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The baby sitter policy and children's guardian fund are two concept selling ideas I used during my selling years to my clients that had children. I usually made these sales during my annual review. If you have not read the concept selling and word pictures section, please do so.
This mini-training article explains how to sell the baby sitter policy, and the link to the children's guardian trust fund is located at the end of this article.
The Baby sitter policy
I used to show people a brief overview of my personal financial plan and would explain to new clients or prospects why I have certain policies like the baby sitter or guardian trust program and what they are suppose to do. These two presentations are concept selling ideas, and both can create additional sales for you.
It can also provide you with a new fresh unheard approach when contacting young families. We call that target marketing.
You can try to sell an insurance policy on the spouse, or paint some word pictures as to why they should have money for day care and babysitters in the event of a death.
Which idea sells better? An insurance policy on the wife if she dies, or a baby sitter policy to make life easier for the kids and Dad.
As an example, Instead of talking to the prospect about a life insurance policy on his wife.... I would say "Mr. Prospect I have a baby sitter policy on my wife? Let me tell you why I call it a baby sitter policy and why it be of benefit to your family."
Quite simply, Mr. Prospect, every person has to get up and go to work to generate income so they can pay their bills. And if they are a two income family and something were to happen to your wife's income, it will create severe problems.
And if she is not working, you Mr. Prospect will be faced with an enormous task of trying to take care of your young children, with the added financial burden of paying $500 a week, or more for day care costs and/or a nanny.
I have seen many husbands that lost their wives be subjected to so much strain, it made them just about crazy, trying to be a Mom and Dad at the same time, along with the financial strain can become over bearing. It also impacted the children with this added financial strain.
In many cases, I would see this young person want to bring their folks into the picture to help, maybe at a time in their folk’s lives when they were just getting ready to retire or enjoy life. that is not fair to them.
Basically it is made up of part whole life and term insurance. The permanent part was designed to be kept as a final expense policy on the wife for the future if she lives, and the term part would provide enough money for hiring a baby sitter or day care provider till the children are old enough to fend for themselves.
I use to calculate what a person thought they would need, to hire day care providers till there children reached age 16 or so. I might include funding for a house cleaner or nanny depending on the person's career or job. As an example, if a person needed $500 per week for day care and children were 2 years old, that is $6000 per year for 14 years or a total of $84,000.
After my calculation, I would say, Mr. Prospect, it looks like we need this much money for this concept to be in play. At your age we could probably do this for about $xx(est.) month. This $xx month would then provide the $500 month plus cash for other emergencies. Mrs. Prospect wouldn't you agree this is a good idea so that the kids are able to grow up with a happy father?
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