|
|
Life Insurance Protects Texans, Boon to Economy*
- Texas residents have $2 trillion in death benefit coverage.
- State residents own 10 million individual life insurance policies, with coverage averaging $98,000 per policyholder.
- Group life insurance coverage amounts to $590 billion.
- Individual life insurance coverage purchased in 2007 totaled $130 billion.
- $20 billion was paid to Texas residents in the form of death benefits, matured endowments, policy dividends, surrender values, and other payments in 2007.
- Annuity benefits paid in the state in 2007 totaled $4 billion.
- Life insurance companies invest approximately $340 billion each year of their assets in the Texas economy including $280 billion in stocks and bonds, helping to finance business development, job creation, and services in Texas.
- Life insurers provide $24 billion in mortgage loans on farm, residential, and commercial properties, and own $4 billion in real property in Texas.
- The life insurance industry employs about 89,000 people in Texas. The entire insurance industry employs about 150,000 people in the state.
* Source: American Council of Life Insurers (ACLI) calculations based on National Association of Insurance Commissioners (NAIC) 2007 annual statement data; U.S. Bureau of Economic Analysis, 2007 data; U.S. Bureau of Labor Statistics, 2007 data; and Federal Reserve's 2006 Survey of Consumer Finances.
|
|
Looking for Resources from NAIFA's National Website?
You can Join, Renew and Obtain Information critical to NAIFA Members by visiting www.naifa.org.
|
|
NAIFA-Texas Position on Health Care Reform
NAIFA-Texas is committed to the preservation of the private delivery of health insurance. We oppose the creation of a public plan that would unfairly compete against private insurance companies in the health insurance marketplace. We oppose any plan that diminishes or eliminates the important role that agents perform in the marketing, selling and servicing of health insurance. NAIFA-Texas believes that we must build upon the strengths of the current system, reduce costs, insure coverage for more Texans, and improve value throughout our health-care system without resorting to new government programs or jeopardizing the high quality of care we enjoy and expect as Texas consumers.
|
|
MEMBERSHIP COLUMN
2009-10 Membership Contests
New Member Incentive for Individuals:
Members who recruit a new member will be entered in a drawing to win a free year of membership. The winner is drawn at the NAIFA-TX Annual Meeting in July 2010.
New Member Incentive for Locals:
$500 will be provided to the local in each of the three categories: small, medium and large with the highest number of new members. Contest start date is March 1-April 30, 2010.
Membership Year-End Contest, Wrangler Award:
NAIFA-Texas' Wrangler Award will be awarded to three local associations in each of the three categories: small, medium and large, in recognition for achieving Year-end membership goal.
|
| Congratulations to:
NAIFA-Fort Worth
NAIFA-Lubbock
NAIFA-Wichita Falls
Winners of the 2009 Wrangler Award!
NAIFA-Austin
NAIFA-Fort Worth
NAIFA-Great Southwest
NAIFA-Lubbock
NAIFA-San Angelo
NAIFA-South Texas
NAIFA-Texoma
NAIFA-Wichita Falls
National Membership Achievers*
*Either met or exceeded NAIFA's 100% year end goal.
NAIFA-Amarillo Area
NAIFA-Great Southwest
Recipients of the IFAPAC Tribute to Excellence Award |
|
Endorsed Professional Liability Program |
|
Errors & Omissions Insurance
The NAIFA-endorsed Professional Liability Insurance Program provides quality errors and omissions coverage (E&O) to NAIFA members. The program offers comprehensive professional liability insurance, superior customer service, an easy application process, and competitive rates. For information on all available coverage options and features, and/or how to apply, visit: www.naifainsurance.com | | |
|
|
Gov. Perry Proclaims September 2009
Life Insurance Awareness Month in TX Many Americans recognize the importance of life insurance. It provides both peace of mind and security to families that are confronted with the death of a loved one. Nearly 80 percent of U.S. households, in fact, have some form of coverage, and in 2007 $58 billion was paid to policy beneficiaries. Even so, 68 million adults have no life insurance, while insured Americans have, on average, far less than experts recommend.
To draw attention to the need for life insurance in a financial plan, Texas Gov. Rick Perry is encouraging the people of Texas to take stock of their life insurance needs by proclaiming September 2009 "Life Insurance Awareness Month."
"The governor's action will bring greater visibility to the initiative and the need for life insurance," said Randy Robertson, LUTCF, NAIFA-TX President. "The financial safety net that life insurance provides is especially important now given that many people have far fewer financial resources to fall back on in the event of a premature death in their family."
Statistics show the need for greater awareness of life insurance and its benefits:
- Three in 10 adult Americans have no life insurance at all.
- Insured Americans, on average, have only four times their annual income in life insurance coverage. Many insurance experts believe that people's true need for coverage is 10 times their gross annual income, and sometimes more.
- Only 41 percent of adult Americans have individual life insurance. Many rely on insurance provided by their employers, leaving many employees without coverage if they were to lose their job or change jobs.
- Each year, a significant number of Americans (550,000) die prematurely. In fact, the chances a 25-year-old male will die before reaching the retirement age of 65 is nearly 1 in 5; for a female, the odds are 1 in 9.
