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BSMG Blog: Protecting the Future of Families and Businesses

Top 10 Life Insurance Broker Questions- Answered 6-10

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!

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Real Danger of Large Loans on Life Insurance Policies


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.

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Top 10 Life Insurance Broker Questions- Answered

Top Ten Most Asked Life Insurance Broker Questions Answered

Wouldn't it be great to have the answers to your top questions all in one place? We thought so too! We had our life insurance specialists compile the top ten most commonly asked questions from their brokers and answer them below. Below are #1-5, stay tuned for #6-10 on Friday!

1. How do I renew my license? ... You can begin the renewal process within 180 days of the expiration date. Check the guidelines of the state in which you hold the license and submit all documents required prior to the expiration date. If your license has been expired for more than two years, you may need to pass an exam and submit a formal application. Some states may require a certain number of continued education courses or hours to be taken as well, so be sure to check your state license requirements. The National Insurance Producer Registry helps provide the information you'll need to know.

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Life Insurance Around the World -Videos to Share with Your Clients

September is Life Insurance Awareness month! Throughout the month we will be bringing you expert blogs on industry news, marketing tools, prospecting ideas and much more!

As we mentioned in last weeks blog, sharing videos is a really creative way to show your clients the importance of life insurance coverage.

Today we're sharing videos with you from around the world. These videos have a different impact than the LifeHappens videos we shared last week, however, they reaffirm an important message. Check them out below and share them on social media or in your next meeting, Take note if your interested in creating your own videos to mix up your marketing activity.

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Moving Life Insurance Videos to Share with Your Clients

If you were to open up your briefcase right now how many marketing pieces would you find? If you're like most advisors you'll have a plethora of product guides, carrier brochures and fliers. While we don't advise throwing these materials away, as they are certainly useful, we do want you to think outside the box. There is a world of powerful client marketing materials right at your finger tips, and more specifically right in your pocket. 

Use that cell phone that we all have on hand 24/7 and share some of the below videos with your clients. Each of these videos shares a message related to the importance of life insurance to protect families and loved ones. Check out 4 of our favorite videos below from Life Happens

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Why Conduct a Policy Review in the First 5 Years

DID YOU KNOW?

It is a common misconception by consumers that once a life insurance policy is purchased they can "set it and forget it."

Policy reviews offer you a unique opportunity. They allow you to reconnect with clients or connect with prospects about their protection needs. For clients, you can see what changes have occurred in their lives, and for referrals and prospects, it can be an eye-opening review. A life insurance policy review also offers you the chance to talk about whether or not the life insurance policies they purchased are still the right policy type and coverage amount to meet their current needs, and if it's not they can leverage their original underwriting and avoid a lengthy process. Ensuring clients’ coverage is still appropriate, is as—and in many ways more —important than the initial policy they purchased.

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BSMG Welcomes David Camelio as a Vice President of Life Insurance Sales

BSMG is thrilled to share the news of our most recent hire, David A. Camelio, CLU. David joins Brokers’ Service Marketing Group (BSMG) as a Vice President of Sales, focused on Life Insurance wholesaling. David is committed to bringing the highest level of service and support to the life insurance and financial advisors he supports . "I am confident this is an excellent opportunity that brings new value to both BSMG, the advisors that I am currently working with and the new relationships I look forward building in this role."  

Get to know the BSMG Team

David joins us from Penn Mutual where he served as a Regional Marketing Specialist for the New England Region. David was responsible for recruiting experienced life insurance producers within Massachusetts and Rhode Island and providing sales support and service to the field.

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Taking Home the Gold with Risk Differentiation Underwriting

In a market where financial plans and life insurance cases are often classified by their statistical groupings rather than the nuances that are inherently present within them; where can the ultra-affluent go to find solutions to match their extra-ordinary lifestyles? They turn to advisors, like yourself, to produce the best possible results under their unique circumstances. BSMG's experts saw the need for a new approach in presenting these highly significant cases to carriers. As a result, BSMG created Risk Differentiation Underwriting (RDU). 

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Client Tips for Life Insurance Policy Reviews

Often clients assume life insurance is a one-time purchase, but as life changes so do their life insurance needs. There are many important life events that should trigger your clients to review their needs, and your proactivity in advising them of these potential scenarios can deepen your relationship as a trusted advisor.

Making sure your client's coverage fits their current and future needs is very important. Take a look at the top 5 life events that should prompt your clients to contact you to review their policy.

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Stand Alone Long Term Care Survey Part 2

Last week we broke down a "Stand Alone Long Term Care Survey" to discuss the LTCi market landscape and a look into claims. Today, we will talk about the survey results for couples, home care coverage, and underwriting for LTCi.

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