Selling life insurance policy

More scrutiny needed on commissions paid to life insurance advisers

Changes to life insurance commissions may reduce the incentive for advisers to churn customers through policies. The proposed changes to commissions for selling life insurance may just tip the system back in favour of the customer. For years paying life insurance advisers by commission was not seen as a conflict of interest, even when it incentivised bad advice and continuous changing of policies. The changes will reduce the incentives for upfront commissions and allow better monitoring of the cost of the policy relative to the commission, however there is still no legislative cap on total commissions payable. Problems with the current system Life insurance covers death, illness, injury and...

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I never imagined that I would be selling insurance policies on the street" - The Daily Vox

South Africa has a high and growing rate of youth unemployment, leaving many recent matriculants and graduates scrambling to seize whatever work they can find. But this  can leave them open to exploitation. NATHI VILAKAZI (25), originally from Ladysmith in KwaZulu Natal, told Morwesi Ndlovu how he answered a deceptive job advert and came to sell insurance policies on the streets of Alberton, Gauteng. I dropped out of matric at the age of 19 because of my family’s financial situation and moved to Johannesburg to live with a relative and to try to find work. Since then, I have been working at retail stores in the Johannesburg CBD. Through this I have acquired some customer service...

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Cross Selling in Life Insurance — The next trillion $$$ opportunity in waiting

Life insurance has one of the biggest market share in the insurance domain. The premiums recorded by life insurer’s globally is reported close to trillions. However, in spite of that, an aggregate amount combining underinsured and uninsured American stands at $20.3 trillion which equals to 60 percent of the current in-force life insurance. Having had conversations with several thought leaders in the life insurance industry, a disturbing general consensus on the the product roadmap, service fulfilment and industry disruption surfaces. More than 90% of industry veterans feel digital engagement is not of any importance for increasing product stickiness. Customer protection is not an immediate...

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How to sell insurance to low-income earners in Africa

In Africa, insurance has traditionally been a preserve of the rich. Most poor people have no safety nets and therefore risk losing everything in the event of serious illnesses, accidents, sudden deaths in the family or damage to their property. But the widespread use of mobile phones and the success of mobile money are enabling development of innovative products targeted at low and middle-income earners. MicroEnsure, an insurance provider focused on Africa and Asia, serves more than 15 million people in 17 countries. It offers ‘free’ and low-cost insurance cover in partnership with other organisations, including telecom operators, microfinance companies and co-operatives. The company was...

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How To Include Life Insurance As Part of Your Insurance Sales Process - Agency Performance Partners

For many P&C insurance agencies life insurance is something you may bump into from time to time when someone asks you to deliver a quote. But for most, mainly P&C agents, they leave a lot of money on the table by not having the intention or the right process to include life insurance into the new business or renewal review strategies. In this blog we will help outline the problem, determine how to have an intentional process that includes life insurance and provide some talking points for you to share with your team. Why Is Life Insurance An After Thought For P&C Agents? Life insurance is the perfect additional policy for any P&C insurance client. There are so many upsides...

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How to Sell Your Life Insurance Policy, Retirement Living

How to Sell Your Life Insurance Policy Whether you find yourself in a financial emergency and need cash or simply can’t afford to continue to pay your premiums, if you are 65 or older or have a terminal or chronic illness, you may be eligible to sell your life insurance policy in a process known as a life settlement. How Much Will You Receive from a Life Settlement? It’s hard to calculate exactly how much you’ll receive from a life settlement. Companies decide what they are willing to pay by considering how much the policy is worth and how much they‘ll have to pay in premiums (calculated by multiplying your life expectancy with your premium rate). Generally, you can expect to receive...

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Selling Life Insurance to Foreign Nationals: Marketing Tips , Pinney Insurance

While it may take a little legwork and a few more Q&A sessions to get their policies in place, selling life insurance to foreign nationals often generates larger than average premiums. If you’re still looking for a profitable niche, this one may be worth your time and effort. Prospecting with Your Book of Business One of the best places to start looking for prospects is within your own book of business. Your clients may have family members, co-workers, or business partners married to a foreign national, or who have foreign contacts they can refer. Make Contact Start with a simple email or letter. Here’s a rough outline of what to say: Tell them you’re expanding your services to help...

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What Does a Life Insurance Agent Do, Life Insurance Job Description

As someone considering a career in the insurance industry, you may be wondering what different types of insurance agents do. This article explores the day-to-day work of a life insurance agent to help you get a better feel for whether this is a good career move for you. Life insurance agents have the important job of helping people prepare for unexpected circumstances. The main tasks of a life insurance agent are to: 1) sell life insurance policies and annuities to clients; and 2) to work with clients and beneficiaries to process insurance claims promptly. Being a life insurance agent involves a lot of selling, which means an interest in and knack for marketing is a must. A typical day for...

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4 common mis-selling techniques of insurance agents -

There are lakhs of agents and brokers selling life Insurance in India. Most of them are well-intentioned and try to help customers choose policies that are suitable for their need and lifestyle. There are also some rogue agents who try to sell insurance by misrepresenting facts and sometimes present a distorted picture of the features of an insurance policy. Ultimately, buyers should be well aware of the ways in which insurance is mis-sold to them. Here are four common ways in which insurance is mis-sold to investors. There may be many more ways, but these are most common types of mis-selling. Promising that the insurance policy gives better returns than an FD This is the most common way of...

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Ensure you know your clients’ true nationality before selling them life insurance - Insurance Portal

Ensure you know your clients’ true nationality before selling them life insurance By Susan Yellin | May 11 2015 09:00AM The Foreign Account Tax Compliance Act (FATCA) has highlighted the importance Canadian insurance advisors need to place on ensuring they know their client’s true nationality before selling them life insurance, says a trust and estate practitioner. Peter Merrick, CFP and president of Toronto-based MerrickWealth.com, says unfortunately, many Canadian advisors have not been given correct information about the nationality of some clients, especially those who may have an American parent or were brought to Canada from the U.S. when they were young – but who have...

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