Navigating Life’s Stages: Life Insurance for Every Chapter

Navigating Life’s Stages: Life Insurance for Every Chapter

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
Why Every Woman Needs Life Insurance 

Why Every Woman Needs Life Insurance 

Ladies, did you know that your unique financial journey sets you apart from men? It’s true. From living longer to facing wage gaps, there’s a spectrum of challenges tailored just for us. But here’s the good news: You can take charge of your financial future. Life insurance isn’t just a safety net; it’s a powerful tool to ensure you thrive. Let’s dive into the reasons why every woman needs life insurance.   The Unique Financial Strands of Women  Longevity: Statistics show that women tend to live 2-3 years longer than men. With that extended lifespan comes the need for added financial security.  Earning Power: For every dollar earned by our male counterparts, we women earn about $.80. That disparity means we must be extra smart about our money.  Home Champions: We devote nearly 40 hours (about 1 and a half days) a week to household tasks and caregiving, outpacing men by read more
Life Insurance for Stay-at-Home Parents

Life Insurance for Stay-at-Home Parents

The Financial Prudence of Life Insurance for Stay-at-Home Parents: Ensuring Family Stability The Economic Value of a Stay-at-Home Parent’s Role is Often Overlooked. I can tell you that the role of a stay-at-home parent is indispensable yet often underestimated, particularly from a financial standpoint. The lack of a formal paycheck shouldn’t mislead anyone into thinking that the role has no economic value. In fact, ensuring financial stability through life insurance for a stay-at-home parent can act as a financial safeguard for your family. The Cost of Being a “Jack-of-all-Trades” While it’s true that stay-at-home parents don’t receive a traditional income, their daily responsibilities cover a multitude of roles—educator, cook, nurse, and mediator, to name a few. Replacing these services would be a substantial financial burden on a family. Life insurance can alleviate such financial vulnerabilities by providing a safety net in unfortunate circumstances where the stay-at-home parent is no longer read more
If Dale Carnegie was a P&C agent, he’d sell life insurance. 

If Dale Carnegie was a P&C agent, he’d sell life insurance. 

In the world of insurance sales, Property and Casualty (P&C) agents sometimes hesitate about offering life insurance to their clients. While they’re largely focused on protecting things and managing risks, adding life insurance to their services could bring some surprising advantages. Let’s use Dale Carnegie’s helpful ideas to see how P&C agents can overcome their doubts and learn why including life insurance is a smart move. I would be willing to bet that if Dale Carnegie was a P&C agent, he’d sell life insurance. How Mr. Carnegie might approach “Life” Building Strong Relationships: When selling insurance, it’s important to have a good connection with clients. Dale Carnegie said it’s crucial to show genuine interest in others. If P&C agents offer life insurance, it shows they care about their clients’ overall safety. This builds trust and makes clients feel closer, which could lead to long-lasting partnerships. Understanding and Helping: Sometimes P&C agents worry read more
What happens when a client receives flat extra?

What happens when a client receives flat extra?

What happens when your client receives a flat extra on a life insurance policy?  Most of the time when an insured receives an unfavorable offer, it is in the form of a table rating.  This is a permanent rating on the policy and can cause varying degrees of increases to the original premium.  A flat extra is usually assessed when an insured has had a recent sickness. That sickness is likely to have taken place within a certain time frame that the underwriter deems as still leading to extra risk.  The issue with a flat extra, especially on a term life insurance policy, is that it increases the premium much more dramatically than a table rating.  It does usually fall off the policy, but that initial premium may cause your client to balk and not take the coverage at all.  On the example attached, a 57 year old male looking read more

Individual Life Insurance as an Employee Benefit

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
A CSR’s Guide to Life insurance referrals

A CSR’s Guide to Life insurance referrals

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
5 Things to Consider When Buying Life Insurance

5 Things to Consider When Buying 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
Debunking Life Insurance Myths

Debunking Life Insurance Myths

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
Overcome Life Insurance Concerns

Overcome Life Insurance Concerns

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
Affordability and Importance of Life Insurance

Affordability and Importance of Life Insurance

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
Unlocking Life Coverage: 5-Steps for Health Issues

Unlocking Life Coverage: 5-Steps for Health Issues

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
Maximize Client Protection

Maximize Client Protection

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
LifeLinc – Leveraging qualified plan for Wealth Transfer

LifeLinc – Leveraging qualified plan for Wealth Transfer

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
Life Insurance can Help Your Retirement Planning

Life Insurance can Help Your Retirement Planning

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
Why Convert Term Life to Permanent Insurance?

Why Convert Term Life to Permanent 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
How to buy life insurance as a couple

How to buy life insurance as a couple

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
Life Insurance through work…a potentially false sense of security

Life Insurance through work…a potentially false sense of security

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
Why you should have a Contingent Beneficiary

Why you should have a Contingent Beneficiary

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
Life Insurance pricing

Life Insurance pricing

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