BSMG Blog: Protecting the Future of Families and Businesses

Posts by BSMG

NAIC New Best Interest Standard for AL, AZ, AR, CT, DE, IA, ID, KY, ME, MI, MT, NE, ND, OH, RI, TX, & VA

Arizona, Arkansas, & Iowa Regulation:

Agents who have already completed a four-hour NAIC training course prior to January 1, 2021, must complete one of the following by July 1, 2021:

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National Guardian Life - Product Enhancements and Pricing Changes to EssentialLTC

**RELEASED BY National Guardian Life**

A product that can now do more

We have been listening to your feedback and are excited to announce your suggestions were used to enhance EssentialLTC! The changes are geared toward making it easier to sell, and the new features will allow you to offer your clients a product that can do more.

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John Hancock - Changes to product offerings in New York

John Hancock has long maintained separate products and processes for the New York market where they operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of their new business activities, they've made the difficult choice to reduce their product portfolio in New York and will no longer offer the following products for sale:

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Optimizing Required Minimum Distributions

Required Minimum Distributions (RMD) are always a hot button with brokers and clients, especially recently when Donald Trump asked the Treasury Department to examine RMD life expectancy and distribution tables due to longer life expectancy and more people working well into their 70’s. Nevertheless, RMDs “are what they are”, a required distribution that every individual who turns 70.5 must start taking from their IRAs. At its simplest level, an RMD will be withdrawn and either deposited into a client’s checking account or reinvested. Let’s look at other ways to utilize an RMD.

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I'd Sell More Life Insurance If...


If you've ever found yourself thinking something that starts like this, "I'd sell more life insurance if...", you are not alone. In 2016, we conducted an online survey of insurance and financial professionals that focused on the state of advisor relationships and decision-making criteria regarding their Brokerage Agencies. Hoping to get a better understanding of some of the road blocks insurance advisors face, we asked them to finish the statement "I'd sell more life insurance if..." Below is a compilation of the most common responses we received, coupled with key ways other financial professionals are successfully addressing these road blocks.

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Financial Advisor Prospecting Tips: Callbacks


One of the most highly sought after sales prospecting tools revolves around simply getting in front of more prospects! But how can you get in front of them if they won't give you the time of day? Does this scenario sound familiar?

You spend a portion of your day reaching out to potential prospects as part of your strategy to grow your business. However, at the end of the day all you have to show for that activity is a list of voicemails you've left and emails you've sent. Days turn into weeks and all of a sudden you realize that all of this activity has gotten you no closer to building your client base. So what can you do to ensure more prospects call you back? Follow these tips below! 

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Tactics & Talking Points to Introduce a Policy Review

 

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."

Has your life changed in the last five years, how about the last two years? I don't need to tell you how quickly life can change. Your client's lives are also continually evolving, so shouldn't their life insurance protection be reviewed to match? Use these life insurance sales tips to keep in touch with your clients and ensure their current policy still matches their needs.

Life is busy, your clients may (or may not) be aware that they need to update their policy coverage. They also may not have the time to research new products or even to pick up the phone to call you for help. Be proactive and check in with your clients. Do they have a new career, business, child or home? The simple question of "when was the last time someone reviewed your policy?" may be all you need to open the door.

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How Successful Insurance Agents Approach Small Business Owners

Check out these tips on approaching small business owners for insurance agents & advisors.

Small business owners respond well to an approach that includes educational information and planning for their future success. They feel their business is unique. If you can teach them something new, they will be more open to meeting with and listening to you.

“Tell me what you’ve done for other small business owners and why it is right for me.”

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Top 6 Tax Advantages of Life Insurance


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.

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Tax Advantages of Annuities

We all balk at the many get rich quick schemes clients may be exposed to today. However, have you ever stopped to think about whether their current investment strategy is driving them to slowly go broke?

By the time taxes and inflation eat into your client's already modest gains made on a bank savings account, money market, or CD, their purchasing power is dwindling, ever so slowly. So slowly, in fact, that it's almost imperceptible. 

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