Retirement Income: The Conversation Your Clients are Having…by Jason E. Lang
If you’re not having a conversation about retirement income planning with your clients…someone else is. Specifically, if you’re not talking to your clients about using annuities to provide a guaranteed income source in retirement…another advisor is.
Could Your Clients Be Doing More to Protect their Income? by Derek Wakefield
If you have sold or solicited disability insurance in the past, chances are you have heard clients tell you their income is already protected should they become disabled. The best clients to speak with regarding income protection are employed, so do not be surprised or discouraged if someone says, “I already have coverage through my […]
Current Trends That Are Here To Stay by Tony O’Kussick
We are often reminded of quotes that are applicable to our everyday lives and/or our business. Plato, the great Greek philosopher, said, “Necessity is the mother of invention” and that’s especially true today in the current COVID-19 environment. Even though the life insurance industry tends to be a slow-moving giant, look at this list of […]
The Impact of the Novel Coronavirus on Financial Planning by Allan D. Gersten
There’s no escaping the fact that the pandemic changes everything it touches and, incredibly, it touches everything. But that’s not all. A recent McKinsey report expressed it this way, “COVID-19 is changing how consumers behave across every aspect of their lives.” They are preoccupied with health concerns, the future, retirement, and their overall financial security. […]
Concept Conversations with Clients by Ken Shapiro
In a matter of months, the life insurance industry took an amazing leap forward by making buying and selling life insurance far more user-friendly with technological and data-augmented advances. Although the drive started years ago, COVID-19 gave it the impetus to get the job done now. And the industry did just that.
Why Do Your Clients Leave? by Jason E. Lang
I’ve been in this industry for more than 20 years and every year, companies conduct surveys to find out why clients typically leave their financial advisors. As far back as I can remember, the #1 reason each year has been the same: lack of communication.
The Real Cost of Self-Funding Long-Term Care by Derek Wakefield
If you have high net worth clients, chances are they have told you they plan on self-insuring themselves against the risk of a long-term care event. They have plenty of liquid assets to put away into an emergency fund should the need arise.
Are You Selling Your Clients Short? by Greg Schwabe
When selling life insurance, it’s easy to convince ourselves that the lowest price gets the order. Even though a client may make it clear, price is what they’re looking for, we may be selling them—and ourselves—short.
Making the Case for Some Current Tax Planning by Tony O’Kussick
The average top marginal tax rate in the 70’s was 70.17%; in the 80’s 48.4%; 90’s 36.72%; 2000’s 37.44%, and 2010-2020 38.4%. While the current 38.4% sure looks to be on the low side, we have just spent $2.3 trillion on COVID-19 (that is trillion with 12 zeros!).
Novel Coronavirus Disease & Life Insurance Underwriting by Eric Schuhmacher
How has the insurance industry adapted to the Coronavirus? Insurance carriers have placed restrictions on coverage for some clients. Some carriers are postponing older clients, as well as those with impairments that make them more susceptible to COVID-19, such as heart disease and chronic respiratory disease. One carrier recently postponed any proposed insureds age 70 […]
3 Keys to Capturing Affluent Clients by Peter Kaplan
We all learned that the shortest distance between two points is a straight line. Well, it appears that some advisors take it literally when selling life insurance to the affluent prospects. “Just let me get in front of well-to-do prospects and I’ll take it from there.” Therefore, some advisors fail when attempting to break into […]
There’s a new normal in life insurance sales by Ken Shapiro
Anyone who has been involved with life insurance knows this is an industry that’s not first in line when it comes to change. While such caution is an important part of life insurance history, the story is quite different today.
How to Identify Annuity Clients by Jason E. Lang
Since many advisors are not familiar with annuities, they may shy away from marketing them to prospects and clients. This is understandable since life insurance and annuities play two different roles in a client’s financial portfolio.
Overcoming Millennial Resistance to DI insurance by Derek Wakefield
Millennials come up with all sorts of reasons for their lack of interest in Disability Income protection. Some just don’t want to be bothered. Others say they can’t afford it or will look at it later. A few will say, “I’m all set. My employer provides it.”
Two Case Histories: The Motivated Impaired Risk Buyer Of Life Insurance
Getting it right at the start How to motivate life insurance buyers who are faced with higher costs than their healthier counterparts daunts many advisors. The question is anything but theoretical since nearly 50 percent of current cases are classified as impaired risk. Life insurance sales is not for the faint of heart, particularly since […]
Life Insurance and the Foreign Nationals Market
Advisor interest in the foreign national space is on the upswing. This is good news since it’s arguably the most lucrative market in the life insurance industry. It’s also good news that more U.S. life carriers are comfortable with foreign national business and are actually welcoming it. But, that’s just one part of the story. […]
6 Ways to Get Life Insurance Cases Approved ASAP
Time kills deals. The life insurance business is no exception. If the formal application process takes longer than normal, the client can get frustrated and lose interest. This is why broker general agencies seek ways to improve efficiency and cut the time from formal application submission to placement. It also improves the experience for the […]
3 Ways to Position Indexed Universal Life (IUL)
As with any trend, there are reasons to back it up. IUL is the fastest growing individual life insurance product. LIMRA shows 2018 second quarter growth at 23%. In its simplest form, it is a universal life product supported by the cash value that is credited by the index it is tied to and the deposits […]
Are You Engaging Clients…or Enraging Them?
