Tuesday Tips – October 11th, 2016

Alerts

AIG Rate Increase

AIG has announced that there will be a rate increase on their Lifetime GUL 3 effective October 17th. The average premium increase will be 1%-5% depending age, underwriting class, etc. Full details will be available on the 17th.

Great American Discontinuing Rewards

Great American has announced that it will be discontinuing its Great American Partner Points program effective December 31, 2016. The move was motivated by the Department of Labor’s new guidelines surrounding incentive programs.

Sales Concept

Smooth Sailing

Sequence of returns can dramatically impact a clients income in retirement if they are drawing off of an asset tied to the market. One potential solution to this is incorporating cash value life insurance as a side fund that can be drawn upon in years where the market is negative. This strategy can help to mitigate the impact of negative returns by allowing the funds to rebound after a market decline. Call today to request a complimentary sales guide.

Industry News

Over Spending in Retirement

According to a recent Employee Benefit Research Institute study, nearly half of all retirees increase their spending in the first two years of retirement. All the more reason for a consumer to have an advisor that can assist with a plan for retirement.

Hot Rates

Global Atlantic Promotion

For a limited time Global Atlantic is running a “Free Upgrade” campaign. Through December 31, 32016 if an applicant is approved at standard nonsmoker or standard smoker they will automatically get bumped to preferred and if they are approved at preferred nonsmoker they will automatically get bumped to premier nonsmoker. Global Atlantic offers a competitive suite of life insurance products with an emphasis on the IUL space. Call today for additional details.

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Marketing Corner – 7 Non-Verbal Redflags You’re Losing Your Prospect

7 Non-Verbal Redflags You’re Losing Your Prospect

Non-verbal cues like body language, eye-contact, posture, rhythm, and gestures can all signal—despite conscious efforts—how someone really feels about what you are telling them. For an agent giving a presentation that may involve breaking down complex concepts, selling certain solutions, or driving home a key piece of financial education, paying attention to these non-verbal signals can be crucial to converting a prospect into a client. Remember that people generally like to avoid conflict, so they may not tell you why something isn’t resonating with them.

Here are seven non-verbal signs that you are losing your prospect:

They lean back

Generally someone interested in what you are telling him or her will lean forward. This a signal that what is being said is relevant to them, or they want to pay special attention to not miss any words. If a prospect is leaning back in their chair, that’s a pretty big signal they have already made up their mind.

avoideyecontactThey look around the room

It’s natural for someone to look at figurative space when thinking of a response to a question or trying to detail something important to them that may have several components. But if your prospect begins to look around the room, either with their eyes or full swivels of their head, this may indicate that you have lost their interest.

They avoid eye-contact

A prospect doesn’t have to look around the room to avoid contact with you. They may face toward you, but look past you—focusing on what’s behind you.

They have their arms crossed

Crossed arms can signal protection and a closed-offed mindset. While some people may cross their arms just to have something to do with their arms for a bit, a long-duration of crossed arms is definitively a signal you want pay attention to.

facetoughThey cover their mouth/face

A prospect may cover their mouth or face for a couple of reasons. One could be to hide their facial expressions in response to your presentation. Another reason could be because of nervousness or discomfort with the information you are telling them.

They twitch or fiddle

Some people certainly twitch, fiddle, or tap their fingers as way to release tension as they intake information. In many instances, having a release like this helps prospects to dissipate the physical discomfort of a long sit-down meeting, so they more closely focus on you. But often fidgeting, tapping, or playing with a pen, signals disinterest or a lack of focus. The information may be too overwhelming, or your information isn’t resonating, or they made up their mind before they even entered your office.

They focus too much on you

To humor you or to be polite, a disinterred prospect may over-amplify positive signals. They may maintain unnatural eye-contact, nod repetitively, keep their arms forcefully open, issue too many “mmmhmms,” or withhold fidgets.

Complimentary 2016 CD Replacement Kit

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your complimentary copy.

Tuesday Tips – October 4th, 2016

Alerts

Athene Extends Rate Hold

Athene has announced that they are extending the rate hold on non-cash applications received between June 3rd and August 5th.  Funds must be received by October 14th to receive the rates at the time of application.

Allianz Dropping Rates On FIUL

Effective October 4th Allianz will be dropping rates on their suite of IUL products.  Call today to get an updated rate sheet.

Sales Concept

Beneficiary Reviews

Many times when a consumer buys a financial product the policy gets put in a safe place and is never looked at again.  Beneficiary reviews are a great opportunity to make sure the prospects plans are up to date with their current intentions and to uncover potential business.  LFP has put together a beneficiary kit with a prospecting letter.  Call today to request your kit.

Industry News

Thrivent Files Suit Against DOL

Thrivent has filed a lawsuit against the DOL fiduciary rule.  Specifically they are suing to have the class-action component of the rule thrown out.

Hot Rates

Protective Custom Choice UL

Protective’s Custom Choice UL is a very competitively priced GUL that writes up to age 85.  In addition to the competitive pricing the product also offers a competitive chronic illness rider and their Income Provider Option which can be used to select various distributions of the death benefit for a variety of planning options.  Call today for additional details.

