are ignored and sold, the customer may be affected by incorrect information. There is a possibility of legal problems. The company’s trust may decrease. The professional reputation of the agent may also be damaged.
Therefore, respecting the rules when selling insurance plans like Ethos IUL is not only a must but also a principle that protects the customer’s interests. By selling in the right way, customer satisfaction, the company’s credibility, and the agent’s safety will be ensured at the same time.
Agent/Producer Qualification
There are some basic requirements that a person who wants to sell Ethos IUL insurance must meet to qualify as an agent or producer.
- First, he must have an official contract with the insurance company Ameritas. Likewise, he must have a valid insurance license in the state in which he wants to sell insurance. Without this license, he cannot sell insurance in that state.
- Second, a special license called Series 7 is required to sell certain financial products. However, this is a slightly easier opportunity for agents since Ethos IUL insurance does not require this Series 7 license.
- Third, all these qualifications are automatically verified by Ethos during the application process. Therefore, the agent does not need to submit any evidence separately.
In summary, to sell Ethos IUL insurance, an agent must have a contract with Ameritas and a state-level insurance license; however, a Series 7 license is not required. All these qualifications are automatically verified.
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Making sure it is right for the client
Before selling Ethos IUL insurance, the agent must make sure that the insurance is really right for the client.
- First, the client needs to consider whether the insurance is necessary. For example, if the client’s family is financially vulnerable in the event of his death, then insurance will be very important for them.
- Next, it is also important to consider whether the client is able to pay the premium every month. Since the insurance is a long-term plan, he should be able to pay the premium for several years.
- Furthermore, the client’s age, income, and future financial situation are important factors to consider. If these are assessed correctly, it will be easier to choose a plan that is right for him.
- Finally, it is important to consider whether the client can actually use the tax benefits and advantages available through the insurance. If he does not use it, then the plan is not suitable for him.
- Therefore, it is very important to thoroughly analyze the customer’s situation before selling Ethos IUL insurance and ensure that it is beneficial for him.
How the product should be explained
First, it should be clearly stated that this product is a life insurance policy, that is, an insurance plan that provides lifelong death benefit protection. Its primary purpose is nothing more than providing financial security to the family.
At the same time, it should not be explained to the customer as an investment, savings plan, or personal bank account. It is only an insurance product and nothing more.
Also, it is wrong to say that it is better than other financial instruments. The customer should choose it according to their needs, and it cannot be said that it can replace any other product.
An additional benefit of the insurance may be the possibility of earning a small additional income during retirement. But it should not be said that this is the main source of retirement income. It should be explained to the customer that it is only a supplemental income opportunity.
Customer consent
First, the customer must allow Ethos to use his medical and financial information. Without this information, the insurance company will not be able to evaluate the application.
Next, the customer must fully understand all the terms of the insurance plan and confirm his consent with an electronic signature. This will legally confirm the customer’s consent.
Furthermore, the customer must be shown illustrations of Ethos IUL insurance. This includes details such as how the insurance plan will work and how much benefit is likely to be received in the future. It is mandatory for the customer to read, understand, and sign this.
Advertising Ethos
It is necessary to follow some important rules when advertising insurance plans like Ethos IUL.
First, you can advertise Ethos via phone, website, email, or social media. However, you must observe the company’s rules when advertising in any medium.
You can directly use the official digital marketing materials provided by Ethos. If you want to create your own advertisements, you must obtain approval from Ethos before publishing them. This will prevent incorrect or misleading information from reaching customers.
Always use true, clear, and up-to-date information. It is completely wrong to oversell insurance products, make false promises, or share outdated information.
Also, you should not criticize other insurance companies in your advertising. Every company is unique, so you should not put others down when promoting Ethos products.
How to communicate with customers
How you communicate with customers is very important when selling Ethos IUL insurance. If you communicate in the wrong way, you can lose trust while also causing legal problems.
First, it is wrong to send general bulk emails to customers. You should write an individual email to each customer. The email should contain your name, address, a note “This is an ad,” and an “Unsubscribe” link so that the customer can unsubscribe if they want.
Similarly, if you want to send a text message or make a phone call to a customer, you must obtain their permission in advance. If the customer says “stop” or “unsubscribe,” the communication must be stopped immediately. This is not only respectful of the customer’s wishes but also legally binding.
You can use the marketing materials available on the Ethos portal. By using this, only correct and authorized information will reach the customers.
Things to consider when doing marketing
DO
- First, always clearly state the name and address of the insurer. It should be clear to the customer which company is providing the insurance.
- Second, the advertisement should clearly state that it is life insurance. The policy details should also be included correctly. There should be no confusion about the nature and scope of the product.
- Third, when using statistics, they should be recent, within the last 5 years. Also, the source from which the statistics were taken should be mentioned along with the source. This will ensure the credibility of the information.
- Fourth, when using testimonials, they should be authentic. The experiences of the customers should be shown in a relevant, unaltered, and correct manner. Misrepresentation can mislead the customers.
- Finally, all limitations and exclusions in the policy should be clearly explained. When a customer buys a policy, he should understand the benefits and limitations of the policy.
DON’T
- First, do not misrepresent or exaggerate the benefits of the policy. There should be transparency about what the insurance will do and what it will not do.
- Second, do not describe the product as an “investment” or “savings plan.” It should be stated that it is a life insurance policy, and it is wrong to talk about other financial instruments.
- Third, do not hide important information related to the policy. All information should be clearly provided to the customer; otherwise, it will be considered false advertising.
- Fourth, do not make unfair comparisons with policies of other insurance companies. Each policy is unique, so it is wrong to sell others by showing others as inferior.
- Fifth, false or misleading advertisements should be completely avoided. Any untrue information will lose the trust of customers.
- Sixth, do not give illegal rebates. Giving discounts that are not permitted under the insurance law is a serious offense.
- Finally, do not add words like “special” or “limited” to the policy. These words are completely wrong to use, as they can mislead the customer.
Conclusion
When selling Ethos IUL insurance, the customer’s real needs must first be assessed. After that, the policy must be explained in a legally transparent manner, with true and clear information. Making false promises to the customer, making exaggerated advertisements, or presenting it as an investment or savings plan must be completely avoided.
It is important for customers to understand this too. Because only when they are clearly aware of the true purpose and limitations of the policy can they make the right decision.