It’s not provocative to say that 2020 has been a strange year, and that extends to every line of business in insurance. As witness to over 1 billion online comparison shopping events for major-life purchases — of products like insurance and consumer finance products — every quarter, Jornaya acts as a proverbial front-row seat for trends in the consumer buying journey as they develop. Here’s what has happened in 2020 across insurance. Auto: Consumers were more budget-conscious and drove less, which flooded the auto insurance market with shopping activity. This marked 2020 one of the largest land-grab opportunities in recent memory for auto insurers. Home: With mortgage rates at historic lows...
Continue reading...
If your daily work involves selling life insurance policies to people, you already know the insurance industry is one of the toughest industries to operate within. Especially in an ecosystem like India that is considered a late adopter of technology. Evidence of this is in the fact that the vast majority of Indians are uninsured. The total insurance penetration in India standing at just 3.49%, according to the 2018 Economic Survey. Of that amount, 2.72% can be attributed to life insurance. However, the India Brand Equity Foundation (IBEF) reports that the life insurance industry will grow by 12% — 15% annually over the next five years. This marks good news for agents and marketers of life...
Continue reading...
Is selling life insurance a good career opportunity? For those who like helping people and don’t mind hard work, the answer is yes. Life insurance agents sell policies and annuities. They work with all kinds of clients and beneficiaries, and most agree that it is a rewarding career. So, if you are interested in financial planning, or you have a sales background and are pondering a career change, life insurance sales is definitely worth considering. This article lists the main reasons why. Life Insurance Sales Offers Excellent Earning Potential A career in life insurance sales has unlimited earning potential. Life insurance agents do a lot of selling, and life insurance policy commission...
Continue reading...
Do you have a life insurance policy that you no longer need? Do you have a parent with an old policy who needs more income? In such situations, selling the policy to a third party who will keep it in force is a possibility. Even after you pay the tax on the sale, there might be more money remaining than would be the case if the policy were surrendered to the insurance company. What you need to know… LIFE SETTLEMENTS Today, there is an active market in “life settlements,” purchases of insurance policies from individuals. Seller: Typically, the seller will be age 65 or older with a health condition, such as cancer, heart disease or diabetes. The illness need not be terminal...
Continue reading...
For now, a small percentage of your clients may be Millennials. But this will change as the Millennials are the kids of the now Baby Boomers. Who will inherit the wealth which you have assisted their parents with growing and protecting. And in 2017, Millennials will outspend baby boomers. Millennials, born between 1980 and 2000 (approximately 20 to 37 years old), seem to be a difficult market to tap into across industries. Including the life insurance space. Traditional sales and marketing tactics do not tend to work. Traditionally Life insurance was a popular benefit option in this age group. As the perception was that it gave a promise of financial security for loved ones. Today, these...
Continue reading...
How does this strategy work? A Retirement Buy-Sell arrangement, funded by permanent life insurance, can help business co-owners make sure that they, their families and their business are set up for the future, even if one of the co-owners: Passes away unexpectedly Decides to get out of the business Unlike a buy-sell funded by term insurance, which simply provides a benefit if one of the co-owners dies, a Retirement Buy-Sell offers the flexibility to address the owner’s changing needs over time. That includes the potential to provide cash value for supplemental retirement income. To set up a Retirement Buy-Sell: Each business owner must own a life insurance policy on themselves, with...
Continue reading...
If you don’t want your life insurance policy any more, you can sell it to a third party. This is known as a “life settlement.” They’ll get the payout when you die, and you’ll make a profit now — but it’ll be much less than the policy is worth. When should I sell my life insurance policy? You might consider selling your policy in these situations: You’re having trouble affording premium payments. You’ve accumulated enough assets and savings to cover any financial obligations after death. You no longer need to provide for any financial dependents. You’ve paid off your mortgage and other personal debts. You want to use the proceeds to help...
Continue reading...
How to sell insurance is top of mind for anyone who is considering this rewarding career. Insurance sales requires hard work, determination, networking, marketing, followup, and a genuine interest in people’s lives, plans, and future. It means working on commission (in most cases) and having at least one insurance license. This article describes the steps to follow for selling insurance. 1. Decide what type of insurance to sell and earn your license. Insurance sales is a broad category, and one insurance license doesn’t cover all the different types. So, you should choose what kind of insurance you’d like to sell. The common options are life, health, property, and casualty insurance. Two...
Continue reading...
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...
Continue reading...
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...
Continue reading...
