Driving Growth In Life Insurance: Technology Alone Won’t Solve Your Business Problems

If a customer reaches out to you, desperate to manage rising cost-of-insurance costs that are in excess of the policy’s investment income, what recommendations do you provide? That customer could surrender all or part of the insurance to reduce the premium burden. A life settlement is also an option, however. And often, it’s an option with better financial outcomes for your customer.

Something like Star Wars that was so great can also be so frustrating. At times, indexed universal life insurance, and especially how it is positioned and sold, makes me feel the same way.

COVID-19 was an unexpected catalyst, pushing the need for paid family medical leave laws more urgently than ever before.

The spike in cybercrime has driven demand for cyber insurance, and prospective buyers are requesting higher limits. Price and capacity remain notable barriers, however, and it is too early to say if demand will translate into sustained market growth.

The SECURE Act opens new opportunities for advisors to discuss long-term care planning, life insurance and guaranteed income with clients.

It’s no secret that insurers have been hit by a wave of COVID-19-related litigation. The most recent count shows 1,328 lawsuits have been filed on behalf of policyholders.

The COVID-19 pandemic has caused an increased demand for benefits like telehealth, employee assistance programs (EAP) and mental health services for employees. Employers will need to move beyond traditional employee benefits to gain a competitive advantage in the talent marketplace.

 How the pandemic has elevated the advisor’s role in helping employees remain on course for retirement.

Social determinants of health are rapidly becoming more important to employers looking to provide new benefits and more attractive policies…

The implications of the pandemic are far-reaching, but one that we already see in the life insurance industry is the impact on mental health.

A way better than expected earnings season, a likely split Congress, and major breakthroughs on the vaccine front all helped stocks soar last month. Add ongoing support from the Federal Reserve as the cherry on top and we are looking at a truly historic month on many levels. But what now?

Insurance companies are creating more products that grow with their customers’ finances and needs. Term life insurance has proven itself to be one of these versatile products.

It is up to us to seize this moment and be a resource for the “new normal” so that clients are prepared to get back to business, and life, as quickly and safely as possible.

COVID-19 has shifted consumer behavior, but most auto insurers have struggled to respond to those behaviors quickly enough. Moreover, providing consumers with the insurance bundle they need, at the time they need it and at a rate they can afford remains a long-lasting challenge for many insurers.

In general, AG 49 reduced illustrated rates in the industry, producing customer expectations that are more likely to be met. However, IUL is still relatively new and, because the industry is innovative, new IUL designs were introduced that had not been contemplated when AG 49 was passed.

As we head into our first COVID-19 winter, and with a vaccine at least several months away, advisors and clients alike must prepare for increased social distancing and additional reliance on virtual meetings.

Although open enrollment season is the logical opportunity to start this journey with workers, the effort should not end there – employers must educate and support workers all year round.

Heading into the election, polling data and market signals disagreed on how close the presidential election would be, with market signals calling the race much closer—which turned out to be accurate. Now that we have more clarity on the results of the election, we can review what we believe will be some of the key market implications going forward.

In July, 69% of consumers said they had a greater need for adequate health insurance, while 58% said they had a heightened need for adequate life insurance. This level of concern was almost as high as the 72% of people who were concerned about having enough paper products (tissue, toilet paper and paper towels)!

At some point in their career, a financial advisor is likely going to feel professionally lost. They’ll feel stuck, and most critically, they won’t know how to move forward. These situations can be frustrating and frightening, but with the right balance of acceptance and action, advisors in these situations can get back on track.

Many protection specialists will agree that the most valuable asset for working-age clients is their income. Without an income stream,…