With all the questions looming around what will happen if the proposed elimination of estate taxes goes through. You may be wondering if the affluent will still have a need to buy life insurance and how it will impact your life insurance sales strategies. The knee jerk reaction is that the wealthy will not have the same level of need for a life policy, however there are many reasons, other than estate taxes, why the ultra-wealthy should purchase life insurance. Forbes Insights cites some reasons from Frank Seneco, President of Seneco & Associates, on the subject matter. We have summarized and expanded these insights to offer you an opportunity for new life insurance sales strategies.Read More
No Comments 27 Mar 2017
According to recent LIMRA data, the number of American households that own life insurance is on the rise. This is encouraging news as we generally only hear about the lack of coverage here in the United States. Some of these recent statistics state:
- More than 87 Million American households own some form of life insurance.
- The volume of households owning life insurance has increased by 5 Million in the past six years.
- However, the total number of U.S. households grew by almost 1.5 million over those 6 years. 9M - 5M thats a 4M gap!
- If life insurance ownership rates remain stable, then ownership volume will continue to grow by about 1 Million households per year.
But wait! Millions more still need coverage!Read More
As a financial advisor, you should speak with your clients on a regular basis about making savvy investment decisions to maximize their wealth and savings. Some clients may find the topic of life insurance difficult and perhaps even morbid, but the conversation is an important one. Try approaching the conversation by speaking to the tax advantages that life insurance can offer.
Use the Essential Tax Advantages of Life Insurance to get talking points for your next meeting!Read More
Whether your client has estate planning needs, business protection needs, or supplementary retirement needs, cash value life insurance offers great competitive advantages versus alternative financial assets. These advantages fall into three major categories:
1) Tax advantages
2) Financial and actuarial advantages
3) Legal and contractual advantagesRead More
No Comments 17 Mar 2017
Happy St. Patrick's Day!
In the spirit of St. Patrick’s Day, a holiday known for more than excessive consumption of corned beef… we thought this to be an appropriate day to discuss alcohol related underwriting issues.Read More
No Comments 15 Mar 2017
Brokers’ Service Marketing Group Welcomes New Insurance Consultant
Brokers’ Service Marketing Group is pleased to welcome Erin McKee as an Insurance Consultant. In her role, Erin will be focused on developing strategies to help producers uncover opportunities within their existing books of business.
Inforce policy management is an area that needs attention in our industry. BSMG has made the conscious decision to develop a unique, market leading solution to significantly enhance our inforce policy management capabilities. As the architect of this strategy, Erin and our inforce policy team will develop a proprietary platform to help advisors more effectively manage their inforce blocks. In addition to this, Erin brings additional cash value life insurance expertise to our team. Stay tuned for how you will be able to leverage this new resource at BSMG.
Get to know the BSMG TeamRead More
Whether purchased for accumulation, retirement income or for the death benefit, life insurance has many tax benefits. With tax season in full swing, there's no better time than the present to educate your clients on the unique tax advantages associated with owning a life insurance policy.
We asked our in-house tax expert for a summary of the tax advantages of life insurance versus other asset types including; IRAs, NQ Deferred Annuities, Corporate Bonds and U.S. Government Securities. These are the top 6 tax advantages worth discussing with your clients.Read More
Now is the time to add more life insurance into your book of business! Start using these talking points on retirement savings to bring life back into your client conversations and their investment portfolio.
6 Steps To Building A Successful Life Insurance Sales Strategy Using the "Balanced Approach"
Most of your clients face a dilemma as they find their life insurance needs shifting. They can either:
- Insure their highest level of coverage needed, even though it could be years from now, or
- Insure their lowest level, all but guaranteeing they’ll be under-insured in the future.
Whether they are clients who are considering buying insurance for the first time or ones who realize that their current policy isn’t enough, finding the right balance is an important concept.Read More
Think back to a time when you purchased a product or service, and left with a sense of fulfillment from that purchase. Perhaps you left with a feeling of comradery with the seller. The transaction may not have felt like a typical sale. This is the feeling that a good salesperson creates. They engage with the client to form a collaborative environment, a trustworthy rapport and positions the product or service to fit your needs. We broke down the attributes that come into play when financial advisors prospect buyer motivations and how they become experts in relationship building.
Set the groundwork. To understand your client's motivations and triggers you must ask the right questions and listen to their responses. This back and forth will provide you with insight into your client's buying personality and will help dictate your sales approach. Buyers aren't all created equally. They require different approaches, Dan Seidman, sales trainer and author of The Ultimate Guide to Sales Training and The Secret Language of Influence, speaks about two types of buyer personalities: The Pain and The Gain Motivators in InsuranceNewsNet Magazine. Knowing which personality aligns with your client will help build a stronger relationship and save you time in closing the sale. What is a pain-based buyer versus a gain-based buyer?Read More