Six in ten financial advisors recognize that they cannot meet their clients' retirement goals without compiling a retirement income plan. With pensions becoming a thing of the past, annuities and life insurance policies play an increasingly important role in protecting the financial future of families and businesses. People are looking to their financial advisor for expertise in this arena.
In fact, nearly two-thirds of advisors agree that by not providing retirement income planning options their practice could be threatened, because clients would switch to firms or advisors specializing in that service, reports InsuranceNewsNet Magazine. The numbers don't lie, to stay competitive in this industry and look out for your clients' financial future you must take into account their retirement income needs.Read More
Have you, like other advisors, experienced the shift in job responsibilities and title from financial planner to retirement income planner? In today's society, a financial planner is synonymous with the retirement planning process. What has caused the shift in responsibilities? Many say it's not a surprising trend seeing as baby boomers are the largest generation to enter retirement years.
A recent study by the Urban Institute reported the baby boomer generation is changing the retirement game due to better health care, longer life expectancy and more financial responsibilities. The study said that men who are 65 years old are projected to live six years longer than those who turned 65 in 1970. This generation is also working longer than previous generations. Partly due to better health, but also to afford the increased costs of living. Some adults may even benefit from more Social Security by working longer. Overall they are working longer to be able to afford their future.Read More
We know that one of the primary benefits of being a life advisor is the reward of knowing you are helping individuals and families protect themselves against the inevitable. Alternatively, do you have a plan if something happens to you and your practice? Would those individuals that you sought hard to protect still have a safeguarded plan?
Many advisors don't think about instilling a plan for themselves the same way they do for their clients. In fact, LIMRA reported up to half of advisors do not have succession plans.
No coverage? Coverage in just the nick of time? Just barely having the right type of coverage? 3 scenarios your clients do not want to leave up to chance...
We all know there is an enormous coverage gap for life insurance in the US today. It is far too often that we hear advisors shy away from the conversation of life insurance to avoid an uncomfortable situation. These three stories bring to life the importance of life insurance, and will hopefully reinforce for you the need to have the conversation with every family with whom you have the opportunity. Don't let your clients wait till it is too late to find out how important life insurance really is.
These 3 Spooky Stories will scare the "life" out of you...Read More
What are the main concerns for your business owner clients?
This Business Owner Concerns infographic breaks down your client's top considerations. This information will be useful when finding the right financial solutions for themselves and their business.Read More
No Comments 4 Oct 2016
It's hard to believe September is already over! But with Friday came the end of the month as well as the end of Life Insurance Awareness Month (LIAM). We thought we would close out LIAM with some statistics from a recent LIMRA study on the U.S. Life Insurance Market in 2016.
A great statistic, that was shared in the report, is that there are nearly 5 million more U.S. households that have life insurance coverage, compared to 2010. Which means that the work of dedicated advisors, like yourself, coupled with initiatives such as LIAM are succeeding in spreading the message of the importance of life insurance. However, the "need" gap remains at almost 50%.
Many clients have found themselves with existing whole life insurance policies that are "floating out to sea." This is often the unexpected result of having an overloaned policy due to large cash withdrawals or unintended APLs (Automatic Premium Loans). With the increasing commonality of these scenarios, carriers have begun to implement programs that can offer your client's policy, not just a life raft, but a full-blown rescue mission!Read More
Top Ten Most Asked Life Insurance Broker Questions Answered
We had our life insurance specialists compile the top ten most commonly asked questions from their brokers and answer them below. We hope you liked #1-5 that we shared on Monday. Below is #6-10 with a bonus question!Read More
If you sold whole life insurance in the 80's and 90's it is likely that you have encountered a client who has fallen into the unexpected scenario of having an overloaned policy and feeling at a loss of how to bring that policy "back to life".
Withdrawals of large cash loans, or unintended APLs (Automatic Premium Loans) often has put policy holders in a financially disastrous position. We have fielded countless calls from advisors like yourself who have a client who did not realize that missing premium payments would result in APLs and the accruing interest on these loans. The snowball effect of these loans has put these clients in a position where moving the policy may be the best or only solution. This epidemic is an even greater problem for whole life insurance policies where the dollar outlays are higher due to the low interest rate environment that emerged over the last twenty years.