The Pros and Cons of Selling Insurance Thinking of joining the insurance industry? Great idea! We think it’s a rewarding career path to pursue. If you’re still on the fence, this article is to help you weigh the practical pros and cons of the field so you can make an informed decision. Let’s get started! The Pros Freedom to Choose One great thing about the insurance industry is that once you’re a licensed health and life agent, you have the freedom to decide what type of products you want to sell. We find the Medicare market to be a stable one with big growth opportunity, but there is also life insurance, cancer insurance, final expense, and many other products to choose from. We find the...
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Using Life Insurance to Fund Buy-Sell Agreements Our team understands the complexities of buy-sell insurance policies and we are here to help you protect your business, your assets and your family. A chief concern among business owners is what will happen upon the death of one of the owners, and how will it affect the business, the other owners and the heirs of the deceased owner. Surviving owners want to ensure the continuity of ownership, and not risk having a large share of ownership fall into the hands of potentially inexperienced heirs of the deceased. In addition, they want to protect themselves and the company financially. On a personal level, owners want to also ensure that their...
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When it comes to selling, there are some hard and fast rules that the most successful salespeople follow—smile, give a firm handshake, listen to the needs of your prospect, don't be pushy, etc. However, when it comes to selling property and casualty insurance, your financial institution has a unique opportunity to cross-sell to your existing clients. Those customers have already placed their trust in your institution, so they are an obvious market for complimentary insurance products. Furthermore, it is a known fact that it is more cost effective to market to your existing customers than to go after new ones. According to Gartner Group Statistics, 80% of your future revenue will come from...
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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict, this post may contain references to products from our partners. Here’s an explanation for. You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our...
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What is insurance mis-selling? When a provider sells any insurance product, they have a duty to act in the best interests of the customer. This means ensuring the product is suitable for your circumstances – and that you have a genuine need for the cover. You must also be given accurate information on the terms and conditions of the policy. If an insurer fails to do this, they could be could guilty of mis-selling. What is life insurance? Life insurance is designed to ensure that your mortgage and other bills will still be covered if the policyholder dies prematurely. Often sold alongside mortgages, life insurance is an important product for anyone who has a partner or children who depend...
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Welcome to the first in a five-part series on selling life insurance to millennials. One of the bigger issues that life insurance providers face, is how to distribute their products to a younger, more tech-savvy generation. Essentially, how does one sell to a millennial? Or more importantly, how does a millennial consume, research and purchase? In most discussions or articles about that generation, you will find them spoken about as if they’re some mystifying collection of individuals who shop in weird and random ways that marketers can’t quite wrap their heads around. However, that isn’t really true. Not only is it fairly easy for life insurance providers to reach them it’s also pretty...
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As an agent looking for tips and tricks to up your sales and marketing game, you’ve probably run across many articles that offer ideas and things to try out. What I’m going to offer you today aren’t things to “try out.” Instead, these are five non-negotiable P&C and life insurance selling skills. Both selling life insurance myself and working to help hundreds of other agents with EverQuote, I’ve come to realize there are certain skills that are almost prerequisites to being successful in this industry. If you’re an agent buying leads, or if you’re an upline or agency owner who’s not seeing results in the agents you’ve hired, I’d highly recommend doing these things, because your...
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New Delhi, Dec 24 () Insurance regulator Irdai has cautioned the foreign promoter of SBI Life Insurance (SBI Life) against selling part of its stake in the company in March 2019 without seeking a prior approval from the sectoral watchdog. On March 30, SBI Life had informed the Insurance Regulatory and Development Authority of India (Irdai) regarding sale of 5,07,40,000 equity shares held by Cardif constituting 5.069 per cent of SBI Life's total shareholding, by way of on-market transaction on March 29, 2019. However, a show-cause notice was sent to BNP Paribas Cardif SA (Cardif) by Irdai on June 12, 2019 followed by a reply given by Cardif in July and personal hearing in October. "The...
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Voya Financial to Stop Selling Individual Life Insurance Voya Financial has announced financial results for the third quarter of 2018. “During the third quarter, we continued to make strong progress on our 2018 priorities. Our commitment to achieving our growth plans this year was demonstrated in the third quarter by positive net flows in both Retirement and Investment Management and an increase in annualized in-force premiums in Employee Benefits. We also generated strong bottom-line results. Excluding the negative impact of DAC/VOBA and other intangibles unlocking and the benefit of prepayment fees and alternative investment income above our long-term expectations, normalized...
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Closing the gap: Selling life insurance to Gen Xers and millennials As you start to strategize different selling approaches for open enrollment, take September’s Life Insurance Awareness Month as an opportunity to focus on the importance and value of life insurance with your clients’ Gen X and millennial employees. Statistics from a recent LIMRA survey revealed that almost 45% of people under the age of 45 plan to buy life insurance in the next 12 months. With Gen X and millennial employees falling into this demographic, now’s the time to reach out to these generations and help them understand the need for coverage. As you prepare for your enrollment meetings, consider highlighting these...
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