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NYLA-Plan/NYLA-Plus Prospecting Guide Voluntary Payroll Deduction

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Table of ContentsNYLA-Plan /NYLA-Plus Prospecting GuideVoluntary Payroll Deduction

You have seen why Voluntary Payroll Deduction (VPD) is a cost-effective way to provide essential life insurance products to middle and lower income workers and their families through the convenience of “payroll deduction.” But how do we approach this growing potential market of new customers? Here are methods for reaching a generally overlooked and undersold segment of the vast life insurance market?

ContentsMarket Overview, The VPD Sales Process ........................................................... 1Developing Your VPD Market .............................................................................. 3Approach & Presentation ....................................................................................... 9Concerns and Responses ...................................................................................... 22VPD Pre-Approach Letters .................................................................................. 27Employee Enrollment .......................................................................................... 31Employee Announcement Letters ........................................................................ 34Segmenting the Employee Population ................................................................. 41Transitioning to Other Individual Life Sales ....................................................... 44Bridging to Business Insurance Sales .................................................................. 49Providing Superior Service .................................................................................. 54

Note: Agent Certification is mandatory for the sale of the Voluntary Payroll Deduction product Employee’s Whole Life (EWL). The certification process begins with successful completion of a Computer Based Training (CBT) module located in the NYLIC University Website. To open new arrangements or maintain eligibility for EWL, agents must meet minimum standards of production and persistency. Those who don’t must work with a mentor agent. Details on certification are addressed later in this module.


NYLA-Plan/NYLA-Plus Prospecting Guide Voluntary Payroll Deduction—1

Market Overview, The VPD Sales ProcessVoluntary Payroll Deduction (VPD) enables employers to recruit and retain employees through the offer of a supplemental benefit of life insurance protection for employees whose families may otherwise have gone unprotected in the event of an untimely death. For those Agents who qualify, VPD offers increased daytime activity coupled with the potential of a newfound commission stream. Agents should obtain and review the Voluntary Payroll Deduction Simplified Issue Sales Guide and Voluntary Payroll Deduction Guaranteed Issue Sales Guide. The comprehensive guides will help you to administer and service VPD properly. Both guides can be found on the VPD Resource Page located on Agency Portal.

Last, you must know the fundamental difference between NYLA-Plan and NYLA-Plus.

NYL-A-PLAN – Is a billing method for core products – virtually all of New York Life’s Core products may be paid for by the NYL-A-PLAN payroll deduction billing method. Any business with an employer/employee relationship and the minimum number of participants can install a NYL-A-PLAN. And, all properly licensed New York Life agents may set up a NYL-A-PLAN.

NYL-A-PLUS – A worksite product, Employee’s Whole Life (EWL) – only properly certified agents may sell EWL under a NYL-A-PLUS arrangement.

Objectives

At the conclusion of this section, you will be able to:

• Haveafullerunderstandingofthepayrolldeductionmarket• Recognizeandbeabletodealwiththemulti-level(employer/

employee) sale characteristics of VPD• UnderstandthefeaturesandbenefitsofEmployee’sWholeLife

(EWL)• Beawareoftheadministrativeproceduresandresponsibilities

associated with VPD.• Befamiliarwiththeconcepts: 1) Segmenting the employee population; 2) Relationship building with selected employees

Bridge to individual life approach and/or business life insurance opportunities in appropriate cases.


2—NYLA-Plan/NYLA-Plus Prospecting Guide Voluntary Payroll Deduction

ProspectingIn the Agent Guide, you saw the opportunities and the products and services you and New York Life offer employers and employees as you were introduced to the worksite market and the Voluntary Payroll Deduction (VPD) sales concept.

You will now take the next step toward success with VPD by learning how target marketing concepts and skills can help you identify and select prospects for VPD. The class concludes with a Final Knowledge Test where you will apply the concepts and skills you have learned. This module will help you to develop qualified prospects to call on for your first VPD sales. Objectives


• ComprehendthemajorcharacteristicsoftheVPDmarket• IdentifythetypesofsmallbusinessesthatareprospectsforVPD• Implementaprospectingstrategytodevelopprospectswithinyour

targeted market of businesses.



Developing Your VPD MarketA constant flow of qualified prospects whether your focus is the middle-market, the estate market, the business market or the worksite market is the lifeblood of the life insurance business. Target marketing means focusing your efforts on segments of the marketplace that are linked through certain commonalities. As you gain experience, your prospecting becomes more efficient, your business more profitable.

Before we begin, let’s review where the information we are going to provide fits into the six distinct parts Sales Cycle.

1. Prospecting: The process of identifying potential buyers that leads to a group of prospects who are considered to be “qualified”. Most successful agents agree that personal introductions and referred leads are the most efficient and rewarding methods of prospecting.

2. Approach: The initial contact an agent has with a prospect. Since first impressions are so important in building a business relationship, this becomes vital to your overall success. In the Approach, you will begin to sell yourself, sell the company and sell your service.

3. Fact-Finding: Gathering enough facts to offer viable alternative solutions to help meet the prospect’s goal. You begin to probe with questions that help discover facts and feelings about the client so that a suitable solution to the prospects individual concerns can be found. With all the data in hand, you will determine with the prospect exactly which concerns are most important enough to deal with today.

4. Designing a Solution: Given the data and the needs determined in the previous steps, this process is where the agent recommends the proper insurance including the details involving costs, coverage amounts and riders. Although the product solution is generally EWL, this step is often one of the most creative points in the sales process.

5. Presenting the Solution: The agent assists the prospect in choosing a premium, face amount, riders and other covered members to begin theimplementationprocess.Thisstepismorethanjustenrollingemployees. You must establish needs and close the sale by asking the prospect to buy.

6. Implementing the Sale: This final step of the sales process encompasses all of the actions necessary to apply for the policy, complete the sale, establish a plan for ongoing service and ask for referrals.



Each segment is vital to your overall success with VPD.

These are the four phases involved in the development of a target market.

• Phase I, Territory Analysis and Fit--identifying suspect target markets that match your natural interests and capabilities.

• Phase II, Market Overview and Selection--selecting which of the suspect target markets identified in Phase I, you will pursue.

• Phase III, Penetration--Devising strategies for penetrating your selected markets.

• Phase IV, Market Development--devising strategies for maintainingandmaximizingyoureffortswithinyourtargetmarkets.

Now let’s take a look at Phase I which is about identifying “suspect” target markets for VPD. In a sense, this is a “brainstorming” or “green lighting” phase. The idea is to identify as many potential targets you can think of for VPD.

In Phase II you evaluate your suspected targets to determine which are “genuine” by evaluating your suspected target markets to determine which suspects share the common characteristic necessary to fall within our definition of a target market for VPD. They must be: • Definable--The prospects within the target market can be

described by reference to their business or location or what they call themselves;

• Common characteristics--The prospects within the target market share similarities of interests, hobbies, and occupations;

• Common needs--Because the prospects within the target market share common characteristics, they have common needs that can be met by the products you sell.

• Communicates--Because of the common characteristics they share, prospects within a target market communicate among themselves.



Another characteristic often cited with respect to target markets is that prospects within them are compatible with your temperament, abilities, likes and dislikes. One benefit of working within target markets is that they should “bring out the best in you”. For example, tax accountants may otherwise constitute a target market, but if you are uncomfortable with generally analytical personalities, you may have a difficult time relating to people in this target market. However, you may relate better to entrepreneurial types who might “bring out your best.”

Because prospects within a target market share common characteristics, it is more efficient and effective to sell your products and solutions, including VPD, to one or more target markets. Because the prospects often share common interests and needs, your approach can be tailored to address these common needs. Since they tend to communicate among themselves you may have the opportunity to tap into their network of communication channels and enhance your visibility. Hopefully they will talk about you positively, making it easier to gain referrals and approach other prospects within your target markets.

Bottom line, if you become more efficient and effective in relating to your target markets, you will become more profitable. And, that is what it is all about.

After you have identified and targeted selected segments as VPD prospects, you must turn those segments into real live prospects you can approach using techniques that include:

• Reviewofexistingclientfiles• Useoflistsanddirectories• Internetsearchengines• ReferralsandCentersofInfluence• PersonalObservation• Directmail• Coldcalls/warmcalls• Seminars

By now, you have developed a number of middle-market clients, several of which may own a small business or may be employed by businesses in your targeted segments. Perhaps you have clients who are professionals, attorneys and accountants, who provide services to businesses in your targeted segments. If your clients don’t fall within one of these categories, it is a good bet that they know several people who do. Thus, one place to begin your search for prospects is with a review of your existing client files and ask for introductions to people you don’t know, but would like to meet.



Also, there are several quality lists and directories available through the Company’s Mailing Operation for helping you identify specific prospects within your targeted segments. See your Development Manager or the Agency Portal for details on how to access these lists or directories.

You may already have business owners or professional centers of influence (attorneys and accountants) among your clients. Referrals from existing clients to other businesses is an ideal way to introduce you to the VPD market. One proven way to obtain referrals is to approach these business owners and professional centers of influence with a list already developed from a review of your client files or through the use of directories. This is the same method you learned for gathering individual referrals from prospects, clients and centers of influence. To review, tell the referrer you intend to call on the listed businesses and ask whether the referrer is familiar with them and, if so, whether they would comment on them and allow you to mention their name.

For example, you might say:

“I will be calling on a number of businesses in order to introduce them to the work I do with Voluntary Payroll Deduction, and I want to ask you about them. Here is a list of the businesses I will be calling on. Who on this list might be appropriate for VPD?

