Agent’s Sales Journal March 01, 2008
Front Page Stories
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Reverse Mortgages: What's Suitable for Whom?
On Dec. 12, 2007, the Senate's Special Committee on Aging heard testimony on reverse mortgages. The information highlighted the importance of reverse mortgages, which convert illiquid home equity into liquid savings. These savings can then be
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Who Owns Your IMO?
For any active sales agent, the independent marketing organization (IMO) can be an effective ally in finding suitable products and closing sales. By providing training, marketing solutions, and back-office support, these companies can help a
Short Takes
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LIFE Foundation Encourages Agents to Submit Their Best realLIFEstories
To help Americans understand the essential role of insurance within a sound financial plan, the Life and Health Insurance Foundation for Education (LIFE) and Newsweek are teaming up for the 13th consecutive year to sponsor the realLIFEstories Client
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43 Percent of Corporations Offer Consumer-Driven Health Care Options
A new survey by the International Foundation of Employee Benefit Plans, "Employee Benefits Survey: U.S. and Canada 2007," looks at the prevalence of employee benefits offered in the United States and Canada. The survey found that 43
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U.S. Life Expectancy Hits New High of Nearly 78 Years
A child born in the United States in 2005 can expect to live nearly 78 years -- a new high -- according to a recent report released by the Centers for Disease Control and Prevention.The report from the CDC's National Center for
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Disability Claims Rising Faster than Workforce Growth
A Council for Disability Awareness review of 2006 long-term disability claims among the U.S. workforce revealed that the number of American workers experiencing a long-term disability continues to grow at a faster rate than the growth of the
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Investigation Confirms Validity of NAIC's Model Act
The National Association of Insurance Commissioners (NAIC) has announced the completion of an internal investigation of the approval process related to the Viatical Settlements Model Act. The investigation concluded that the model was debated openly
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AHIP Survey Finds Individual Health Care Coverage is Accessible and Affordable
A comprehensive survey of the in-dividual health insurance market recently released by America's Health Insurance Plans found that premiums are affordable, most who applied were offered coverage, and consumers have access to a wide variety
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Life Insurance Rates Expected to Drop in 2008
Premium rates for individual term life insurance in 2008 are expected to drop, on average, about 1 percent from 2007 after many years of larger year-to-year reductions, according to the Insurance Information Institute (I.I.I.)."The generally
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New Study on Pharmacy Reimbursements Raises Questions
A new report released by the Office of the Inspector General on independent pharmacy payments in Medicare Part D will "raise eyebrows" on Capitol Hill and essentially refutes claims from the independent drugstore lobby, said officials
Sales Review
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Get Your Show on the Road
Editor's note: "Step Into the Spotlight" by Tsufit is due to publish in April 2008 Celebrities seem to have it all: beauty, fame, fortune, endless confidence. Too bad business professionals can't live such a charmed life.
Perspectives
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Funding LTC with Reverse Mortgages
I started working with senior citizens five years after President Lyndon Johnson signed the Medicare program into law in 1965. When LTCI was introduced, I was excited about it because I realized that these policies may help allow seniors to remain
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Sell the Process, Not the Product
I began my career in the financial services industry on the life insurance side. I was the fourth generation of life insurance salespeople in my family. I was proud of my heritage, and I actually sold my first life insurance policy before I
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To Regulate or Not to Regulate?
On Jan. 30, 2008, the Ohio House unanimously passed a piece of legislation known as Substitute House Bill 404 -- a bill that, if voted into law, is intended to take steps to protect consumers from life settlement-related abuses. Within the
Selling Guides
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Irrevocable Funeral Trusts Give Seniors More Options
As if life isn't difficult enough for many seniors, the Deficit Reduction Act of 2005 (DRA) -- signed into law by President George W. Bush in February 2006 -- has further reduced senior citizens' opportunities to reposition
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What You Need to Know about LTC Options
Statistics show that one 1 of every 2 elderly Americans will need long term care at some point in their lives, and many Americans assume that the government will provide this care. Some have purchased long term care insurance to cover the unexpected
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The Elephant in the Room: How to Reach Mature Markets
The largest segment of Americans today, about 130 million consumers born before 1965, constitute the largest generational demographic this country has ever seen -- and they represent upwards of $3 trillion in spending power for goods and
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Steer Clear of Trouble - How to Distinguish a True STOLI from a Life Settlement
Recently, much information has begun circulating about the practice of stranger-oriented life insurance (STOLI) in the life settlement industry. Some of this information is, however, misleading or just plain wrong. For one, the process of a STOLI
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Life Settlements: A Look into the Future
In 2007, the relatively young life settlement industry continued to grow, a trend that is expected to continue in 2008 and beyond as a number of new developments and changes occur in the market. According to a May 2006 Bernstein Research report
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When It's Time to Sell: Life Settlements Can Benefit All Involved
You may have a client - or several - who originally purchased a large life policy to financially protect their spouse, provide for their child, or help facilitate a smooth transition of their business in the event of the client's death. But
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The Life Settlement Market: Fewer Agents, More Volume?
'Irrational exuberance' settles down as secondary market continues to mature In 2006, Agent Media's first-ever life
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Producer Compensation: What do Clients Need to Know?
Among several regulators' proposals to help rein in what some see as an unwieldy life settlement market is the push toward commission disclosure and standardization, with much being made of a handful of agents earning astronomical commission
Sales From The Darkside
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Gordon's Snafu Gums up a Call
I have been enrolling children in registered education savings plans for more than 16 years. Early in my career, I was making a sales presentation to a couple living in a very nice condominium in Toronto. Of course, the focal point of my
Marketing
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Leverage Your Insurance Experience to Tap into the Millionaire Market
You may have heard about the millionaire next door. Now, with a worldwide increase in personal wealth, many of us may be surrounded by those millionaires -- and more are moving into the neighborhood every day. According to research from
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The Golden Rule of Marketing
Clients and prospects constantly need to be educated so they know and understand the value of your products, services, or practice. Plus, they need to know exactly what to do with this information, or they may never figure out what you want them to
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Secrets of Beating a Sales Slump
When a producer is in a sales slump, nothing seems to go right. Real life has a way of intervening, and sometimes the negative outcomes pile up. The slam-dunk case that is all but written goes south, the application that was submitted last week is
Prospecting Corner
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Funnel Your Way to Better Prospects
The insurance sales funnel has basically been structured the same way for years, with a wide opening at the top that dwindles to a skinny tube at the bottom. The old method of prospecting was to cram as many prospects into the top of the funnel as
Objection of the Month
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Objection Of The Month - March 2008
How would you respond to a prospect who says... "I've heard a lot of bad press about inappropriate life settlement transactions. How do I know that selling my policy is truly the best idea for me?" "While there is both
From The Agents Desk
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From the Agent's Desk A satirical look at an agent's work life, from the files of Joe Dokes, CLU
WHILE YOU WERE OUT For: JD Date: 3-3-07 Time: 8:35 a.m. Message: Joe, your wife just called and she's locked out of the house and you have BOTH sets of keys! Signed: LJ
