Because we often talk about HLV as a multiple of income, this leaves a considerable demographic out of the conversation: non-working spouses. Many families choose to have a spouse at home for various reasons—to homeschool kids, save on daycare costs, and much more. Just because these spouses don’t earn an income doesn’t mean they don’t have a Human Life Value from an insurance standpoint. There are just different ways to go about this conversation. Life insurance on a stay-at-home mom or dad is just as important as life insurance on
Read MoreCategory: Maximum Potential
Proving the Power of Savings in the Maximum Potential Calculator
The Currence App is going to be a game changer for clients and advisors alike. Not only does the app teach people how to save first using a financial “reservoir,” it positions advisors as the go-to when a client has reached their target. That means they’ll look to you to help them make money moves and create even greater protection, liquidity, and cash flow. How Does Currence Work as the Client? When a client enrolls in Currence, they are prompted to establish a new, secure, and interest-bearing bank account. Then,
Read MoreThe Human Life Value Approach and the Fallacy of “Needs Analysis”
It’s not uncommon for the Human Life Value approach to be written off as “overkill.” Clients either believe that buying insurance up to their full human life value (HLV) is simply too much money for their heirs, or the number doesn’t seem real. This approach, however, is actually incredibly important for your clients. Consider this: Would you buy a $50,000 car yet only insure it for $30,000 because you only NEEDED a $30,000 car? No, you wouldn’t dream of doing so–you’d be shortchanging yourself. And yet, this happens in the
Read MoreTruth Tip, Maximum Potential
You can use Max Potential to prove the value of an income stream when talking about Disability Income insurance.
Read MoreSteps for the First Truth Concepts Meeting with a Client
Bold italics are the client’s answers I’m glad we get some time together today. We are going to be using software to numerically prove the truth about how money works as it grows and to discover the most efficient way to get your money to work as hard as it can. Before we begin I have a few questions. If we were meeting here 3 years from today, what has to have happened for you to feel pleased with your progress? I’d like to have my money working harder for
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