by Peter Zinnen | Nov 16, 2023 | Life Insurance
Life insurance is an essential component of financial planning, offering peace of mind and security to individuals at different life stages. Understanding the specific insurance needs and preferences at each stage is crucial for agents to provide effective solutions. Keeping abreast of market trends and adapting to digital engagement strategies will be key in addressing the evolving needs of clients in today’s dynamic insurance landscape. Young Adults: Embarking on a Secured Future An unprecedented proportion of consumers, particularly Gen Z and millennials, show a strong intent to purchase life insurance. This demographic, especially single mothers, exhibits a heightened need for life insurance, underlining a critical market segment. Leveraging digital platforms and social media for life insurance education and engagement is essential for reaching younger audiences. Key Trends: High Purchase Intent: A growing number of young adults are actively seeking life insurance coverage. Coverage Needs: A significant portion of younger generations read more
by Peter Zinnen | Jul 26, 2023 | Uncategorized
You’re not alone. Many P&C agents are hesitant to offer life insurance because they don’t feel like they have enough expertise, don’t have enough time, or are afraid that a poor life insurance experience could cause them to lose their client. But here’s the thing: offering life insurance can be a great way to grow your business and provide your clients with even more protection. And it’s not as daunting as you might think, especially with our turn-key partnership program. Here are a few of the concerns that P&C agents have about offering life insurance, and how to overcome them: Concern over not having enough expertise. This is a common concern, but it’s one that’s easily overcome. There are a number of resources available to help you learn about life insurance, including online courses, webinars, and even books. You can also work with us directly and we are happy to read more
by Peter Zinnen | Jul 11, 2023 | Uncategorized
Long term care (LTC) can be a costly expense, and many people are not prepared for it. Depending on where your clients live, the cost of a private room in a nursing home is over $12,000 per month. There are several funding options available for LTC, but not all of them are created equal. In this blog post, we will explore some of the most popular LTC funding options, including: Traditional long term care insurance Hybrid products Life insurance riders We will also discuss the reasons why people might not purchase traditional long term care insurance, and how to educate your clients about the need for LTC protection. Traditional Long Term Care Insurance Several years ago, traditional LTC products were the most common LTC option, in fact it was the only option. There were several carrier choices and product designs. Fast forwarding to today, we only have 1 primary carrier, read more
by Peter Zinnen | Jul 6, 2023 | Life Insurance
As an employee benefits agent, you know that offering a competitive benefits package is essential for attracting and retaining top talent. But with so many different benefits to choose from, it can be tough to know where to start. One benefit that is often overlooked is individual life insurance. Individual life insurance provides financial protection for employees’ families in the event of their death, with higher benefits than a group or voluntary offering. This protection is very important for employees who have dependents, as it can help to ensure that their loved ones are financially secure if something happens to them. There are several reasons why offering individual life insurance as an employee benefit can be a good idea for the businesses you work with: First, it can help that business to attract and retain top talent. Employees are increasingly looking for employers who offer comprehensive benefits packages, and individual read more
by Peter Zinnen | Jun 30, 2023 | Uncategorized
Talking with your clients about the need to plan for long-term care is a critical conversation about their future, yet it’s not always easy getting people to open up about this potentially sensitive subject. Did you know that the percentage of people who own long-term care insurance (LTCI) is relatively low, compared to the percentage of people who will need long-term care at some point in their lives. According to the American Association for Long-Term Care Insurance (AALTCI), as of 2020, only about 7.5 million Americans have some form of LTCI. This represents about 10% of the population aged 65 and older. On the other hand, it is estimated that about 70% of people aged 65 and older will need some form of long-term care at some point in their lives. This means that the vast majority of people who will need long-term care do not have LTCI. There are read more
by Peter Zinnen | Jun 28, 2023 | Uncategorized
As an insurance agent, you know that your clients’ financial security is important to them. One of the biggest financial concerns for many people is their monthly mortgage payments. If a client were to become disabled or unable to work, their ability to make their mortgage payments could be in jeopardy. That’s where income replacement insurance comes in. Income replacement insurance can provide your clients with a monthly income stream if they become disabled or unable to work. This income can be used to help them cover their mortgage payments, as well as other living expenses. There are a number of different income replacement insurance policies available based on your clients occupation and income, which will group them into two product categories, white collar or blue collar products. If you’re not sure which income replacement insurance policy is right for your clients, that is where we come in. The Thompson read more
by Peter Zinnen | Jun 22, 2023 | Uncategorized
Nationwide has been a staple of the LTC industry for nearly 25 years and their CareMatters Hybrid product has had great success helping clients plan and protect themselves from a long term health care event. Recently Nationwide has introduced an update to their CareMatters product called, CareMatters Together. This is the first joint hybrid indemnity plan on the market. Here are some of the highlights: Cost-effective benefit coverage for 2 people – in most cases the second to die life insurance benefits provides the same coverage for less than separate policies. Flexible, shared pool of benefits – 1 large pool of money provides both clients with access to the funds. Provides more flexibility if 1 clients needs care for longer. Cash Indemnity benefits – no need to submit receipts, and anyone including family members can provide care. Potential tax advantages: separately identifiable LTC and life insurance premiums – The LTC read more
