2018

First things first. Opening an insurance sale is an art with an endless variety of approaches involving client needs and objectives. Despite the tendency of some advisors to gloss over this phase of a case, it’s essential to consider them before delving into the underwriting requirements. A proper handling and understanding of what the client and advisor need to present to underwriting is the difference
between success and failure.

Current and past medical history are basic to the medical underwriting of an application. The financialrequirement must be clear, outlined, and justified as to whether it’s a business or a personal need. Personal habits, personality factors, hobbies, and sports activities can be risk factors that an underwriter will assess. Click here to read full article.

There’s a huge change in the market for U.S.-based life insurance products to foreign nationals.

In the past, that was a narrow marketplace. With little or no interest among life insurance carriers, much of the non-U.S. resident business was left to off shore-based insurance carriers.

Now, with broader distribution relationships and a far more engaged U.S. life insurance industry, the picture has changed. U.S. life insurance companies value the foreign nationals’ business, which includes those who are U.S. residents and non-resident alien foreign nationals who live outside the U.S. Click here to read full article.

Advisors are always looking for new business. As something of a twist, I’ve been finding it for them in their old business. While reviewing in-force term policies at my company, First American, I check for conversion expiration dates and end of level period dates. It’s turning up lots of business opportunities for advisors.

I remind advisors that a conversion date is coming up or their level term period is expiring and suggest this would be a good time to make contact with clients. Most appreciate the nudge since it helps clients and can result in a conversion or a new sale. It also prepares them for the impending correspondence from the insurance carrier about an upcoming change in their premiums.

Click here to read full article.

Field underwriting can be a challenge for advisors who sell life insurance or other products that involve questions about the clients’ health. Clients may present themselves as healthy and vigorous, even though there may be underlying medical issues that can impact the outcome of a case.

By being observant and asking pertinent questions, advisors can provide clues to the possibility of impaired risk cases

To read complete article, click here.

Why should broker dealers bother having advisors market life insurance products?

If this is the question, it’s the right one.

No matter how you look at it, you may have more than enough on your plate now, so why get involved with life insurance, particularly when the product line is so different from what your advisors do every day? On top of that, it may be just too much for them to handle.

Click here to read full article.

Overall, most parents in or near retirement want their children to have it better than they did, but times have changed. We have transitioned from a society of savers to one of debtors.

This means that many members of my age group, Generation X (ages 39 to 53), are faced with trying to keep their heads above water.

Click here to read full article.

Field underwriting can be a challenge for advisors who sell life insurance or other products that involve questions about the clients’ health.

Clients may present themselves as healthy and vigorous, even though there may be underlying medical issues that can impact the outcome of a case.

By being observant and asking pertinent questions, advisors can provide clues to the possibility of impaired risk cases.

Click here to read full article.

“Just get me $2 million of term at the lowest price,” says the client. “That’s what I need.” Advisors have heard these words time and time again. It’s the classic life insurance transactional sale in which nothing matters other than price.

Asking for a low price makes good sense because that’s how most people buy stuff . If their understanding of life insurance equals death benefit, why not go for the lowest price?

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We’re all familiar with the formula for success in a new year.

We’ve heard the same words every year. They go something like this: Make more calls, talk to more prospects, prepare better proposals, and work harder than ever.

While every advisor can benefit from such advice, it may not be enough. Even though advisors may know how to sell life products, they can be more successful if they ask themselves five questions.

Click here to read full article.