Let’s be clear, no advisor sets out to enrage clients. Yet, it does happen. And the consequences? Lost sales, no referrals, and lots of unnecessary extra work. Ironically, the problems often come up with smaller cases when using such platforms as Drop Ticket, ExpressComplete, and other sales platforms that are designed to simplify and speed […]
Selling Life Insurance in the Foreign Nationals Market
The Foreign Nationals market for life insurance is an advisor’s dream. It’s huge, the prospects are motivated, and offers significant rewards. Even with all this, it’s far from overcrowded. Life insurance advisors aren’t flocking to it. They talk about it and some indicate an interest, but there is little action compared to the opportunities. Then, […]
Tools For Doing More Life Business in 2019
Parents need their kids to seek out opportunities that will prepare them for moving forward faster. As every parent knows, some kids get the message better than others. This is also the story of many life insurance agents. Some see the possibilities and are quick in responding to new opportunities. Others see hurdles that keep […]
How Life Insurance Can Be a Viable Add-On for P&C Agencies
BOSTON – Now might be an opportune time for property and casualty (P&C) agents to consider adding life insurance solutions to their portfolio offerings, according to Gerry Kreuz, brokerage manager at Needham, Mass.-based life insurance wholesaler First American Insurance Underwriters (FAIU). In his presentation at the Massachusetts Association of Insurance Agents annual conference in Boston, […]
What Every Advisor Needs To Know About Impaired Risk
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 […]
The Foreign Nationals Life Market is Here
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. […]
Is Term Life Conversion Time Running Out?
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 […]
6 Ways to Spot Impaired Life Insurance Cases Early On
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 […]
How to Get That Low-Hanging Sales Fruit
Let’s be frank, picking low-hanging fruit suggests going after the easy sales. The ones just waiting to be plucked. All you need to do is reach out and grab them. There’s one more step in life insurance sales. You need to know where to find the low hanging fruit. When you do, you’ll discover more […]
7 Ways to Get the Most from Your Brokerage Agency
All too often, advisors short-change themselves and their clients by failing to take advantage of the capabilities of a life insurance brokerage general agency. Here are seven ways to get more from a BGA: No. 1: BGAs have the pulse on the market regarding products, company trends, underwriting niches, time service and deadlines for changes […]
The Revolution In Impaired Risk Underwriting
Impaired risk underwriting isn’t what it used to be. Advances in medical technology, big data, and information sharing are transforming it from a 1970 Plymouth into tomorrow’s Tesla. The dramatic changes are ushering in new processes, assisting with creating enhanced metrics, and opening the way for underwriting methods that are innovative, refreshing, and far-reaching—for both […]
The Huge Untapped Audience for IUL Marketing
If your prospecting is mainly with the age 55-80 group, you know it’s not what it was even a few years ago. “Almost tapped out” is the way some advisors are describing it. If your practice is feeling that pain, there’s a way to reach a broader, motivated, and largely untapped audience—consumers age 36-55. To […]
If You’re a Broker-Dealer: Yes, You Need Life
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 […]
Life Insurance to Gen Xers’ Rescue
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 […]
6 Ways to Spot Impaired Life Insurance Cases Early On
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 […]
How to Get Life Prospects to Think About Product Value
“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 . […]
5 Questions to Boost Your 2018 Life Insurance Sales
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 Make Term Life Insurance Do More
Most consumers think of term life when buying life insurance. “Why not?” they say. “It’s a commodity like auto insurance or socks.” Find the lowest price, push the “Buy Now” button, and you’re done. Easy. Consumers are not alone, life insurance agents often think the same way. That’s not good. Both lose when that happens. […]
Don’t Settle for a No, Negotiate!
Most salespeople know the value of a positive attitude. They expect the best and they focus on closing the sale. They prepare themselves for a “yes” from customers. Unfortunately, they’re not so ready for a “no.” They try to keep the conversation going but it doesn’t work. Click here to read full article.
Beat the Competition with a Great Client Experience
People who say they want life insurance but don’t get around to buying it oft en point to one reason: “the dread factor.” They picture the experience as time-consuming, drawn out, difficult, and worst of all, expensive. Most assume life insurance costs far more than it does. In other words, good prospects are oft en turned away […]
18 Reasons for Making Indexed UL Part of Your Portfolio
If your prospecting is mainly with the age 55-80 group, you know it’s not what it was even a few years ago. “Almost tapped out” is the way some advisors are describing it. If your practice is feeling that pain, there’s a way to reach a broader, motivated, and largely untapped audience—consumers age 36-55. You […]
Why Don’t Life Insurance Advisors Go After Foreign National Prospects?
Everyone in the life insurance business knows there are attractive opportunities in the Foreign Nationals market. But it isn’t just the size of this market, which continues to grow, but the prospects have what every life insurance producer dreams about: need, urgency, and means. If that isn’t enough, it’s a market offering the possibility of […]
Needless Mistakes That Kill Life Insurance Sales
To be successful in selling life insurance, some advisors think that being aggressive is the way to succeed. Others feel that it takes a certain charisma. It’s time to put such thoughts to rest, since neither is necessary nor appropriate. What works best is a well-organized, logical, and professional sales approach that fits the individual […]
Anatomy of the Life Insurance Sale
Your client claims to be in great health and there’s no reason to doubt it. So, why wouldn’t you expect the case to sail through underwriting? In your mind, you’ve already banked the commission…Not so fast. It may not be that simple. As it turns out, there are unexpected twists and turns in a majority […]