(As you discuss each business, ask the client for the name of the appropriate person in the business to call on for VPD.)

“If you were me, who would you call on in this business to discuss Voluntary Payroll Deduction?”

(If the client suggests taking a business off the list, you might say:)

“What business would you substitute in its place?”

(When you have completed your discussion of the listed businesses, ask the referrer for permission to use his or her name.)

“Would you have any concern if, when asked, I mentioned your name or said that I knew you?”

(Through this simple process you may be able to turn a list of businesses into a list of referrals.)



Personal observation simply involves being alert to businesses that may be good prospects for VPD. For example, whom do you know among your personal contacts who owns or is a decision-maker in a small business? What small businesses do you regularly conduct business with? As you drive to the office or to visit prospects, do you pass new industrial or office parks containing businesses? As you read the local business news, what businesses stand out as potential prospects? Do you keep the local Chamber of Commerce Business Directory?

Although there are few hard and fast rules, the following parameters will be helpful to keep in mind as you develop your worksite market and qualify prospects. • Financial stability - Look for businesses that have a proven

track record of financial success. In order to qualify for either simplified or guaranteed issue with Employee’s Whole Life (EWL) the business must have been in business for at least three years.

• Relatively well-paid workers - Look for businesses that pay employees well enough that they can afford voluntary payroll deduction. Exclude operations where minimum wage is the standard salary and look for places that require some degree of skill on the part of the rank and file workers.

• Accessibility - Look for businesses where you can speak directly to the decision-maker. Note whether the business is a subsidiary or branch of another business, perhaps in another state. Although there are huge sales opportunities in the marketplace, New York Life agents have found the greatest success with small self-contained businesses with 25 to 100 employees. Larger companies generally have several layers of decision makers as well as an increased likelihood of additional competition from other insurance companies.



• A full-time staff with low turnover - Look for businesses that have a stable workforce with low employee turnover. Some industries generate high numbers of not taken policies, and overall have poor persistency. With this in mind, the following industries are generally to be avoided for NYL-A-PLUS arrangements.

Industry SIC Code *Agricultural Crops 01Oil and Gas Extraction 13Apparel, Finished Products 23Water Transportation 44General Merchandise Stores 53Apparel and Accessory Stores 56Eating and drinking establishments 58Non-Depository Credit Institutions 61Hotels, Camps and Lodging 70Electronic Connectors 3678Electronic Components, NEC 3679Building Maintenance Services 7349Equipment Renting and Leasing 7359Help Supply Services 7363Detective and Armored Car Services 7381Top and Body Repair and Paint Shops 7532Tire Repair Shops 7534Carwashes 7542Membership Sports and Recreations Clubs 7997Medical Laboratories 8071Day Care Centers 8351

* Standard Industrial Classification was developed by the U.S. Government to classify economic activity.

Note: Industry exclusion by two digit SIC code includes all four digit SIC codes that begin with the same two digits.



Approach and PresentationThe previous sections introduced you to the worksite market and the Voluntary Payroll Deduction (VPD) sales concept. You also learned how to apply target-marketing concepts and used prospecting techniques to create your own prospect list. In this section you will learn the language and skills necessary to approach and present the VPD sales concept to employers and techniques to address their most common concerns.

Objectives


• ApproachandpresenttheVPDsalesconcepttoemployers;• AddressemployerconcernsaboutVPD;and• ClosetheemployerportionoftheVPDsale.

Introduction and Overview

Now that you understand VPD products and administration the next important step is selling VPD.

As you recall the VPD sales are really two sales. The first is the sale you make to the employer and involves persuading the employer to make possible the payroll deduction of premiums for employee life insurance. The second sale involves motivating the employee to purchase life insurance through the convenience of payroll deduction. Each step in the VPD sales process is comparable to the Sales Cycle you use to sell to individuals.

• SteponeinvolvesProspecting for qualified employers. Introductions, referrals, directories, observation using whatever works for you

• StepTwoistheApproach, your first contact with the employer, the purpose of which is to set up an appointment for you and the employer to meet under favorable conditions

• StepThreeisthePresentation, your first face-to-face meeting with the employer to present VPD using a Company-approved script and approved presentation tools. Here you will determine if the employer is a VPD prospect and if there is any interest in payroll deduction. Success here leads directly to Step Four.



• StepFourisbeingIntroduced to the payroll administrator to go through New York Life’s payroll deduction process.

• StepFiveisEmployee Enrollment. Request time to meet with employees, establish the individual needs, explain the plan benefits and encourage their participation in the program. Applications are taken and underwriting requirements are met.

• StepSixisPolicy Delivery, Payroll Installation and Continuing Service in which you restate the value of VPD, focus on re-enrollment and manage service requests.

Remember that service requests may become marketing opportunities for add-on sales, cross sales and referrals.

Since you already have performed Step One, let’s continue by focusing on Steps Two and Three, approaching and presenting VPD to the employer.

Your middle-market sales experience involves relating the benefits of our products to your client’s needs. This is usually accomplished by expressing the features of our products in terms of prospect benefits, i.e., ways in which our products address specific prospect needs and concerns.

Based on what you have learned previously and placing yourself in the employers’ shoes, take a few minutes to complete the following mini-exercises. You will have an opportunity to share your responses and obtain feedback from your Trainer.



HYPOTHETICAL PRODUCT: EMPLOYEE WHOLE LIFE

Employer Needs or Concerns addressed by VPD___________________________________________________________________________________________________________________________________________________________________________

List Key EWL Product Feature ___________________________________________________________________________________________________________________________________________________________________________

The Benefit the Employer Will Derive ___________________________________________________________________________________________________________________________________________________________________________

Your ability to appreciate employer needs and tie VPD to those needs is at the heart of the Approach and Presentation language you will master in this section.

Approaching the Employer

The primary goal of the Approach step in the sales process is to schedule a face-to-face appointment with the prospect, in this case, the employer, for the purpose of presenting VPD. Here are several proven techniques for accomplishing this goal. You may find some more comfortablethanothers,andthereisno“onesizefitsall.”Butnotethat each technique shares these four essential elements:

• AbriefandfavorableintroductionofyouandNewYorkLife

• AbriefdescriptionofhowVPDcanaddressthisparticularemployer’s needs

• Arequestforanappointmenttobrieflyassesstheemployer’sneeds and whether he or she is a VPD prospect

• Apreliminaryneedsassessmentpriortothesalesinterviewcommonly referred to a “pre-qualification” of the prospect



Let’s look at the most common and effective Approach techniques in more detail and see how each element is woven into each technique.

Mail

Pre-approach mail introduces you and the VPD concept to the employer and helps set up the all important follow-up telephone call. The following guidelines apply in connection with pre-approach mail:

• Addressletterstothebusinessownerordecision-makerbyname.Use web based search engines and business directories to obtain this information and assure its accuracy.

• Maillettersfirstclassintimetobereceivedmid-week(studiesshow that letters received at this time get the most attention).

• Alwaysfollowupletterswithaphonecalltomakeanappointment. Phone calls should occur within three to five days of the prospect’s receipt of the letter.

• Avoidsendingmorelettersthanyoucanfollow-upon.Amaximum of 25 letters per mailing is usually sufficient.

• MakeuseoftheAgencyPortal>SalesandMarketing>LeadGenerationandtheProductsandServices>LifeInsurance>Resource Pages for VPD sites.

Furthermore, a pre-approach letter is more likely to be favorably received if it:

• Containsareferralfromanotherclientinyourtargetmarketorother center of influence, e.g., a professional adviser (attorney or accountant);

• Indicatesthatyouarefamiliarwiththenatureoftheemployer’sbusiness and the general needs and concerns of VPD prospects;

• Includesacomplianceapprovedenclosurediscussingacommonbusiness problem and solutions, e.g., “intouch” or “inbusiness.”

• Statesthatyouwillfollowupwithaphonecallwithinthreetofive days.



Your Development Manager can assist you with acquiring past and current issues of “INtouch” or “INbusiness.” Reproductions of Company-approved VPD pre-approach letters are included later in this Agent Guide. These letters may be used only on Company-approved letterhead. Other such letters are available in the Lead Generation section of the Agency Portal. Ask your Trainer for assistance.

Telephone

Many agents prefer a telephone call to prospects without the benefit of a pre-approach letter. Keep in mind that the sole purpose of the phone call is to get an appointment for a sales interview. You will want to follow these guidelines:

• Makeyourowncalls

• Bepreparedandwell-informedaboutVPDandaboutyourprospect

• Focusontheprospect’sneeds

• Conveyasenseofurgency

• Besincerebutassertive

• Beanattentivelistener

• Speakclearly

• Bebrief

• Donottrytosellproductsorgivesolutionsoverthephone.Remember, your only goal is to make an appointment.

Generally, it is best to phone business owners early in the morning or late in the afternoon before their day begins or as it is winding down. Experience suggests that the best days to call are Tuesday, Wednesday and Thursday.

The following is sample Company-approved VPD telephone script you may wish to use. The script is appropriate for use with employers where the decision maker can be reached directly.

If no pre-approach letter was sent, say:

“Hello, This is (----) an agent with New York Life Insurance Company.

Mr/Mrs/Ms (----)I’ll be brief. I’m simply calling to discuss a method of providing your employees with supplemental life insurance at no direct out-of pocket cost to you for the premiums. You need only utilize your existing payroll deduction system.

I know you’re busy, so when would be the least hectic time where we could get together for 15 minutes to discuss this idea?”

