BSMG Blog: Protecting the Future of Families and Businesses

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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Use This Strategy to Close More Life Insurance Sales


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. 

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The 3 W's: Defining Your Winning Strategy

What is your 2017 vision for your practice? Do you have a system setup to support your goals? Perhaps you have a similar goal from years past or good intentions of putting a plan together, but are overwhelmed on where to start. We've compiled key steps to simplify the process so you can optimize your insurance prospecting efforts, sell more life insurance and deliver on these goals! 

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Impaired Risk Series Iss. 1 - Approach to a Severely Under Water Plan

The Challenge:

The client, a highly successful business owner in his 70’s, was sold a permanent life insurance policy funded through a Premium Financing arrangement. He had become concerned about the current performance and whether or not it was still the best product for his situation. With a shared concern, his agent dug deeper. What he found as he dug into the details of the case was a very challenging situation, one which needed fixing.

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How Changing Residency Affects State Estate Tax and Income Taxes

As the White House begins to change over its residences, let's take a look at the requirements one must take to change their state of residency and the state tax implications involved.  You may have wealthy, older age clients from high tax states considering a move to a lower-taxed state to save money. This typically involves state income taxes on retirement benefits and state estate taxes on net worth/gross estates. 

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A Brief History of Estate & Gift Taxes

Estate and gift taxes have provided a source of revenue for the United States government for over 150 years and have had many variations. Now that we'll have a Republican president and a Republican majority in the Senate and House of Representatives, what's in store for the future of these taxes? To fully understand how Estate and Gift Taxes could be affected by the political and economic environment, let's take a look at a brief history of how these taxes have evolved. 

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RMD Planning Options for Clients with Multiple IRAs

At one point or another, you have encountered a client who has multiple IRA accounts that may have been created at different times with different funding products. You may have even recommended two separate IRA accounts to a client, each with different financial purpose for different designated beneficiaries. In either one of these events the US Treasury Regulations treat certain IRA accounts differently when it comes to distributing IRA Required Minimum Distributions (RMD) from these accounts once the client reaches age 70½. 

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