According to NJNews.com Prudential Financial's stock saw a 47 percent increase on June 14, 2013. While there is some uncertainty amid the regulatory surge, the gains are in line with other major insurers over the past year, including, The American National Group and MetLife and both have benefited from the bull market and modest growth of interest rates. Some credit the vast expansion into Japan's life insurance market and taking over pension plans with better than expected results for General Motors and Verizion retirees.
Baby Boomers Realize the Importance of Long Term Care Insurance
According to press release from Financial Principles baby boomers now realize the importance of long term care. Boomers in their 50's & 60's are now taking care of their parents who are in their 80's & 90's. "They're seeing the financial impact firsthand and it's forcing them to think about their own future" said Brad Bofford, managing partner. Clients sense the urgency of long term care insurance because they want to protect their hard earned savings. The article will discuss 4 helpful tips to use when you speak to client's interested in purchasing a new policy or trading in existing policies.
Shaw American offers long term care policies as well as riders on some universal life policies that can also be used for long term care expenses. For more information on these products please contact our marketing department today at (800) 626-5888 or marketing@shawamerican.com
Why Don't You Have Life Insurance?
Figuring out how much life insurance you need can be a puzzle. There are currently 35 Million households in the U.S. who have no life insurance coverage, that's 30% of all households. Among those households, 11 Million have children under age 18. This is according to LIMRA's 2010 Life Insurance Ownership Survey. The survey only focused on uninsured households and not underinsured households. Just because a family has life insurance does not mean that they have enough. The two most common reasons for families not having insurance or enough insurance are:
1. They don't know how much insurance they need.
2. They don't know who to talk to to see what the right amount of coverage is.
Read this article from teachersadvisor.com for helpful tips and questions to ask your client when determining how much insurance your client needs.
Clients need different amounts of insurance at different points of their life.
Need a great selling point for whole life or universal life insurance policies? "You need a policy that you won't outlive!" Most clients don't need life insurance throughout their entire life. Life insurance is most important for middle-aged couples saving for retirement and parents of minor children. While most clients need insurance throughout their life the amount needed does not stay the same. Obviously, term life insurance is usually the most affordable but not always the best option. Unlike term policies, universal life policies can be guaranteed for life. Because the cost of insurance increases every year the sooner you purchase them the cheaper the premium will be. You also need to keep in mind that your current health condition is always a key factor in the cost of insurance. All of these topics as well as other key components are discussed in the recent article from Rapid City Journal.
Shaw American has several companies that offer universal and whole life policies. Contact our marketing department today for a quote at (800) 626-5888 or marketing@shawamerican.com. Have a client with health issues? Shaw American has access to table shave programs with select companies and we may still be able to get your client issued at standard rates. Call us today to find out how.
PRODUCT CHANGES & REPRICING
Applications for the new Athena Survivorship Universal Life policy can now be submitted!
Contact someone in our marketing department today for an illustration on the new product! (888) 329-7429 or marketing@shawamerican.com
Genworth to Update its LTC Application:
Producers must discard current versions of out-going forms/applications.
Genworth LTC will be updating its long term care insurance (LTCI) applications and forms on July 1, 2013. See link below for specific applications and forms that will be changing. You must destroy any of the old applications and forms you have on hand and replace by July 2, 2013.
Old versions of the HIPAA form will no longer be accepted effective 7/1/2013. Please be sure to go through your files and destroy all stock of old versions of this form. Submitting an old form will delay the processing of your business as we will require you to re-submit the new compliant HIPAA form.
To download the latest version of the form, Click Here.
Important Reminder
Protection UL/SUL will have price increases for clients age 50 and over, with notable effects on females over age 65 and single pay premiums. However, John Hancock will still be among the lowest premium in the industry! Lock in the old rates today!
Applications must be received by June 21, 2013 to lock in the old rates!
Transamerica - June 20, 2013 @ 11:00 & 2:00 Pacific
Sales Ideas Webinar
Using Consumer Insights to Drive Sales
Today's consumer has evolved, bringing changes to our industry and how we all do business. These changes offer new opportunities for planning which can lead to increased life insurance sales. Join us to learn more about what consumers want, and how to use these insights to identify sustainable solutions.
Effective July 1, 2013- A repriced PruLife Universal Protector is being enhanced with the BenefitAccess Rider, which provides Chronic and Terminal Illness Benefits!
Why Don't You Have Life Insurance?