(If needed, offer wide meeting time like mornings or afternoons, early or later in the week etc. If the response is “what’s this all about?” continue as follows:)

“It’s a Voluntary Payroll Deduction program for your employees that will make cash value life insurance available to them at competitive rates. This can be a cost-effective program for you to pursue.” (Repeat request for appointment)

What’s the least hectic time when we could meet for 15 minutes over a cup of coffee?

If a pre-approach letter was sent, say:

“Hello_(----), this is (----) an agent with New York Life Insurance Company.

I know you are busy, so I’ll be brief. I’m simply calling to follow-up on the letter I sent last week that discussed information on providing your employees with supplemental life insurance at no direct out-of pocket cost to you for the premiums. You need only utilize your existing payroll deduction system.

I know you’re busy, so when would be the least hectic time where we could get together for 15 minutes to discuss this idea?”

(If needed, offer wide meeting time like mornings or afternoons, early or later in the week etc. If the response is “what’s this all about?” continue as follows:)



It’s a Voluntary Payroll Deduction program for your employees that will make cash value life insurance available to them at competitive rates. This can be a cost-effective program for you to pursue.

What’s the least hectic time when we could meet for 15 minutes over a cup of coffee? (Repeat request for appointment)

Youshouldmemorizeandpracticethislanguagepriortoclass,sothatit becomes second nature to you.

Face-to Face

Some agents believe they are at their best when they are in front of a prospect, face-to-face. Because most VPD sales occur in the small business market, where business owners or decision makers are likely to be on-site, face-to-face interviews are quite feasible.

Here’s a script for a “drop-in” interview:

“Hello! My name is ----- an agent with New York Life Insurance Company. (Hand them your business card) I stopped by today to introduce myself and a supplement to your current employee benefit package that has been very popular in the area with businesses like yours. The reason for this brief visit is to schedule a 15 minute meeting to show you a completely voluntary life insurance program that provides not only life insurance protection but accumulates cash values. It is offered through you to your employees and, best of all, it is offered at no direct cost to you. You can then decide if this has value for your business.

I understand that your time is valuable, so I would like to schedule an appointment to provide more details on how this program can supplement to your current benefits package, unless you are now available to discuss the details.”

A common response is that “I’m too busy.” An effective reply is to say, “I appreciate that your time is valuable, but in this line of work (or business), what would you say is the least hectic time when we could get together?”



Presenting VPD to the Employer

The stage is set. You have obtained an appointment with an employer to present VPD. You understand the features of the VPD product (EWL) and are familiar with administrative aspects of VPD. You appreciate your prospects’ needs and understand how VPD helps employers to attract and retain employees. Now, it’s “game day.” Put all of that knowledge and information to work in a meaningful presentation.

Theobjectiveofthepresentationistoobtainpermissiontocommunicate with employees concerning the program

New York Life has developed language and tools to assist you with your presentation. The materials available to you have been developed throughout the years building on the experience and success of the agents who sold VPD before you.

One tool is the brochure, “Life Insurance for Your Employees through Voluntary Payroll Deduction,” Form 13135. The brochure explains the benefits of VPD, outlines New York Life’s proven record of and financial stability and discusses the quality and professional service knowledgeable agents regularly provide to their clients. Your GO should have a supply of this brochure.

“Good afternoon, Mr. Employer. Thank you for meeting with me.Today, I want to introduce my company, New York Life Insurance Company, and myself and to discuss some important business issues that may be of concern to you with the intention of helping you solve them.

The way I like to work with new business clients is to take a few minutes (15 minutes) for us to get to know each other and, then with your permission, to ask you a few questions, which will help me, understand your business situation better.

How does that sound to you?”

(Give the prospect an opportunity to express assent or offer comments, then proceed:)



“Many business clients, before they feel comfortable working with someone, have several questions they want to have answered — questions about New York Life or how we work with clients. For example, new business clients often want to know about my background, what kind of work I do and why they should consider doing business with New York Life.

Are the answers to any of these questions important to you?”

(Give the prospect time to respond, then continue with . . .)

“What other questions do you have that you would like me to address?”

(Wait for the prospect to respond. Answer any questions posed by the prospect, then continue with . . .)

“As you may know, New York Life has been a leader in the insurance and financial services industry for more than 160 years. What this means to you is that we have a great deal of experience in helping people — including business people like you — to meet their financial and business needs. Additionally, New York Life’s agents are considered to be among the best professionally trained in the industry. In fact, we must be specially certified to discuss certain programs — just to be sure that we understand them sufficiently to explain them to a client.

When we began our meeting, I said that I wanted to discuss some important business issues that may be of concern to you. Although there are a large number of concerns that we can help our business clients address, there are two concerns that seem to surface frequently. Those concerns are:

• Attractingandretaininggoodemployeesand• Employeebenefitsandtheircost

How important to you is your company’s ability to attract and retain employees?”

(This issue may or may not concern the prospect depending upon a wide range of factors including the local labor pool, the company’s expansion plans, etc. Be sure to give the prospect enough time to consider and answer the question.)



(If prospect indicates that the issue of general employee attraction and retention is a concern, continue with A, below.)

A.

“There are several interesting approaches that can help a business solve the problem where an individual executive or highly-skilled technical employee is concerned. The solution to that problem when it involves the general company workforce, however, may lie in a no-direct-company-cost program we refer to as VPD.

VPD stands for Voluntary Payroll Deduction life insurance. Unlike many programs that you might make available to your employees, VPD calls for no contribution on your company’s part except for your agreement to make it available and deduct premiums from the payroll. As you know, it often takes more than a paycheck to get and keep good employees, and Voluntary Payroll Deduction may give you a competitive edge. Furthermore, since VPD is paid for through employee payroll deduction, it may cause employees to have an even greater appreciation for the benefits that you already provide them.”

“How does that seem to you?”

(If prospect indicates that the issue of general employee attraction and retention is not a concern, continue with . . .)

“It’s great that you are not faced with this problem that seems to plague so many employers. How do you feel about the employee benefits that you currently offer and their cost?”

(Be sure to wait for the prospect to fully answer your question. Regardless of the employer’s satisfaction, or lack of satisfaction, with current benefits, follow up with . . .)

“Some business clients feel that employees don’t fully appreciate the benefits that their employers provide. How do you feel about that?”

(If the prospect expresses a negative feeling about either of these two benefits questions, proceed with B, below.)



B.

“An answer to your concerns may lie in a no-direct-company-cost program we refer to as VPD. VPD stands for Voluntary Payroll Deduction life insurance. Unlike many programs that you might make available to your employees, VPD calls for no contribution on your company’s part except for your agreement to make it available and deduct premiums from the payroll. Furthermore, since VPD is paid for through employee payroll deduction, it may cause employees to have an even greater appreciation for the benefits that you already provide them.

I have found that employees often look to their employer to provide or sponsor employee benefits but that employees are receptive to paying for them provided doing so is cost-effective and convenient.

Additionally, if you find that it takes more than a paycheck to get and keep good employees Voluntary Payroll Deduction may give you a competitive edge.

How does that seem to you?”

(If the prospect indicates that neither the attraction nor retention of employees nor employee benefits and their cost are concerns, continue with C, below.)

C.

“With the cost of employee benefits escalating, it’s good to see a business which has that under control and feels its employees appreciate the employee benefits that are provided.

Let me tell you about a no-direct-company-cost program we refer to as VPD. VPD stands for Voluntary Payroll Deduction life insurance. Unlike many programs that you might make available to your employees, VPD calls for no contribution on your company’s part except for your agreement to make it available and deduct premiums from the payroll. Furthermore, since VPD is paid for through employee payroll deduction, it may cause employees to have an even greater appreciation for the benefits that you already provide them.

I have found that employees often look to their employer to provide or sponsor employee benefits but that employees are receptive to paying for them provided doing so is cost-effective and convenient.



Additionally, if you eventually find that it takes more than a paycheck to get and keep good employees Voluntary Payroll Deduction may give you a competitive edge.”

(After A, B or C, continue with . . .)

“From your employees’ perspective, Voluntary Payroll Deduction offers several benefits.

• First,thelifeinsuranceproductsweofferviapayrolldeductionare specially designed to be affordable for wage earners like your employees.

• Second,theprogramisentirelyvoluntary;onlythoseemployeeswho choose to do so participate in the program.

• Third,unlikegroup-termlifeinsurancebenefitsthatterminateifthe employee’s employment terminates, life insurance provided through Voluntary Payroll Deduction is individually owned–if the employee changes jobs, they can take the policy along.

• Fourth,lifeinsuranceprovidedthroughVoluntaryPayrollDeduction, is permanent, meaning that it builds cash values that can be borrowed against to meet emergencies or pursue opportunities. (Loans accrue interest and reduce the death benefit and cash value.)

• Finally,apayrolldeductionarrangementmeanstherearenochecks to write, no bills to mail. Premiums are automatically deducted from your employees’ paycheck.

The bottom line is that at no direct cost to you, your employees are offered a convenient, affordable way to help provide a more secure future for their families.

You may be wondering what the catch is. You’ll be happy to learn that there is none.

The group purchasing power offered by your company’s sponsorship of Voluntary Payroll Deduction assures your employees of competitive rates without the hassle of full medical underwriting. The life insurance is made available to most employees simply through completing an application and answering a few health-related questions. If your employee chooses, coverage is even available to their eligible spouse, children and grandchildren.

How do you feel about making this important program available to your employees?”



(Handle any concerns offered by the prospect. When the prospect has agreed to make VPD available, continue with . . .)