by Peter Zinnen | Jun 20, 2023 | Life Insurance, Property and Casualty Insurance
Customer service representatives play a crucial role in building strong relationships with clients. While their primary focus is on addressing inquiries and providing exceptional service, they also have a unique opportunity to identify potential cross-selling opportunities, such as referring clients to a life insurance agent. In this blog post, we will explore a simple and effective approach for customer service reps to ask about life insurance and provide referrals, ensuring clients receive comprehensive coverage while maximizing business opportunities. Build Rapport and Establish Trust: Before diving into any sales-related conversation, it’s essential to build rapport and establish trust with the client. Take the time to understand their needs and address any concerns they may have. By fostering a positive and trustworthy relationship, clients will be more open to discussing additional coverage options like life insurance. Identify Life Events: One effective way to introduce the topic of life insurance is by focusing read more
by Peter Zinnen | Jun 15, 2023 | Uncategorized
As an insurance agent, your role extends beyond providing coverage for your clients’ immediate needs. It’s essential to address their long-term financial well-being, and a critical aspect of this is discussing long-term care planning. By engaging in conversations about long-term care, you can empower your clients to protect their assets, secure their future, and navigate the challenges of aging. Let’s explore why it is crucial to ask your clients about long-term care planning. Protecting Financial Assets Long-term care expenses can drain savings rapidly, leaving individuals vulnerable to financial hardship. By discussing long-term care planning, you can help your clients understand the potential risks and explore suitable options to protect their assets. Long-term care insurance, for example, provides coverage for extended care needs, ensuring that your clients’ hard-earned savings remain intact, even in the face of unexpected health challenges. Nurturing Family Relationships Unplanned long-term care needs can place immense strain on read more
by Peter Zinnen | Jun 13, 2023 | Uncategorized
Introduction: As insurance agents, you’re constantly searching for products that offer security, growth potential, and peace of mind for your clients. With the new improved interest rate environment…Enter Fixed Multi-Year Guarantee (MYG) annuities, a game-changer in the insurance industry. In this blog post, we’ll explore the benefits and features of Fixed MYG annuities and explain why they should be an integral part of your portfolio. Secure and Predictable: Fixed MYG annuities are renowned for their stability and security. With a fixed interest rate over a specific period (typically 3-10 years), these annuities provide your clients with a predictable income stream. This stability is particularly attractive for risk-averse individuals looking to safeguard their financial future without worrying about market fluctuations. Competitive Growth Potential: Despite the fixed interest rate, Fixed MYG annuities still offer competitive growth potential. The guaranteed rate ensures a minimum return, and some policies provide additional opportunities for growth read more
by Peter Zinnen | Jun 8, 2023 | Life Insurance
Life insurance is a financial product that provides financial security for your loved ones in the event of your death. It can help to pay for final expenses, replace lost income, and provide for your loved ones’ financial needs. It is important to consider these 5 Things to Consider When Buying Life Insurance. When choosing a life insurance policy, there are five important factors to consider: The type of policy. There are two main types of life insurance policies: term and permanent. Term policies provide coverage for a set period of time, while permanent policies provide coverage for your lifetime. The amount of coverage. The amount of coverage you need will depend on your individual circumstances, such as your income, your debts, and your dependents. The premium. The premium is the amount of money you will pay each month for your life insurance policy. The premium will vary depending on read more
by Peter Zinnen | Apr 20, 2023 | Life Insurance
Buying life insurance can be a daunting task. There are many different factors to consider. Factors such as the type of policy you need, the amount of coverage, and the cost of the policy. If you’re not sure where to start, working with a qualified life insurance agent can be a great way to overcome life insurance concerns. A life insurance agent can help you overcome many of the common concerns that people have about buying life insurance. For example, they can help you understand the different types of policies available, the cost policies, and the benefits of each policy. They can also help you choose the policy that is right for your individual needs and budget. In addition, a qualified life insurance agent can help you avoid the common pitfalls that people fall into when buying life insurance. For example, they can help you avoid buying a policy that read more
by Peter Zinnen | Feb 23, 2023 | Life Insurance
Life insurance is a crucial part of financial planning for many families. However, for individuals with pre-existing health conditions, getting life insurance coverage can seem like a daunting task. That’s where the Thompson Agency comes in. Unlocking Life Coverage Using our 5-Steps for Health Issues, we have assisted countless people in obtaining affordable life insurance coverage despite their health issues. Unlocking Life Coverage: 5-Steps for Health Issues Step 1: Don’t assume your client won’t qualify for Life Insurance.The first step in the Thompson Agency’s approach is to not assume that your client won’t qualify for life insurance. Many people with pre-existing health conditions believe that they are automatically disqualified from getting life insurance coverage. However, the Thompson Agency has had success obtaining affordable life insurance coverage for people with histories of obesity, diabetes, heart disorders, stroke, sleep apnea, hepatitis C, depression, smoking, DUI, and more. By not assuming that your read more
by Peter Zinnen | Feb 2, 2023 | Life Insurance, Property and Casualty Insurance
