As agents we are frequently hearing the question ?Is there really a way for my clients to get the life insurance policy they need without the hassle of going through a medical exam?? The answer is yes! Depending on the applicant?s individual situation, a policy that doesn?t require a medical exam for approval yet still offers competitive, guaranteed coverage could be available and in your client?s best interest. [Read more…]
To young couples in the midst of wedding planning, looking into life insurance policies may seem a bit less romantic by comparison. However, what better way to demonstrate your love than by making a commitment to protect each others’ futures should the worst happen? It seems an obvious investment to make for couples who are promising to spend the rest of their lives together, but according to the National Association of Insurance Commissioners (NAIC), of the 71% of newlywed couples who recognized they need life insurance, almost half of them put the conversation off until after they exchanged vows. Newlyweds looking to start their lives together often have many questions about policies, products, and if they even need life insurance. Luckily, SilverSide Insurance Marketing is here with the answers!
You’ve been part of the life insurance game for a while; you know the ins-and-outs of annuities, the ups-and-downs of assets, and you know your policies and plans back-to-front. But if you?re going to guide clients who barely speak the language of life insurance through all they need to know, you?re going to need to make sure you?re a life insurance scholar. Here at SilverSide, we?re proud to offer the information and tools you need to become an expert in the life insurance industry. [Read more…]
Using complaining as a bargaining chip: we?ve all done it. From complaining to a restaurant manager to get a free dessert, to threatening to cancel your cable TV contract to make sure you?re getting the best rate, we?re all a bit guilty of these minor complaints. And these days, with sites like Yelp and Google+ Reviews, it?s even easier to voice your opinion on a business to the world. However, it?s vitally important to consider ethical lines when bringing complaints to a company. Think about what you are really saying: are you voicing a legitimate concern, or are you falling into the trap that some do, of making noise to get concessions? Here are some measuring sticks to see how ethical your business reviews are:
This last year, CNN reported that 401(k)s hit a record high, with Fidelity Investments reporting an average balance of $91,300. This represents a jump of over 30% from 2011?s average balance of $69,100! So why the sudden growth?
Well, part of it is due to changes in the stock market: the S&P 500 climbed by over 10% this last year, making it the index?s third year of double-digit gains. The real change, however, occurred in worker contributions. In a 4% spike from the year before, workers and their employers contributed an average of $9,670 to their 401(k) balances in 2014.
With an aging population and the rising costs related to health aging issues, several studies consistently show that most Americans have no plan and little savings to properly address these issues. When recommending products for your clients with long-term care and chronic illness riders, details are everything. ?There have been many studies done on this subject, recently, the MillMan report, that details the 7702(B) rider sometimes called Long Term Care Riders or 101(g) often referred to as Chronic Illness Riders.
SilverSide Insurance Marketing has outlined quick points of CI and LTC and made some recommendations on what an agent might consider when placing these products in their portfolio.
First, it is important to understand the differences between LTC and CI. Generally speaking, if you want a simple, higher death benefit, less restrictive product, then a CI style may fit. Conversely if maximum leverage for health issues is the goal, LTC style designs will accomplish this goal. ?While both designs usually have tax advantaged benefits, the differences lie in the types of qualifying claims, ease of use, benefits, and how the riders are charged. As insurance professionals, it is our job to understand these differences and articulate them to you so you can offer your clients the best possible solution.
CI Quick Points:
- Almost all permanent life policies have some sort of Chronic, Critical or Terminal accelerated death benefit.
- Generally Chronic Illness benefits are from the existing death benefit, and do not create a separate pool of money. Most, if not all, life insurance products issued now have some sort of Chronic, Critical, or Terminal levels dedicated to the death benefit acceleration.
- The best Chronic Illness Riders will actually accelerate the death benefit based on easy triggers such as 2 of the 6 ADL requirements!
SilverSide Insurance Marketing recommends the CI Riders that are offered by Sagicor and EquiTrust on their Single Premium Life contracts. ?These CI Riders offer the richest benefits, are extremely useful and are simple and straightforward to sell.
LTC Quick Points (Specifically LTC Linked to a Life or Annuity Contract):
- LTC products tend to give higher leverage your money, but that pool of money is often more restrictive in how it can be used. Be sure to examine the entire rider in depth so you understand the terms of that particular product.
- While the richest Chronic Illness Riders tend to be cash benefits on easy triggers, LTC Riders tend to be more restrictive with reimbursement style benefits.
- For clients interested in maximum dollar leverage, and willing to work with a more complex and harder to use design, the LTC platform can fit.
SilverSide Insurance Marketing recommends Genworth?s TLC Product, One America/State Life?s Asset Care Series, and Lincoln?s MoneyGuard products.
You have to take care of your clients, so let us take care of you. If you are interested in learning more about these products or joining the SilverSide family, give us a call at 480.400.7171 or send us an email at Info@SilverSideInsurance.com.