“I’m glad that offering VPD and its many benefits to your employees makes sense.

Our approach now is to meet with the employees in a group to present the broad outline of the program and to answer any general questions. Following that group meeting, I would meet with each employee individually to enroll him or her or have them sign a waiver card indicating no interest at the present time.

So, our next steps are: • First,youandIneedtoagreeonadateandtimeformeto

present the program to the employee group. At that time you may wish for me to meet with your payroll manager to explain what is involved and answer any questions.

• Second,Ineedyourcooperationinallowingmetopublicizethe program to employees. Generally we ask the payroll department to stuff employees’ payroll vouchers with a letter on your letterhead describing the program ahead of my meeting with employees. If you will provide me with a specimen of your letterhead today, we can prepare the letter.

• Third,weneedtodeterminethebesttimewhenenrollmentshould take place.

• Finally,weneedtocompleteandsigntheplanadministrationarrangement.



Concerns and ResponsesAs strong as the pre-approach phone script and employer presentation script are, some prospects may express reservations, doubts or fears that hold them back from going forward with you. As you know, the general term for these reservations, fears and doubts is concerns.

As you have learned in prior classes, the recommended process for handling concerns is the use of the Acknowledge, Clarify and Resolve approach and sometimes referred to as the “feel, felt found” response.

In acknowledging the prospects’ concerns, you assure them that their concerns are reasonable and worthy of consideration. This removes the element of confrontation which otherwise accompanies concerns and your response to them.


“I understand how you feel. Affordability for your employees is a concern.”

Clarification of the concern further defuses the potential tension associated with a concern and your response to it. By seeking clarification, you are communicating to the prospect that you are genuinely interested in understanding his or her concern. One approach to clarification is simply to ask the prospect what he or she means. Another approach is to pose a question in the alternative.


“I see. Is it the affordability to employees that concerns you most or are you worried that there might be hidden costs in this for your company?

After the concern has been acknowledged and clarified, seek to resolve it.



The recommended language for applying the Acknowledge, Clarify and Resolve approach is captured in the Feel, Felt, Found formula. In general, the formula works like this:

• Iunderstandhowyoufeel(acknowledgeandclarify)

• Otherclientsofminehavefeltthesameway

• Untiltheyfound(resolve)

More specifically, the Feel, Felt, Found dialogue might work like this:

“I understand how you feel. Employee affordability is a valid concern”

“Many of my other clients felt the same way before we installed a Voluntary Payroll Deduction program.”

“However, when they understood that New York Life’s Voluntary Payroll Deduction products are specially designed and priced for employees earning hourly wages and that the group purchasing power offered through Voluntary Payroll deduction assures competitive rates, they found that VPD really was affordable to their employees.”

Following resolution of a concern, a good next step is to confirm the prospect’s acceptance of your resolution. This can be accomplished by asking an affirming question.

For example you might say:

“Doesn’t that make sense to you?”

Once the prospect answers affirmatively, you can move forward. If the concern arises during the pre-approach phone call, you may wish to ask for an appointment after handling the concern. If the concern occurs during the employer presentation, you may wish to proceed directly to the close.

The most common concerns agents have encountered along with appropriate responses successful agents have given to them are presented below:

Concern — “I can’t afford to have my employees solicited on company time.”



Response — “I can appreciate that your employees’ time is very valuable to you.”


“Meeting with your employees during the workday gives me a chance to, not only explain Voluntary Payroll Deduction, but to review with employees all of the other valuable employees benefits which you already provide. My other clients found that the improvement in employee morale gained from a better appreciation of the benefits package you offer more than paid for the time lost in my short visit with employees. Does that make sense to you?”

Concern — “The program looks good but before I make a final decision, I’ll ask my employees if they are interested.”

Response — “I can see why you might want to do that”

“Many of my other clients expressed similar feelings in their decision-making process.”

“However, they changed their minds when they realized that I already had a presentation planned and that it takes very little of the employees’ time. Besides, if I make the presentation, I can answer any questions that might arise during the presentation and it will save you time and effort in having to meet with your employees. How does that sound to you?”

Concern — “I’m too busy to see you.”

Response — “I understand how busy you must be.”

“Most of my other clients are also successful, busy people like you.”

“However, they found that by spending just a little time with me, they could offer a supplemental benefit to their employees at little or no cost to themselves. Based n your busy schedule, what would be the least hectic time when we could get together? Would mornings or afternoons be more convenient for you?.”

Concern — “I’m not interested.”



Response — “I can appreciate how you feel.”


“However, they felt differently once they found that our program helped–at no direct cost to them–increase awareness of the various benefits they provided employees. That’s worth a lot isn’t it?”

Concern — “I need to discuss this with my other partners or managers.”

Response — “I can understand the importance of everyone agreeing on this.”

“Many of my other clients were intent upon gaining consensus.”

“However, they found that the best way to gain consensus was for me to present the program to every partner. That way I was able to respond to any questions that arose during the presentation. Does that make sense to you? With your busy schedule, what would be the least hectic time when all of your partners or managers can get together? Early or later in the week?

Concern — “Right now is not a good time”

Response — “I understand.”

“Finding the time to address challenging problems like how to get and keep employees can be difficult.”

“That’s why I promise to take only a few minutes of your valuable time. Wouldn’t you agree that if in the time you spend with me we could come up with a solution to help promote better morale and retention, our time together would be valuable?

Concern — “We already have group insurance.”

Response — “I would be surprised if you didn’t offer group insurance.”

“Many of my other clients worried that this program was the same as group insurance or duplicated the benefits provided by group insurance.”



“However, they felt differently once they understood that the program I offer enables your employees to own their own life insurance at competitive rates. That sounds like a real benefit, doesn’t it?”



VPD Pre-Approach LettersThe following pages contain reproductions of voluntary payroll deduction direct mail letters that may be found on the Agency Portal. They must be used as written and only on Company-approved letterhead.

As with all types of direct mail, you must become actively involved in the process. Do not expect any positive results by sending out a batch of letters to business owners and expect to receive responses. Business owners are flooded with solicitation letters daily and yours will most likely be viewed the same way. That is, unless you have a strategy and a plan.

First: Qualify your prospect through research. Use the library, the chamber of commerce and the search engines on your PC to identify the decision makers of the business you want to contact. Network with your other business clients who may already know the decision maker you are trying to reach. Ask for a referral.

Second: Conduct mailings in cycles. For example, month one – send 25 letters to qualified business suspects and begin follow-up phone calls within 3 to 5 business days. Month two – mail another batch of 25 and begin calling and do the same for month three. Then repeat the process and mail the group one in month four, group two in month five and so on.

Third: Extract the names of the employers who could be reached and showed some interest. Discard the names of those who were clearly not interested. Wait a comfortable amount of time and call the interested ones again. You may be surprised by the better response and most likely will obtain a few face-to-face interviews, or at least the invitation to drop in during their least hectic time.

Fourth: Keep adding to your list and create new batches. We suggest 25 names to a batch because that is the number most agents successful in the VPD market can handle at a time. You may choose to use fewer names. Over time, names will be added and removed, but you will always have a people to call which results in activity and ultimately sales.



The following is a reproduction of a voluntary payroll deduction life insurance Direct Mail Letter, which must be used only on Company-approved letterhead.*

Dear (Employer):

Here’s a potential win-win situation that both you and your employees will love:

• Youremployeesgetvaluablefinancialsecuritythatgoesbeyondapaycheckintheformofindividuallifeinsurance.

• Yougetcreditformakingthisavailable,buttheprogramcostsyouandyourcompanyvirtuallynothing!

Interested so far? It gets even better. . .NewYorkLife,oneofthemostfinanciallysecurelifeinsurancecompaniesintheworld,takescareofgettingthenewsouttoyouremployeesaboutthisofferoflifeinsurance,andtellsthemaboutallthegoodthingsyouaredoingforthem.

All you do is give us the go-ahead.Whenyoudo,youremployeeswillbeabletopurchaseimportantcashvalueindividualwholelifeinsurance,Employee’sWholeLife,competitivelypricedanddesignedfortheworksitemarket.

Workingatyourcompanybecomesmorerewarding.Youandyourcompanypaynothing,exceptthecostofadministeringthefacilityforpayrolldeduction.

Youremployees’participationinthepayrolldeductionlifeinsuranceprogramiscompletelyvoluntary.SincethisprogramisnotintendedtobesubjecttotheEmployeeRetirementIncomeSecurityActof1974(ERISA),youcannotcontributetoorendorsethisprogram.

Simplyreturnthecouponbelowandwe’llansweranyquestionsyoumighthave.

Sincerely,

NedNylic,CLU

P.S.Keepingemployeeshappyandproductivedoesn’thavetobeexpensive.Mailthecoupon.P.P.S.Inthemeantime,ifyouhaveanyquestions,pleasefeelfreetocontactmeat(123)456-7890.

Empoloyee’sWholeLifeisissuedbyNewYorkLifeInsuranceCompany,51MadisonAvenue,NewYorkNY10010. InOregon,theEmployee’sWholeLifepolicyform#is206.555.72

------------------------------------------------------------------------------------------------------------------------------------ (Returnthissectionintheenclosedpostpaidenvelopetoday)

[]I’minterestedinlearningmoreaboutmakingvoluntarypayrolldeductionprogramsavailabletomyemployees.Pleasetellmemore.

Persontocontact________________Besttimetocall____:____AM/PMBirthDate____________Res.Tel:_______________Bus.Tel:_______________

Indicatenameoraddresschangesonreverseside.

