We recently sat down with the President/Principal of Private Wealth Solutions and HighCap Financial™ Member, Phil Moroneso, MSF, CLU®, ChFC®, AEP, to discuss how John Hancock’s Vitality product is essentially selling itself.
Phil, what’s the first thing you do when talking with your clients?
The first thing I do when I talk to clients is to understand their life insurance needs and determine which products make the most sense for their situation. So as much as I believe in and see the value of the Vitality program, if a John Hancock product is not the best fit, then no mention is made. You have to know exactly what Vitality is and what it offers, before you can determine if it’s a discussion you should be having with your client.
“Know your client and their needs first to determine if Vitality is the best fit for them.”
Which clients should you be having the Vitality conversation with and how?
Well, I find that it works well with clients that try to live a healthy lifestyle. It also is great for clients that have a competitive nature, even if they don’t appear to be particularly health minded. Let me give you an example of each to help explain it further.
The client that’s living a healthy lifestyle
I have a husband and wife who were shopping for LTC insurance. They were in their 60s and very physically fit. They had a few million dollars set aside for retirement, but as we know a few million dollars doesn’t guarantee a person’s going to have everything they need should an LTC event happen. They had looked at a traditional LTC policy with someone else, but they were not enamored with the premium costs.
I explained to them that some providers have products that enable people to get benefits from their policies while they’re alive, rather than only at death. For example, John Hancock has a policy where, if you become eligible for LTC, you could actually use the death benefit to pay the LTC expenses and whatever you don’t use would be paid out as a death benefit. They liked that idea, and after running the numbers, we determined that this was the product for them. This is when I introduced them to the Vitality program. They easily achieved Platinum status in the first year, saving over $2K in premium, and they’ve already used some of their Vitality points for hotel discounts when they travel.
The client with a competitive nature
I have a client who has been with me for over 25 years. He was always saying he was going to start exercising and eating healthier. Last year we put him into a John Hancock product with the LTC rider and Vitality. He recently contacted us and said he was “blowing it through the doors” and is on his way to Platinum. This client is in the real estate business and averages $800K-$1M in income annually. With this type of competitive nature, he is a good fit for Vitality, as the rewards and points are his motivation for working out.
“Remember, it’s not about selling Vitality, it’s knowing when it’s a good fit for the client, so it can sell itself.”
What would you say to another advisor who may think it’s too much trouble to have the Vitality conversation?
If it’s too much trouble for you, maybe you should think about what you’re doing out there — are you just selling a product or are you trying to solve a problem for your client? And isn’t part of the problem that we’re trying to solve creating a healthier client? To help the client’s family achieve their financial goals?
The agent who’s not willing to take the time to really get to know his client and see if Vitality is a good fit, may need to ask himself, am I in the right business? If we’re not in the business to serve the client, we’re in the wrong business.