by Brian | Apr 26, 2023 | Life Insurance
Life insurance is a critical investment that provides a financial safety net for you and your loved ones. Unfortunately, there are many myths and misconceptions about life insurance that prevent people from getting the coverage they need. In this article, we’ll be debunking life insurance myths to help you make informed decisions about your financial future. Myth: Life insurance is only necessary for those with dependents. Fact: Life insurance can benefit anyone, regardless of age or whether they have dependents. Life insurance can help cover final expenses and provide a financial safety net for loved ones. Myth: Life insurance is too expensive. Fact: The cost of life insurance can vary depending on factors such as age, health, and coverage amount. However, there are affordable options available, and getting life insurance at a young age may be more affordable as premiums are typically lower for younger, healthier individuals. Myth: I don’t 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 Brian | Mar 30, 2023 | Life Insurance, Uncategorized
Life insurance is a crucial financial tool that can provide financial security and peace of mind for families in the event of an unexpected death. However, many people are put off by the perceived cost of life insurance, assuming that it is too expensive to be affordable. In reality, life insurance can be very affordable, and not having it can end up costing a family a lot more in the long run. Affordability and Importance of Life Insurance is too important to overlook! There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance is the most common and straightforward type of life insurance. It provides coverage for a set time, such as 10, 20, or 30 years. If the policyholder dies during the term of the policy, their beneficiaries receive a tax-free death benefit payout. Term life insurance is affordable and a 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 Patrick Swayne | Sep 30, 2022 | Life Insurance, Uncategorized
Do you have any clients with the bulk of their wealth in qualified plans such as 401(k), 403(b), or 457? Do these same clients have children? And is leaving money to them a priority?With the SecureAct eliminating stretch IRA’s, leaving money to the next generation through a qualified plan or IRA is less efficient than ever before. Plan Goal Here is a great presentation that any of our agents/advisors can put together fairly easy for any client who owns a qualified plan. The goal of this presentation is not to steer the client towards buying life insurance, but it is rather an analysis to determine what strategy best fits their needs & wishes. The idea is to show the client a side-by-side comparison of them keeping the status quo, continuing to grow their qualified plan, and then eventually take required minimum distributions. The presentation even offers the options of showing the 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 Brian | Feb 26, 2021 | Life Insurance
With everyone’s health on the radar a little more due to Covid, it is important to truly think long term about one’s life insurance. For some, term insurance will still be satisfactory for what a client is trying to accomplish, which could be protecting lost income or a mortgage. However, for other clients, it could be an opportune time to look at whether a term conversion makes sense. With a solid conversion option, a client can choose to keep all or a partial amount of the term coverage that he or she had. And the beauty of the conversion is that there will be no medical underwriting. For any client who has had a significant health change, this can invaluable. A term conversion is a provision that most life insurance carriers offer that allows an insured to convert all or a portion of their coverage to permanent, without having to read more
by Brian | Feb 19, 2021 | Life Insurance
An important part of building a life with your significant other is creating a good financial foundation that can protect each other and your family. Knowing how to buy life insurance as a couple should be a big part of that plan. To find the best coverage for your partner, here are some tips. Buy life insurance for both of you Once you’re married and your lives are bound together, so too is your financial future. Life insurance is a vital component of your financial security. Chances are good that you depend on each other for financial support, and if you have children they also depend on you both. Your spouse can use the life insurance money for a variety of things, including: Day-to-day living expensesSupporting your childrenInvestments or future incomeThe creation of an extra emergency fundPayments for your final expenses when you pass awayPayments for an outstanding mortgagePayments for 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 Patrick Swayne | Nov 21, 2019 | Life Insurance
A contingent beneficiary is a beneficiary that is next in line if the primary beneficiary pre-deceases the insured. If an insured does not have a contingent beneficiary and the primary beneficiary dies before the insured, then the insured’s estate will be next in line to receive to the death benefit proceeds. This is assuming the insured does not make a change. The issue of leaving death benefit proceeds to an insured’s estate is that the proceeds become susceptible to creditors of the estate. Even if there are not creditors, the proceeds will be distributed through probate according to intestate law. The state in which the insured’s estate is settled in will determine who gets the proceeds. This may be entirely against what the insured wanted to happen when he or she took out the policy. An example might of an undesirable beneficiary could be a son who is addicted to 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