*SMRUApprovedDocument#00424412CV



Pre-Approach Letter - VPD Small Case*

NameofDecisionMaker

NameofBusiness

AddressofBusiness

Dear(NameofDecisionMaker):

Interestedinkeepingyouremployeeshappywhilekeepingcostsdown?NewYorkLifemayhaveananswerthathelpstosatisfyboth.

• Youremployeesgetqualitycashvalueindividualwholelifeinsurance-Employee’sWholeLife-issuedbyNewYorkLifeInsuranceCompanyatcompetitiveratesthroughpayrolldeduction

• Yougetcreditforprovidingavaluableproductthathelpsensurefinancialsecurityforthemselvesandtheirfamilies.

Best of all, New York Life and its agents do all the work!

NewYorkLifeInsuranceCompany,withitslonghistoryoffinancialstrengthandstability,willpromotethisvoluntarypayrolldeductionprogramwhilesupplementingyourexistingemployeebenefitpackages.

Youjustgiveusthego-ahead.Onceyoudo,youremployeeswillhavetheopportunitytopurchasecashvalueindividualwholelifeinsuranceatcompetitiverates,makingthisvaluableproductanaffordableoneaswell.

Workingatyourcompanybecomesmorerewarding,youremployeesmoreappreciative.Thereisnodirectout-of-pocketcosttoyou.Youneedonlytoutilizeyourexistingpayrolldeductionsystem.

Youremployees’participationinthepayrolldeductionlifeinsuranceprogramisentirelyvoluntary.SincethisprogramisnotintendedtobesubjecttotheEmployeeRetirementIncomeSecurityActof1974(ERISA),youcannotcontributetoorendorsetheprogram.

Iwillbecallingyouinafewdaystoseewhenyoumightbeavailabletodiscusshowthislifeinsuranceprogramcanbenefityou,yourcompany,andyouremployees.Pleasefeelfreetocallmeatanytimeat(123)456-7890.

InOregon,theEmployee’sWholeLifepolicyformnumberis206-555.72

Sincerely,

(AgentName)




Pre-Approach Letter -VPD Large Case*NameofDecisionMaker

NameofBusiness

AddressofBusiness

Dear(NameofDecisionMaker):

Ifyouaimtokeepyouremployeeshappywhilestayingwithinyourbudget,NewYorkLifemayhaveaprogramthatworksforyourbusiness.OurVoluntaryPayrollDeductionlifeinsuranceprogramoffersadualbenefit:

• Youremployeesgetqualitycashvalueindividualwholelifeinsurance-Employee’sWholeLife-issuedbyNewYorkLifeInsuranceCompanyatcompetitiverates

• Yourcompanygetsrecognitionforhelpingtomakelifeinsuranceavailableandbyenhancingthesupplementalbenefitpackageyouoffer.

VoluntaryPayrollDeductiongivesyoutheopportunitytoprovideyouremployeeswithadditionaloptionsforfinancialsecurity.Youbenefitfromtheincreasedappreciationemployees’feelforanemployersensitivetotheirvariedneeds.

Byallowinganagenttospeakwithyourstaff,youremployeescanbemadeawareofhowyouaresupplementingthebenefitsyouprovidewithNewYorkLife’sproducts.Youronlyrequirementistoincorporatetheprogramintoyourexistingpayrolldeductionsystem.

Youremployees’participationinthepayrolldeductionlifeinsuranceprogramisentirelyvoluntary.SincethisprogramisnotintendedtobesubjecttotheEmployeeRetirementIncomeSecurityActof1974(ERISA),youcannotcontributetoorendorsetheprogram.

Iwillbecallingyouinafewdaystoseewhenyoumightbeavailabletodiscusshowthislifeinsuranceprogramcouldbenefityou,yourcompany,andyouremployees.Pleasefeelfreetocallmeatanytimeat(123)456-7890.

InOregon,theEmployee’sWholeLifepolicyformnumberis206.555.72

Sincerely,

(AgentName)




Employee EnrollmentNow that you have mastered the first three steps in the VPD sales process—Prospecting, Approach and Presentation—you are ready to move onto the next step. In this section you learn the language and skills necessary for Employee Enrollment. This includes presenting VPD to employees in both a group and one-on-one situation and, in appropriate situations, transitioning to other individual life sales.

Objectives


• DeliveremployeeVPDgrouppresentation• DeliveremployeeVPDone-on-onepresentation• Segmenttheemployeepopulationintothoseemployeeswhoare

good prospects for transitioning to other individual life and those who are not

• Deliverpresentationfortransitioningtootherindividuallifesales;and

• Demonstraterelationshipbuildingskillsnecessarytosuccessfullybridge to other individual life sales



Introduction and OverviewNow that you have mastered the first three steps of the VPD sales process—Prospecting, Approach and Presentation—you are ready to move on to the next step, Employee Enrollment.

As you recall, the VPD sale is really two sales. The first sale is to the employer and involves persuading the employer to facilitate the payroll deduction of premiums for employee life insurance. The second sale is to each employee and involves motivating employees to purchase life insurance through the convenience of payroll deduction. This second sale—the employee sale—takes place during the step called: Employee Enrollment.

Ifyouareinvolvedwithalargecompanywithasizableemployeepopulation, chances are this step involves, first, a group presentation and second, followed by a brief enrollment meeting with each employee. The emphasis is on performing the administrative function of collecting applications and obtaining the employees’ consent to the payroll deduction arrangement. There is often little time to give proper attention to relationship-building with the employees. The more likely scenario, however, is that your employer-prospect is a small business with a relatively few employees. These are the prospectsthatNewYorkLifeagentshavetraditionallyenjoyedthegreatest success. For these employers it continues to be important to present VPD to employees and conduct enrollment. But, you can enhance your relationship-building skills with selected employees and position yourself as an individual with an eye toward transitioning to other individual life sales in addition to the VPD sale.

Later,youmustlearnandmemorizethescriptfortransitioningtoother individual life sales with selected employees. The emphasis isonrelationshipbuilding.Yourabilitytorecognizeandappreciateemployee needs in addition to those met with VPD is at the heart of the transitioning language you will master in this class.

Presenting VPD to the Employee

Let’s imagine you have obtained the employer’s consent to present to employees. Your priority is to enroll as many employees as possible in the VPD program.



High participation—35 to 40%—is important for several reasons:

• Highparticipationconfirmstotheemployerthattheprogramispopular and that the required administration effort is worthwhile;

• Highparticipationcreatesconfidenceandevenhigherparticipation among employees; and

• Highparticipationmaximizesyoureffortsintheinitialenrollmentand sets the stage for higher participation with new employees and more successful re-enrollments.



SAMPLE EMPLOYEE ANNOUNCEMENT LETTER FROM EMPLOYER ON EMPLOYER’S STATIONERY

Dear(Employee),

Iwouldliketobringtoyourattentionaninsuranceprogram,whichmaybeofinteresttoyou.ThroughauniquearrangementwithNewYorkLifeInsuranceCompany,younowhaveanopportunitytoaddtoyourfinancialsecuritywithindividuallyownedlifeinsurancethatalsobuildscashvalue.

TheNewYorkLifeInsuranceCompanyagenthasindicatedthatthefollowingarejustsomeofitsadvantages:

• Competitiveratesavailableonlythroughthisprogram.

• Youdesigntheplantofityourownneeds(minimums&maximumsapply),addingprotectionforotherfamilymembersatyouroption.

• Thecashvalue,asavailable,canbeborrowed*againstforemergenciesoropportunities.

• Thankstotheconvenienceofvoluntarypayrolldeduction,you’renotbotheredwithmonthlystatements,writingandmailingchecks,orworryingaboutamissedpremiumpayment.

• Ifyouretireorleavethecompany,onlythearrangementinvolvingcollectionofpolicypremiumsbypayrolldeductionisaffected.Yourpolicycanbecontinuedwithnoincreaseinyourcostordecreaseindeathbenefitcoverageprovidedpremiumsarepaid.

Yourparticipationintheprogramiscompletelyvoluntary.BecausethisisnotanERISA**plan,thecompanycannotcontributeto,orendorse,theprogram.

However,wedowanttobringtoyourattentionthatNewYorkLifeandits’subsidiarycompanieshaveservedtheinsuranceneedsofindividuals,familiesandbusinessesforover165years.

You’llsoonbeinvitedtoaspecialmeetingconductedbytheNewYorkLifeagentwhereyou’llgetadetailedpictureoftheprogram.

Sincerely,

(Employer’s Name)

*Loansagainstthepolicyaccrueinterestatthecurrentrateanddecreasethedeathbenefitandcashvaluebytheamountoftheoutstandingloanandinterest.

**EmployeeRetirementIncomeSecurityAct(1974)



A group presentation to employees followed by one-on-one meetings with employees is usually the most effective way to obtain the high-level of participation you are seeking. A group presentation gives you the opportunity to have the business owner introduce you to the employees, as well as provide you with the opportunity to discuss the program and answer questions of a general nature. This will save time during the one-on-one enrollments.

Even in advance of your employee group presentation and enrollment of individual employees, there is much you can do to generate interest and excitement. This Agent’s Guide contains a sample announcement letter to employees that can be sent out in advance of your presentation and enrollment. Form 13140 is a paycheck stuffer that may be placed in the envelope with employee’s paychecks in the payroll period prior to your presentation and enrollment. In addition, Form 13142 is a poster that can be hung in employee lounges, on bulletin boards and in meeting rooms. Use it to promote the times and places group meetings will be held. These and other tools may be viewed in the Agency Portal. Ask your Trainer how to obtain these tools.

