POS

POLICY OWNER SERVICE

P.O.S.

What does POS stand for?

Policy Owner Service

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What is the purpose of a POS presentation

1. Service

2. Review their coverage

3. Upgrade their program

P.O.S.

This training will teach you how to:

How to read a policy sheet

How to make a claim

Replacements/Reinstatements

How to present to a policy holder

P.O.S.

Reading a POS sheet

Name, age, phone number, address

Sex, DOB, Policy number

We blacked out personal info on this sheet

Monthly premium is special, month is if they are on direct bill

How they enrolled originally

Cash value

P.O.S.

Reading a POS sheet

We blacked out personal info on this sheet

Plan: coverage type

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Coverage: amount of coverage

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Ann Prem: annual premium

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Age: age they enrolled

P.O.S.

Reading a POS sheet

We blacked out personal info on this sheet

There are hundreds of codes for the plans, don’t try to memorize all of them, let’s focus on what we already know

P.O.S.

Reading a POS sheet

We blacked out personal info on this sheet

WL = whole life

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ADB = accidental death benefit

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WP = waiver of premium

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10RC = ten year renewable and convertible

P.O.S.

Reading a POS sheet

Additional plans to understand:

A71000 = accidental hospital benefits

Term Ill = terminal illness rider

TLCH = child rider

GIO = guaranteed insurability rider

IG20R = $2000 AD&D no cost benefit (can be increased after 1 year)

SRGWL – senior graded whole life

CNM – cancer unit plan

H34000 – hospital plan

CI – critical illness plan

POS

Now you know how to read a policy sheet

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Let’s review service:

Making claims – ailife.com, customer log in, claim service/instructions

PSR – making small changes (updating phone number, address, beneficiary, something like that) – A PSR is on aocentral, click quality, complete a sign now and send it to them

POS

Let’s review replacements:

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• There are rules to always protect the original agent and their renewals

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• A replacement means that a policy holder no longer has their policy within the last 12 months

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• Here a few examples:

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POS

Replacement examples:

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• They have a loan out on their policy. This will be listed in the comment section. If a loan is out on the policy, the loan must be paid back before coverage is added. They can call the company and pay back the loan
• A POS you are sitting with cancelled all their coverage 7 months ago
• A POS you are sitting with cancelled only their A71000 2 months ago but continued their other life coverage
• You add on to a POS and they cancel a previous policy 3 months later after the add on

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POS

• In any example where a policy is no longer in force, you can not add on unless it has been 12 months or longer – this is to protect the previous agent

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• If a replacement occurs, the agent receives a front-end charge back

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• If it has been within 12 months, you can only reinstate

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• To reinstate a policy, go to aocentral, click quality, complete the reinstatement/reopen sign now

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P.O.S.

Presentation

All scripts for POS are on aocentral in the POS section

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There are 3 main objectives to increasing the program for a pos:

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1. Full 2 hours

2. Adding something missing; their paycheck, kids, mortgage, etc…

3. Conversion

P.O.S.

Presentation

We must have a plan before going into the presentation, so we review their policy prior to the presentation and decide if we are going after their full 2 hours, or we are adding on or we are doing a conversion?

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For conversions, we will have an a separate ppt to explain

P.O.S.

Presentation

The important facts about presenting pos:

***Use the correct pos script

1. Warm up, connect, introduce yourself as the service manager

2. Ask if they have any questions

3. Plant the seed, create the need

4. No cost and plus leads

5. Review and upgrade their benefits

P.O.S.

Presentation

Plant the seed, create the need

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This is one of the most important sections of your POS script. Remember, if they don’t think there is a problem, you can’t present a solution. You want to ask a lot of questions, so they start understanding there is a need. Follow the script, go slow, and remember to compliment them, make them feel good about what they have while also letting them know they have a gap

P.O.S.

Plus leads

Plus leads from a POS are the #1 lead type in the industry. They have the highest close ratio. Focus on collecting 5+ in every pos presentation.

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If they say, we already did that, your response is; great, as I mentioned I am the service manager so I will also make sure to service them also, did you sponsor in all your (kids)? Great, what is the name of your oldest?

HP-Pro

Always build 2 programs on hp-pro

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1. The 1^st program is the full program you are going over with them (this includes their current coverage plus what you are adding)

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2. The 2^nd program is just the add-on so that you know the cost for the additional coverage

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Let’s review:

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HP-Pro

The 1^st program: (example)

Their current coverage:

Double A71

15,000 FOC for John and Mary

36,000 10RC for John only

You go after 2 hours and it gets them to this coverage:

Triple A71

25,000 FOC for John and Mary

72,000 10RC for John and Mary

This is what you enter into the 1^st program on hp-pro

HP-Pro

The 2^nd program: (example)

You only enter what you have added so that you know what the additional amount is

Single A71 (this gets them to the triple A71)

10,000 FOC for John and Mary (this gets them to 25.000 FOC each)

36,000 10RC for John (this gets him to 72,000 10RC/2 years)

72,000 10RC for Mary (this gets her a paycheck to 72,000 10RC/2 years)

HP-Pro

Plan 1

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Remember, it is their current coverage plus what you are adding

HP-Pro

Plan 2

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Remember it is only what you are adding so that you know what to enter into eapp and the cost at the close

HP-Pro

When you present to them, show them the full program. Explain you currently have this, the full program will cover you for this.

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In this example, you currently have 15,000 in your freedom of choice, the full program will cover you for 25,000

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HP-Pro

When you go to close, you can look at the 2^nd plan so that you know how much coverage you are adding and the cost

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P.O.S.

ALP Per Sale

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There is a common misconception that POS sales are small because they are already paying x amount

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Never pre-judge a POS by the current amount they are paying

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Remember to never go under $60 a month but again, target add-on is 1200 ALP or $100 a month

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As their family’s situation changes, so does the need for additional coverage

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P.O.S.

• With POS presentations you are taking on an advisor role, guiding them to what they need
• Service is the key – help them make claims or small changes
• Planting the seed is the most important part of the POS script
• Plus leads on POS are so important
• Stay assumptive
• Use the correct script
• Remember this is an add-on, so make sure they understand the new additional coverage and the new premium