KNOW WHO’S IN THE ‘CIRCLE OF TRUST’ Warm-ups and fact-finding help agents get to know their AEP customers and, often, Embracing the concerns of the client’s family turns an AEP appointment into an THE BEST CUSTOMER IS AN EXISTING CUSTOMER New MA clients should top agent lists of life insurance prospects. The question is when and how to raise the subject. Medicare coverage can be complicated. Compliant agents set up follow-up appointments to ensure their clients are happy with their chosen plans. A good opportunity to bring up life insurance may come up during follow-up appointments. Agents may introduce final expense plans by pointing out that this type of coverage may cover funeral and/or burial expenses not covered by a Medicare plan. If beneficiaries request information about different plan types than they previously agreed to, agents will be required to complete a new scope of appointment. Or maybe bring up a family member who was central to earlier conversations. For instance, an agent might ask if the daughter involved in the MA decision would also lead when making “final arrangements” for the customer. If so — and if the need exists — suggest a final expense policy to save that loved one from out-of-pocket costs during what will already be a difficult time. Or maybe the agent learned about other family members that the MA client would want to protect. Success during AEP is crucial to business growth for agents. Fortunately, it isn’t a Life is good! Sell it! By David Paul, National Sales Director, Simplified Issue Life
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Medicare Blog | Medicare News | Medicare Information
Finding Life Insurance Opportunities During AEP
Posted by www.psmbrokerage.com Admin on Thu, Nov 03, 2022 @ 09:34 AM
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Tags: Final Expense, Life Insurance, AEP
Study Finds COVID-19 Spurs Greater Interest in Life Insurance
Posted by www.psmbrokerage.com Admin on Fri, Mar 26, 2021 @ 03:24 PM
Nearly one third of consumers (31%) say COVID-19 has made it more likely they will purchase life insurance within the next 12 months, according to initial findings from the 2021 Insurance Barometer Study. The study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, finds Millennials (ages 22-40) seem to be most influenced by the pandemic when it comes to coverage. Forty-five percent of Millennials said they are more likely to buy life insurance due to COVID-19 than Baby Boomers (15%) or Gen X consumers (31%).
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Tags: Life Insurance, COVID-19
Life Insurance: Highest Growth Rate Ever
Posted by www.psmbrokerage.com Admin on Wed, Feb 03, 2021 @ 09:21 AM
By the MIB Life Index – February 3, 2021 Despite a tumultuous year due to the pandemic, the MIB Life Index ended 2020 up 4% year-over-year, representing the highest Y-o-Y annual growth rate on record. It surpassed the previous Y-o-Y growth record from 2015 of +2.7%, and followed a fairly flat growth year in 2019, which concluded up 0.4%, Y-o-Y. The 2020 year-end index value of 102.8 is an all-time high since the index was reset in 2011, finishing at 2.8% higher than par value. The MIB Life Insurance Index is changing the way it reports trends in application activity, moving away from showing figures relative to an index in favor of reporting straight year-over-year percentages. MIB says its new approach is more straightforward, easier to understand and more useful than the index values. Source: https://www.mibgroup.com/riskanalytics/lifeindex.html ![]() |
Tags: Life Insurance
Life insurance statistics in 2020
Posted by www.psmbrokerage.com Admin on Fri, Jun 05, 2020 @ 10:14 AM
Life insurance statistics in 2020
Life insurance by the numbers 57% • Percent of American adults who have life insurance 32% • Of American adults with life insurance, the percent who only have group coverage — which usually isn’t enough (and is rarely portable) 10x to 12x • The multiples of your annual income that most financial advisors recommend you need when buying life insurance for income replacement 50% • Percent of life insurance policies are purchased via independent agents 40% • Percent of life insurance policies purchased via captive agents (meaning they only sell products for one insurance company)| Stats about the cost of life insurance 6x-10x • How much more permanent life insurance (like whole life insurance) costs vs. term life insurance 8% * Average percent increase in your insurance costs as you age, assuming your health stays the same 30% • The average cost difference between sequential health ratings (preferred vs standard, for example) 2x to 3x • How much rates for smokers cost vs. rates for nonsmokers (but a year after you quit smoking, most companies will offer you nonsmoker rates) 50% • The average difference between the least expensive and most expensive rate for the same person across insurance companies 30% • Percent difference between premiums for men and women(with women paying nearly ⅓ less than men, on average) Sources: Top reasons for buying life insurance in the U.S. According to a 2019 report from trade research organization LIMRA and the non-profit organization Life Happens, these are the most common reasons Americans said they bought life insurance:
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Tags: Life Insurance
Life Carriers Cut Age Groups From Coverage
Posted by www.psmbrokerage.com Admin on Fri, May 22, 2020 @ 04:15 PM
Life Carriers Cut Age Groups From Coverage |