Once the stage is set for your employee group presentation, the Company provides additional tools to assist you. In most situations a group presentation will be an effective use of your time and position you for making the VPD sale to individual employees.

Role-playing Your Group presentation:

The group presentation is your best opportunity to build a positive group dynamic that will be favorable to your goal, provided it is professional and skillfully made. Here is a chance to role-play the script and obtain feedback on your presentation prior to meeting with the employees:

“Good morning/afternoon. I appreciate your being here today, and I want to thank (business owner/decision-maker) for allowing me to take a few minutes out of your busy day.

“Your company provides you with many benefits. Some of the benefits are (fill in the list provided by owner). These benefits don’t come cheap. Each percentage of wages you receive costs your employer _____ (Fill in number provided by employer; generally will be between $1.50 and $2.00).



(Special Notes: Agents, please provide source and as of date for the information provided to prospects. Example: According to your employer, ABC Corp, each percentage of your wages cost your employer_____ in 2010. If the employer is unable to provide this information, exclude this topic from your presentation)

The purpose of our meeting is to present an important new program, Voluntary Payroll Deduction life insurance, which supplements existing benefits. The concept is simple.

This program provides a death benefit to your family now and in the future. Unlike your group life insurance, the coverage does not reduce at retirement. The life insurance offered under this program accumulates cash values. The cash values can be borrowed against to help meet emergencies or pursue opportunities. Loans against your policy accrue interest at the current rate and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

In addition, you have lots of flexibility in the amount of premium you spend. For just a few dollars each week you can provide a death benefit for your family. And, regardless of the amount you purchase, you own it and control it.

Because the premiums are deducted directly from your paycheck, you don’t have to worry about writing a check each month to the insurance company. Obtaining and paying for this coverage is easy, convenient and affordable. What’s more, participation is completely voluntary.

This program is only available to you because you’re an employee, and it’s flexible enough to meet your individual needs. Based on some information I will share with you when we meet individually, you can decide on the amount of coverage that you want. You can purchase as little as $5,000 or as much as $150,000 Periodically, we will have follow-up meetings to see how your needs have changed and how your coverage should be adjusted to reflect them.



Another benefit of this program is that the life insurance is portable. That means that even if you leave the company you may take the life insurance with you. The death benefit available to your family remains the same, and the premiums do not increase. The only difference is that instead of the premium being deducted from your pay, you are billed for the premium. As you know, group insurance ceases if you leave the company.

The program allows you to have premiums deducted to purchase life insurance not just on your own life, but on the life of your spouse, your children and your grandchildren. In our individual meeting, I can help you tailor an insurance policy that is right for you.

In the few minutes that remain, let me answer any questions you have.

(Answer any questions posed.)

Thank you for being with us. I look forward to getting to know each of you.” (Use this opportunity to announce the time and place of the individual enrollments. This should have been discussed with the employer prior to the group meeting to determine the least disruptive time where the enrollments may be made. Depending on the size of the group, you may want to print flyers with the time and location, or put up posters. Always have agreement from the employer when notifying the employees and obtain SMRU Approval prior to using any specially printed material..)

Following your group presentation you will meet individually with employees. Your individual presentation to each employee demonstrates what VPD can specifically accomplish for that employee. This is where the VPD sale is made and the application taken. Detailed numerical illustrations can be obtained by running an FTIS illustration for EWL (Remember to be aware of the NAIC Model Illustration Regulation rules where applicable.)

LearnandmemorizethefollowinglanguageforpresentingVPDtoindividual employees.

“Hi, ______, I’m glad to have the opportunity to meet with you. Did our brief group meeting raise any questions that I can answer for you?

(Answer any questions that are posed)



The purpose of our meeting in the brief time we have together today is to help you determine the right amount of life insurance for you under the program and to answer any questions you may have. Let me start by learning a little about what is important to you.

______, it is often pointed out that we are going to spend the rest of our life in the future. Just how important to you is providing for your future needs?

(Give the employee enough time to fully answer. Assuming the employee agrees that it is important to provide for those needs, continue with…)

Since providing for your future needs is important to you, what steps have you already taken to begin providing for them?

(Allow the employee a couple of minutes to discuss what they have already done. When the employee has finished, continue with…)

One of the important steps that people take is the purchase of life insurance. Do you think if you were shown a valuable and convenient life insurance program that you might be interested in it?

(Allow the employee time to respond. Continue with…)

“How much can you afford to pay for life insurance premiums each week?”

(When the employee provides a weekly premium number or specific amount of life insurance desired, input the employee’s suggested weekly premium or death benefit amount, age and smoker status into the Field Tech Illustration System and continue with…)

These are the results if you were to enroll for a weekly deduction of just $______. Some people don’t realize that life insurance works for you and your family not just when you die. It works for you and your families whether you live, die or leave. Let me explain.”



“When you reach age 65, if there is no longer is no longer a need for the full death, the permanent life insurance policy will have accumulated cash value you can borrow against to help supplement your retirement. Loans against your policy accrue interest at the current rate and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

If you die while this life insurance is in force, New York Life guarantees that the initial face amount plus any dividend that may have been declared-less any outstanding loan and loan interest, will be paid for the benefit of your family.

If you leave the company, you can continue the policy by paying premiums. It’s your personal property. You own it. You control it.

How does that sound to you, ______?”

Good, based on what you have told me, I just need to ask you a few questions.

(Proceed to completion of the application and answer any questions or concerns that arise. Remember, these enrollees are now your clients and are entitled to all the professional courtesy that you give your other clients.).

It would be surprising if you encountered no concerns in your employee presentations. As was demonstrated to the concerns that the employer might raise, the recommended process for handling concerns is still the use of the Acknowledge, Clarify and Resolve approach.

As you have learned, in acknowledging the prospects’ concerns, you assure them that their concerns are reasonable and worthy of consideration. This removes the element of confrontation which otherwise often accompanies concerns and your response to them.

The recommended language for applying the Acknowledge, Clarify and Resolve approach is captured in the Feel, Felt, and Found formula:

• Iunderstandhowyoufeel (acknowledge and clarify)

• Otherclientsofminehavefelt the same way

• Untiltheyfound (resolve)



More specifically, the Feel, Felt, Found formula might work like this:

“I understand how you feel about the costs. Affordability of this coverage is an important concern”

“Many of my other clients felt the same way before they signed up for the Voluntary Payroll Deduction program.”

“What they didn’t know was that New York Life’s Voluntary Payroll Deduction products are specially designed and priced for employees earning hourly wages and that they could purchase this insurance for as little at $5.00 per week. While $5.00 may not purchase a great deal of coverage, it may be insurance that you need and don’t have today.

Following resolution of a concern, a good next step is to confirm the prospect’s acceptance of your resolution. This can be accomplished by asking an affirming question. For example you might say:

“Doesn’t that make sense to you?

Concern — “Sounds like a great program, but I don’t need any more life insurance.”

Response —“I can appreciate that.”

“Many of my other clients felt the same way before they signed up for a Voluntary Payroll Deduction life insurance program.”

“However, they found that after I reviewed their existing coverage, their needs actually far exceeded the coverage they had in place. I would be pleased to review your existing life insurance to determine if it provides adequate coverage, if you’ll just bring your policies into me. That sounds reasonable doesn’t it”?

Concern — “I need way more life insurance than this program offers.”

Response — “I can see why you might feel that way.”

“Some of my other clients expressed similar concerns.”

“However, they changed their minds when they realized that by simply answering some medical underwriting questions, they were able to apply for an adequate amount of coverage. Would you have any concern to proceeding on that basis?



Segmenting the Employee PopulationYou will present VPD to every employee and make a strong effort to enroll every employee in the VPD program. For some of the participating employees, the combination of their group-term life insurance and their participation in the VPD program is likely to help meet their protection needs based on their family situation, their income and their monthly living expenses.

For other employees, individual life insurance, in addition to their employer provided group-term life and VPD is probably indicated. Theseemployees’familysituationsandfinancialobjectivescombineto require more extensive analysis and a greater need for death protection along with the ability to accumulate cash value.

The language you will learn for transitioning to other individual life sales is only appropriate for this latter group, or segment, of employees. It would be an inappropriate waste of your time and the employees’ time to bridge to other life products in every meeting. Thus, your ability to segment the employee population into those employees who are likely to be good prospects for transitioning to other individual life sales and those who probably are not good prospectsiskeytomaximizingyourefforts.

You will want to focus on the following factors that help you determine to which employees you will try to bridge to other individual life products:

• Salary

• Position

• Age

• Familysituation

Higher paid employees generally have greater survivor income needs, debt protection needs and education and retirement funding needs. Also, these employees are likely to be better able to afford individual life products. If it turns out these higher-paid employees do not purchase other individual life products from you, it is possible they’ll refer you to prospects that will. Like them, their friends and associates are likely to be good prospects for individual life insurance.



An employee’s position in the company can also be a way to segment. Employees with technical skills requiring higher education are likely to be good prospects themselves for additional individual life insurance or know people who are. Employees with supervisory responsibilities might be better individual life prospects than those they supervise.

Higher-paid, salaried managers may be your best prospects for transitioning to other individual life sales. For one thing, some of these employees may be older than your typical middle-market prospect. One advantage to working with these older, better-paid employees is that they have both protection needs and cash value accumulation needs that can often be addressed by permanent life insurance. Disadvantages to working with older prospects are that life insurance coverage is more expensive for them and they are more likely to demonstrate medical problems than younger employees. Of course, employees with growing families continue to be excellent candidates for all the Company’s individual life products.