- When a premature death occurs, insufficient life insurance coverage on the part of the insured results in 75 percent of surviving family members having to take measures to meet financial obligations, such as work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and, in too many cases, move to smaller, less expensive housing.
Said Robertson about the troubling statistics: "People need to learn more about the benefits of life insurance so that in the event of a death, the family will be spared the economic hardships that accompany this type of tragedy." He added: "We hope that the Life Insurance Awareness Month campaign will address the crisis of under-insurance that our nation faces today."
Gov. Rick Perry with NAIFA-TX CEO/CLO Des Taylor and NAIFA President-Elect Tom Currey, CLU, ChFC
Resources are available online to help you make the most out of Life Insurance Awareness Month:
Governor Perry's Proclamation
Promotional tools for local associations:
http://www.naifa.org/newsevents/liam/
|
|
Members Urged to Speak Up on Health Care Reform
Members of Congress are in recess during the next few weeks, giving their constituents time to speak up on the national debate over health care reform and how to pay for the reforms proposed. The recess to September 4 for House members and to September 7 for Senators offers opportunities to influence lawmakers on two of the most critical issues facing agents, insurers and Americans. Even if you have recently communicated with your senators and representative, we ask you to do so again during the August Recess. There are millions of voices in this debate and NAIFA-Texas members must keep encouraging lawmakers to consider thoroughly the total consequences of the proposals before they vote on something we'll all regret.
NAIFA -Texas is asking agent members to seek opportunities to speak face-to-face with their representative.
San Angelo agents/financial advisors, according to NAIFA-San Angelo President Kurt Rogerson, will meet with Congressman Mike Conaway August 12 to express themselves on pending issues and to hear first-hand from Mr. Conaway on what Congress is likely to do on health care reform and taxes following the Congressional recess.
Now also is the time for NAIFA-Texas members to engage their clients in the health care reform debate, especially small business clients. Let them know that the House Tri-Committee bill contains a surtax on successful small businesses that would range from 2% to 5.4%. Additionally, Congress is looking at other "creative" ways to pay for "reform," including the taxation of life insurance and annuity products.
Lastly, use the following as resources for your communications with clients, lawmakers and the public at large:
Client BrochureEngaging Your Clients Grassroots Activities ListDistrict Meeting TipsSenator/Representative Websites |
|
|
Texan to Assume NAIFA Presidency in Orlando
Thomas D. Currey, CLU, ChFC, a member of NAIFA-Great Southwest and past president of TALU/NAIFA-Texas, will take the reins of leadership for NAIFA National during the NAIFA Convention and Career Conference September 12-16, in Orlando, Florida. A video tribute, recorded earlier this year and featuring comments from a number of his Texas friends, will re-introduce Tom and his family to the national stage during ceremonies September 16.
Keynote presenter will be Irish Tenor, recording artist, and disabled athlete Ronan Ryan. Program and registration information is available online at www.naifa.org/convention . Among agenda items for the National Council to consider in their business meeting will be several proposed bylaws amendments including one to increase national, state and local dues and another to restructure the National Council, changing the number of votes which states are accorded for voting purposes.
|
Five Locals Achieve Association Excellence Award
Texas proudly leads the NAIFA Federation in the number of local associations, five, that will be recognized as 2008-2009 Jack E. Bobo Award of Excellence recipients.
Congratulations to -
Gold Achievers: (Exceeded Expectations - met 95-99.9% of membership goal) NAIFA-TX Gulf Coast and NAIFA- Wichita Falls
Silver Achievers: (Met Expectations - increased membership total by at least 1 from prior year) NAIFA-Austin, NAIFA-Fort Worth and NAIFA-Great Southwest
The Association Award of Excellence is named to honor industry icon Jack Bobo, whose involvement in the life insurance business began in the 1950s. Mr. Bobo was elected president of the National Association of Life Underwriters (NALU) for the 1977-78 term; and, in 1979, he was named executive vice president of NALU. Under his leadership the organization grew to a peak of over 140,000 members. At present he serves as a columnist for National Underwriter and his "To The Point" column is widely read and admired. |
|
Roundup, Annual Meeting Spectacular Successes!
By all accounts, the 2009 Texas Leaders Roundtable (TLRT) Roundup and NAIFA-Texas' 84th annual meeting, held in Austin July 16-18, were outstanding. From the stellar line-up of MDRT quality presenters at the TLRT event, to the keynote address by Gen Y Guy Jason Dorsey, followed by the legislative luncheon guest speaker State Comptroller Susan Combs, attendees gave this year's events a big thumbs up!
Click here to review a pictorial account of meeting highlights. |
E&O Endorsed Insurer Cuts Rates 15% in TX
A 15 percent rate reduction in Texas was announced earlier this year through NAIFA's endorsed professional liability program, AON. Under the program, members are eligible for:
· Choice of coverage, benefit level and deductible amounts
· Legal fees and court costs paid -without reducing liability limits
· Coverage for Fee-based Financial Planning and RIA activities
· Two-hour free consultation with advice from a qualified attorney on a potential claim or circumstance that could lead to a claim.
Visit www.naifainsurance.com to find out more about the program, get a quick premium estimate, apply online or download a PDF application. | |
|
|
|