Property and casualty insurance agencies play an important role in protecting people and businesses against the financial losses associated with accidents and natural disasters. While these types of insurance are crucial, they don’t address one of the biggest risks that everyone faces: death. Offering life insurance will help maximize client protection and help your clients ensure their loved ones are financially secure, even if they’re no longer around. Here are the top five reasons why property and casualty insurance agencies should consider offering life insurance: Complementary protection: By offering both property and casualty insurance and life insurance, you can provide a comprehensive coverage plan that addresses all of your client’s insurance needs. Clients will appreciate the one-stop-shop convenience, and you’ll be able to build a stronger relationship with them by becoming their trusted advisor for all of their insurance needs. Increased revenue: Offering life insurance can help you increase your read more
by Peter Zinnen | Apr 23, 2021 | Life Insurance
Buying the right life insurance coverage with your future retirement in mind can make it easier for your family to handle finances when you die. It can also help protect your money, manage your taxes and give you the opportunity to grow cash value which you can use for a variety of needs and activities. Here are some tips for using life insurance as part of your retirement planning. Permanent life insurance can help your retirement planning Permanent life insurance offers you a death benefit and the potential to build cash value that can be used to help supplement your retirement income. Perhaps one of the most interesting aspects of permanent life insurance is the ability to access the cash value. Cash value is generally tax-free through a policy loan. Why is tax-free so important? Lower taxes during retirement If you use the cash value from your life insurance policy read more
by Peter Zinnen | Mar 26, 2020 | Uncategorized
It has been a tough couple of weeks learning this new normal, but we are pushing through and we are all here to help. The interest in life insurance is still quite high, especially with the concern about COVID-19. At this point carriers have made limited changes to their underwriting process, mostly concerning foreign travel. The largest change has come with paramed exams. Exams are being delayed or cancelled by clients, concerned about exposure to new people. Exam companies are also making changes, saying that examiners will only come if your client does not show any symptoms of illness. The good news is that we are set up to offer life insurance for your clients without the need for a paramed exam. You can apply with “drop ticket” application, or iGO electronic apps so that you and your clients can talk through the application remotely. The following products are available read more
by Peter Zinnen | Nov 25, 2019 | Life Insurance
In the 2018 LIMRA Life insurance Barometer study, 60% of Americans own a life insurance policy. However, continuing the trend that first started in 2017, more Americans are now covered by a group life insurance plan than by an individual plan they purchased. 2017 was the first year since LIMRA began tracking the issue in 1960 that group insurance was more popular than individual plans. Group life insurance is great, often the benefit is free, so why not accept it. The problem is not accepting the group plan, the problem is the client believing that they no longer need to discuss an individual plan. Some companies will offer a flat amount of $25,000 to $100,000 of life insurance as a group benefit, while others will offer a multiple of the employee’s salary. If you are one of the lucky few to be debt free, or you do not yet have read more
by Peter Zinnen | Nov 18, 2019 | Life Insurance
Advertising for Life insurance is becoming more common. This is a good thing for all of us, but it leads clients down a confusing path. Are online life insurance plans less expensive? The answer is no. Online life insurance quotes are the same pricing that any independent life insurance agent can offer. There is not special discount for online agents, the pricing for life insurance products are set and approved by State insurance departments. But, can a certain national online life insurance retailer really help you “save up to 70% on your term life policy…” The answer to this question, is more difficult. They may be able to save you 70%, but what are they comparing it to? All term life insurance companies have different products, with different features. Saying they are saving you 70% off term insurance, is the same as me selling a Hyundai and saying it is read more
by Peter Zinnen | Nov 12, 2019 | Life Insurance
A common question asked by many independent life insurance agents is “What is AML?” AML stands for Anti-Money Laundering training, a requirement by the U.S. Treasury department. The Treasury department defines money laundering as the following: “Money laundering generally refers to financial transactions in which criminals, including terrorist organizations, attempt to disguise the proceeds, sources or nature of their illicit activities. Money laundering facilitates a broad range of serious underlying criminal offenses and ultimately threatens the integrity of the financial system.” In order to sell any life insurance products that contain a “cash value component,” all Life insurance producers are required to complete Anti-Money Laundering training. Since life carrier appointments are not product specific, even if you only sell term life insurance, if the insurance carrier offers a “cash value” product, you will be required to take the AML training. To keep your certificate current, AML training is required every read more
by Peter Zinnen | Nov 5, 2019 | Life Insurance
So your client is ready to apply for life insurance. Have you discussed the application options with them? Paper applications, e-applications, drop tickets? There are several options, though not all are available from each carrier. Not only that, but drop ticket applications vary considerably in the initial questions that are asked by you the agent, and the length of time the telephone interview will take. So the good news is that your comfortable with your options now, the bad news is that not all options are available from every carrier. In fact there are only a few that offer all three options. Here is a list of a few Life insurance carriers and their application options: Depending on your point of view, if you are a P&C agent or a Carrier life agent, you will either love or hate drop ticket applications. Regardless, these types of applications are not read more
