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