Finally, the employees’ family situations will be a key to segmentation. As you already know from your success in the middle-market, young families with children are among your best prospects for individual life sales. These are people very concerned about the financial obligations and the continued well-being of their loved ones, if something should happen to them.

Even prior to presenting VPD to employees, you can do some important homework in preparation for your presentation. This homework involves a study of the employee census you may be able to obtain from the employer or the employer’s bookkeeper. The typical employee census provides you with such valuable information as employees’ names, ages, dates of hire, position and salaries. Of course, your responsibility to confidentiality must be paramount.

If you do your homework, you may be able to “pre-qualify” your prospects and know ahead of time those employees who are not likely to be good prospects for transitioning to other individual life products. It will take a little more work to know who is a good prospect, but it’s worthwhile.

While acquiring as much information as you can ahead of time is important, the VPD one-on-one presentation itself will not differentiate between those employees who are good individual life prospects and those who are not.



When you meet with employees who you believe are good prospects for other individual life sales, you will want to add certain qualifying questions to your VPD presentation. Remember your priority is to enroll the employee for VPD, but for selected employees you will want to obtain further information to help you determine if the employees are also good individual life prospects for other individual life sales.

The additional questions you should ask:

• whethertheprospectismarried

• whethertheprospecthaschildrenandtheirages

• whethertheprospecthasanypressingfinancialneedsandconcerns

As you know, married prospects with children are your target. Chances are, the employees you meet with have never discussed their financial needs and concerns with a professional such as yourself. They may be flattered when you ask. Regardless of whether they express a particular need or concern, their response will serve as good segue into the transitioning language provided in the next section.



Transitioning to Other Individual Life SalesFor many employees the sales process is complete when you have presented VPD and given the employee an opportunity to enroll. However, the sales process continues by transitioning to other individual life sales for the employees you select. Keep in mind that the sole purpose of the transitioning language is to obtain an appointment to meet with the employee and his or her spouse off site to discuss their financial needs and concerns.

There are three steps involved in transitioning:

• Buildingtrustandrapportthroughgoodlisteningskillsandyouunderstanding of common concerns

• Positioningyourselfasasalespersonwhoisabletoassistprospects in meeting financial needs and concerns

• Settingafollow-upappointmentintheemployee’shometocoordinate their VPD decision with his or her other benefits

The qualifying questions you ask in order to segment your employee population can serve to accomplish the first step. Just as you would follow the same path of discussion when using the Financial Need Analysis presentation, you ask about the prospect’s marital status, children and current financial needs and concerns. Listen carefully to the prospect’s responses. Look for common situations and concerns in the prospect’s family situation and your own situation or the situation of those of your existing clients. Whatever the prospect’s response to the final qualifying question relating to current financial needs and concerns, show empathy for the response and use it as a transition to the transitioning language below.

The second step can be accomplished by sharing information about yourself and your company. Since you introduced New York Life and yourself at the group meeting, an abbreviated version of the information you provide in the FNA sales talk is usually sufficient.



The third step can be accomplished by offering to meet with the employee in his or her home for the purpose of coordinating their VPD decision with existing employer benefits. Whether or not the employee enrolls in the VPD program, the employee has other benefits—group-term life insurance, death benefits under health insurance programs, retirement plans—that need to be reviewed in light of the VPD decision. The prospect has financial needs and concernsthatneedtobeanalyzedtodeterminewhetherlifeinsuranceprotection is adequate.

Most employees you identify as prospects for transitioning will see your offer in light of the infrequent opportunity to have a trained insuranceprofessionalassisttheminanalyzingtheiremployeebenefitsand helping them evaluate their financial needs and concerns. Some employees may have concerns about your meeting—no time, no money, no need, and no confidence concerns. The key to addressing these concerns providing the employee with examples of the value of your products and services.

One proven way to get the employee’s attention is to point out to them that it is common for beneficiary designations on group insurance and retirement plans to be inconsistent with their overall planning goals andobjectives.

A good example relates to the designation of the employee’s minor children as the contingent beneficiary of group-term life insurance. Most insurance companies refuse to pay death benefits to minors under the rationale that under the law, minors lack the capacity to enter into binding contracts including acknowledgment of the receipt of a death benefit. This means that when a minor is named the beneficiary, it is the nearly universal practice of insurers to require the appointment of a legal guardian who can receive property on behalf of the child.

This can be an expensive, time consuming process and means that the probate court appointing the guardian may have supervision of the children and their money for years to come—probably not what the parties intended. You can offer to provide more information to the employee on this matter and advise that they may need the services of an attorney. If the employee wants to discuss the matter at the group meeting, point out that that would not be fair to their employer because only a few minutes of company time is allotted to meet with each employee. It should make sense to offer to meet off-site with the employee and his or her spouse.



Another example is that retirement plan benefits are often uncoordinated with personal savings and social security benefits. You can offer to help resolve this concern in your meeting.

Learnandmemorizethefollowingtransitioninglanguage:

“As you may know, although I work with employers like ______to offer supplemental life insurance to employees like you, my business also involves offering products and services to help couples assure that they and their families have a secure future.”

“______, now that you have made your decision about this program (VPD), I’d like to extend a further offer to you. Based upon our conversation so far, you seem to be the kind of person that I think would benefit from the other insurance and financial products and services I offer. I would be pleased to meet with you and your husband in your home for the purpose of coordinating this new life insurance purchase with your other individually-owned life insurance and your employer provided benefits.”

(Or, if the employee did not purchase VPD)

Based upon our conversation so far, you seem to be the kind of person that I think would benefit from the other insurance and financial products and services I offer. I would be pleased to meet with you and your husband in your home for the purpose of coordinating your other individually owned life insurance and your employer provided benefits.

“Would Tuesday evening or Thursday evening be better for us to meet. I wouldn’t expect to take more than an hour of your time, unless you ask me to stay longer”

(If the employee agrees, go ahead and set up the appointment.)

If the employee refuses your offer for an off-site meeting to discuss their financial situation, for whatever reason, proceed as follows:

“______, I can appreciate how you might feel that way.”



“Other clients of mine felt similarly until they realized the value of the service I offer. For example, I often ask clients who they have designated as the beneficiary of their group life insurance. Some of them don’t know. But, most of them have designated their spouse as the primary beneficiary and their minor children as the contingent beneficiaries—the beneficiaries intended to receive the death benefit if both husband and wife died in a common disaster such as a car or airplane crash.

“What they found after talking to me was that in most instances insurance companies will not pay death benefits of life insurance directly to minor children. The reason is that a minor child lacks the legal capacity to sign-off on the delivery of the death benefit check. In most jurisdictions, appointment of a legal guardian can be expensive, time consuming and messy. However, with a little planning, by working with your attorney, we may be able to name a guardianship that satisfies the life insurance company and legal requirements for paying policy proceeds.

“Also, many of my clients have not worked with someone who can help them understand and coordinate the retirement benefits available under employer provided retirement plans with Social Security benefits and personal savings. They are unaware of how life insurance cash values and annuities may fit into the picture.

“Having access to that type of information would be helpful to you, wouldn’t it?

(If the employee agrees, set the appointment.)

(If the employee wants to further discuss coordination of their benefits at the current meeting, say:)

“I can understand why you would want to get right into this.

“Many of my other clients felt the same way.

“However, as you know ______ (employer or decision-maker) has allowed us a few minutes for this meeting. I’m sure you would agree it wouldn’t be fair to ______ (employer or decision-maker) for us to take advantage of his generosity.



“On that basis would next Tuesday evening or Thursday evening work best for you and your husband?”

Once the appointment is set, you are on your way. When you meet with the employee, you will use the presentation you have learned for selling other individual life products to other middle-market employees.

Mailing of pertinent magazine or newspaper articles/“intouch” and “inbusiness” newsletters

Another good way to keep in touch with employers and demonstrate superior service is to be a resource to them. Look for articles that keep them abreast of developments in insurance and financial services, employee benefits and/or developments in their industry. In today’s world, information is power and the information provider wields the power.

Keepinmindthatbeforeyousendanewspaperormagazinearticleyou must obtain copyright consent from the publisher and compliance approval from the Sales Material Review Unit (SMRU).

Follow-up Calls

If you are in the area, drop in occasionally between regularly scheduled periodic reviews to “see how things are going.” Keep your meetings and calls brief and avoid being a pest. The idea of theimpromptuvisitsisreallyjusttolettheemployerknowyouareavailableandcareaboutdoingthebestjobpossible.Anotherreasonfor these visits is to show the employer that you r intent is to provide the best service and without trying to sell them another product.



Bridging to Business Insurance SalesYour ability to successfully bridge to the business insurance sales you learned about in the last class can elevate your sales practice to new heights.

There are three steps involved to bridging:

• Buildingtrustandrapportthroughgoodlisteningskillsandexpressions of commonality;

• Positioningyourselfasasalespersonwhoisabletoassistemployers in meeting business insurance needs; and

• Settingafollow-upappointmentinforthepurposeofidentifyingand addressing business insurance needs

CNA-BEAR

There are a variety of methods that agents use to bridge these three steps. Among the most popular and effective is the CNA-BEAR Selling System. The Capital Need Analysis – Business and Estate Asset Review is a system that focuses on helping business owners identify the primary concerns they have for their business. The method used is to obtain agreement that successful businesses are built on four groups of assets.:

• Equipment,inventoriesandrealestate

• Receivables,cashonhandandinvestments

• Goodwillamongthecustomers

• Thevalueofthekeypeople

Assuming all these assets work to maximum efficiency, the business will generally succeed. However, there are risks and roadblocks that occur while the business is in operation and to the successors when the business owner dies. The CNA-BEAR system illustrates these points graphically and asks the business owner to identify the one that concerns him or her most. The system covers these in great detail.



They are:

• Passing the Baton – to the next generation of owners when death, disability or retirement

• Key People – retaining talented people or replacing them should death or disability occur

• Optimizing Personal Benefits – assuring the business is providing the maximum benefits on the most tax-favored basis

• Estate Conservation – helping to assure that as much of the value of the business as possible is left to the chosen heirs

Generally, the business owner will indicate one of these concerns is more of a problem than the others. The CNA-BEAR System delivers a professional presentation to deal with the particular concern and offer several solutions to address the problem. Many agents have found this a valuable tool in making the transition from the VPD sale to the business insurance sale.

Providing Superior Employer Service

The work you do to implement the VPD program with the employer and your follow-through evidenced in the Six-Month Review serve to accomplish the first step. Beyond this, use the Six-Month Review to ask additional questions about the employer’s business. Common questions that demonstrate your interest and ability to solve problems include:

• Howwasyourbusinessstarted?• Whoaretheotherownersofthebusiness?• Howisthebusinessorganized?• Howhasyourbusiness/industrychangedovertheyears?• Whatchallengesfaceyoutoday?• Whereisyourbusinessheadedinthefuture?

Business owners love to talk about their business, but because it is often “lonely at the top” they may not have the opportunity to discuss these matters. They will welcome the chance to visit with you. Listen carefully to the responses given. Look for commonalties in the employer’s business and the businesses of other clients. The better you understand the employer’s business, the better you will be able to serve their needs.



The second step can be accomplished by sharing information about yourself and your company. At this point, an abbreviated version of the information you provide in the sales script is sufficient. Also, mention the resources available to assist you in business insurance sales including fellow agents who concentrate in business insurance sales in your GO and your accessibility to the advanced planning consultants.

The third step can be accomplished by offering to arrange a meeting among the employer, another agent and yourself. The purpose of the meeting is to identify and assess business insurance needs. Most employers will see your offer for what it is—an opportunity to have a trainedinsuranceprofessionalassisttheminanalyzingtheirbusinessinsurance needs and concerns. On the other hand, some employers may offer concerns to the meeting that may be quite typical—no time, no money, no need concerns. As always, the key to addressing these concerns is to provide the employer with an example of the value of your products and services in areas it is unlikely the employer has addressed.

One sure way to get the employer’s attention is to point out that while it is typical for businesses to insure their equipment and inventory, it is not so common for them to insure their most valuable assets—their key employees. Remember, the employer him/herself, may be the key employee. You can then provide the employer with concrete examples of the benefits of doing so.

Another approach is to provide the employer with an example of how the families of business owners are often left in the cold in the absence of planning. Again, you can provide concrete examples of how business purchase agreements among business owners can help solve potential problems.

Remember, the goal of the bridging language is to set an appointment for a business insurance interview, not to sell business insurance. The idea is to disturb the business owner’s disposition, to develop a sense of urgency about meeting with you and fellow agents who concentrates in business insurance sales in your GO.



Learnandmemorizethefollowingbridginglanguage:

“-----, now that we have completed our review of this program (VPD) and given what I’ve learned about your business, I’d like to extend a further offer to you. I would be pleased to arrange a meeting between you and I and another agent who concentrates on addressing the business insurance needs and concerns of businesses such as yours. As you may know, although New York Life and I offer supplemental employee benefits such as this program, we also help businesses protect against the death of an owner or other key person in the business.

“Would Tuesday evening or Thursday morning be better for us to meet. I wouldn’t expect to take more than an hour of your time.”

If the employer agrees, go ahead and set up the appointment.

If the employee refuses your offer for whatever reason, proceed as follows:

“------, I can appreciate how you might feel that way. There never seems to be a good time to discuss these matters.”

“Other clients of mine felt similarly until they fully appreciated the value of the products and service I offer. For example, I often ask clients whether they have insured their most valuable business assets. Most of them respond that fire and casualty insurance protects against loss of their buildings, their equipment and their inventory.”

“What they found after talking to me was that the business remained uninsured against the loss of one of its most valuable assets—the key people in the business. They had overlooked that the death of a valuable employee would be the most devastating blow the business could suffer and that they are uninsured against this loss Often they were unaware that they could indemnify the business against the loss of their key people with life insurance tailored to their needs.”

“I also ask my clients what their intentions are in the event a business owner dies. Most of them respond that they would expect the business to continue pretty much as it has continued in the past.



“What they discovered after talking to me was that in the absence of a properly funded business succession plan there is a significant likelihood that either the business owner’s family will suffer a loss of income or value or that the surviving business owners will lose control of the business, or both. The good news is that with a just a little effort these really major problems can be addressed.”

“Having access to that type of information would be helpful to you, wouldn’t it?”

If the employer agrees, set the appointment.

If the employer wants to discuss these matters in greater detail today, respond as follows:

“I understand.”

“A lot of other clients are so concerned about these problems they want to address them right away.

“However, our business insurance specialist (i.e. Advanced Planning Consultants) spends most of his (or her) time handling these matters. I would like you to have the benefit of the best service we have to offer.”

“On that basis would next Tuesday afternoon or Thursday morning work best for you to meet with _------ and I?”

Once the appointment is set, you are on your way.



Providing Superior ServiceSuperior employee service not only assures greater appreciation for the VPD program, but also opens the door to add-on and cross sales.

There are several ways to provide on-going service to employees:

• Policydelivery• Periodicreviews• Mailingofapprovedgreetingcardsonbirthdaysetc.• Maintainingcontactwithterminatedemployees:and• Re-enrollment

Smooth handling of policy delivery not only impresses the employer, it cements the VPD sale with the employee. When handled in person,policydeliveryisjustonemorechancetodemonstrateyourprofessionalism, build relationships and re-inforce the benefits of VPD for employees.

The same guidelines discussed above in connection with employer reviews also apply with respect to employee reviews. Periodic interviews should be:

• Regularlyscheduled• Brief• Conductedwithanagreed-uponagenda• Followed-upon

Sending out Company-approved greeting cards (such as Post Cards) onbirthdays,holidays,jobanniversaries,etc.isanotherwaytokeepintouch with employees. Sending personal cards on special occasions to insureds shows that you care about them and value them as customers.

Also, it is important to keep in mind that you don’t necessarily need to lose a client when an employee leaves an employer sponsoring a VPD program. A key benefit to VPD from the employee’s perspective is that the policy is portable. Presumably, this was one of the factors that attracted the employee to the program in the first place. Be sure to contact employees who leave to remind them that although the payment method will change, the cost will not and that if there was a need for the life insurance before, there is a continuing need today.



Finally,amajoraspectofemployeeserviceisre-enrollment.Successful re-enrollment assures that the families of those employees already in the program continue to receive quality life insurance. Beyond this, successful re-enrollment brings new employees into the fold and allows employees currently participating to increase their coverage. Bottom line, successful re-enrollment is not only important for the employee, it is valuable to you. Participation increases, premiums increase and retention increases. This all translates into more commissions for you.

Keep in mind that with Simplified Issue-Small Case, employees may be enrolled at any time convenient to the employer. With Guaranteed Issue, enrollment is restricted to one thirty-day period per year.

The following script will boost your re-enrollment efforts. Remember you are required to show a completed illustration any time you make referencetothecashvaluesordeathbenefits.Learnandmemorizeit.

“Hi -----, it’s good to see you. It’s been several months since we last visited.

“As I told you when we first met, I intend to meet with you at least once a year to review your life insurance program.

“Let’s just start with a few questions. Has anything changed since we least met (inquire as to name, address, phone number, marital status and children).

“Good. Let me just confirm that your husband is your beneficiary and that a trust for your children is the contingent beneficiary.

“Currently, you are paying $_---- period. That purchases $_---- of life insurance.

When you reach age 65, based on the current dividend scale, which is not guaranteed, the permanent life insurance policy will have accumulated cash value you can borrow against to help supplement your retirement, should you no longer have need for the full death benefit. Loans against your policy accrue interest at the current rate and decrease the death benefit and the cash value.

If you die while this life insurance is inforce, New York Life guarantees that the initial face amount plus any dividend that may have been declared – less any outstanding loan and loan interest, will be paid to the beneficiary you chose.



Now_-----, for just another dollar per day, you can increase your life insurance protection $_-----. How does that sound to you, or would you like to see how much you could purchase for an additional premium amount?

Good, based on what you have told me, I just need to ask you a few questions.”

(Proceed to completion of the application).

By now, you should have concluded that some characteristics of prospecting in the VPD market are unique. Likewise, you should see that virtually all of the skills and strategies you employ in your daily prospecting activities could be used effectively in the VPD Market. It’s now up to you to develop a plan to approach the prospects you have identified and introduce them to the many benefits available through Voluntary Payroll Deduction.

Good Luck and Good Prospecting!





Notes:

New York Life Insurance CompanyNewYorkLifeInsuranceandAnnuityCorporation(ADelawareCorporation)51MadisonAvenue,NewYork,NY10010 www.newyorklife.com 22210PG_0111 | SMRU 00354971CV(Exp.01/11/13)

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