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Marketing Corner – CD Replacement

Wednesday September 28th, 2016

A Brief History of CD Replacement Months

October and April are traditionally known as CD replacement months. As an advisor, you might accept this simply as a way to gather new clients by presenting CD alternatives. But the history behind CD replacement months points to an interesting way certain things reverberate throughout the years–how an incident thirty years ago can still have lingering effects for today’s consumers.

In the short presentation above, we discuss how October became a CD replacement month. To help advisors and agents take advantage of CD replacement opportunities, Legacy Financial Partners has prepared an exclusive sales kit that includes:

  • Taxable Equivalent Yield Chart
  • CD vs. Annuity Comparison Chart
  • Split Annuity CD Beater Strategy
  • CD vs. FIA Sales Strategy
  • CD Prospecting Letter
  • Customizable Fact Finder
  • Retirement Pitfalls Presentation
  • Going Broke Safely Presentation

Complimentary 2016 CD Replacement Month Marketing Kit

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your complimentary copy.

Tuesday Tips – September 27th, 2016

Alerts

Legacy Marketing Group Raising Rates

LMG has raised rates on several products again. In addition to this they currently have a commission special on select products. Call today to get an updated rate sheet.

Equitrust Rate Change

Equitrust is dropping the monthly cap rate on their product suite. Changes go into effect 9/27 but, all other cap rates remain unchanged. Call today to request an updated rate sheet.

Sales Concept

CD Renewal Month

October is CD Renewal month. Historically October has the highest amount of CD renewals over any other month. LFP has put together a complimentary marketing guide around CD’s and CD alternatives. Request your kit today.

Industry News

Social Security Increase

The social security COLA will be announced next month and it is expected to announce a small increase. Unfortunately there is also a possibility that medicare part B premiums could also increase washing out the COLA.

Hot Rates

LMG LibertyMark Series

Legacy Marketing Group’s LibertyMark series is a competitive product line designed for accumulation. The series offers 7 and 10 year surrender options that have persistency bonuses as well as up front bonuses on select 10 year products. In addition to this there are a variety of crediting options available with annual S&P point to point caps as high as 6.6% available. Call today for additional details.

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Marketing Corner – Wednesday September 21st, 2016

There’s Still Time For LIAM Opportunities

clientsJust because we are less than two weeks away from October, doesn’t mean there aren’t’ Life Insurance Awareness Month opportunities for you to take advantage of. Over the past four weeks we’ve presented useful life insurance stats, how to overcome common life insurance objections, and interesting pieces of life insurance trivia. While LIAM puts a focus on life insurance for a specific month, the information and resources available to you are good-year round. So grab our LIAM kit if you haven’t, check out our other LIAM posts, and don’t let September be the only month you focus of life insurance.

To round out our LIAM coverage, we thought we’d end on positive life insurance trends.

Premium and Policy Growth

In the first quarter of 2016, individual life insurance premium rose by four percent, when compared with Q1 of 2015. This continues a trend that has been happening for the past year and half—with seven consecutive quarters of positive growth.

Not only have individual premiums grown, so too have the amount of policies sold. Q1 2016 jumped three percent when compared to Q1 2015. This also represents a continuous growth for the last six quarters (LIMRA).

Hybrid Products

According to this years’ Life Insurance Barometer Study, Millennials are more likely to choose a combo product when shopping for life insurance.

The Rise of Wearables

iwatchWearables refer to pieces of technology that individuals, ahem, wear, on their body. These gadgets track activity like sleep patterns, exercise, heart rate, and so forth. Many of these features are already included in devices like the Apple Watch or any other smart watches. Insurance companies are starting to notice the value of the data these devices capture, offering points or reduced rates for consumers that maintain or improve their health conditions. One notable program is John Hancock’s Vitality program. Other insurance companies are starting to offer similar programs. This has given rise to the idea of continuous underwriting. So how receptive are consumers to programs like this? Well the Life Insurance Barometer Study found that 30 percent of people would consider using wearable devices and share the results with a carrier in exchange for rewards. Across age segments, Millennials are unsurprisingly the most likely to consider an activity tracker for this purpose, with over half surveyed indicating they would be likely to do so.

Life Insurance Sentiments

This year’s Barometer study also found that 66% of people would recommend smallbusinesslife insurance to others—an increase of 11% compared to last year’s survey.

Small Business Opportunities

Although the recovery is not consistent for every sector or population, as a whole the economy is improving. (Hence the Fed Rate increase in December of last year.) What does this mean for the financial advisor fighting the good fight? It means that there are many different kinds of opportunities presented by this improvement. As consumers find more stable work, their focus may turn to things like life insurance. Small businesses looking to hire may want to use group life to attract new employees or reward (and retain) current ones.

Complimentary Life Insurance Awareness Month Marketing Kit

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your complimentary copy.

Tuesday Tips – September 20th, 2016

Alerts

F&G Commission and Rate Decrease

F&G has announced that effective September 30th they will be lowering the commission on the Safe Income Plus.  In addition to this they have also announced that they will be dropping income rider rates on the Prosperity Elite, Accumulator Plus, Index-Choice 10, and Performance Pro effective October 8th.  Call today to request an updated rate guide.

North American Rate Change

North American has announced effective October 8th they will lowering caps on their suite of FIUL products.  In addition to this they will also be increasing costs on their Custom Guarantee UL and Guarantee Builder IUL.  Updated software reflecting the rate changes will be available September 27th.  Call today for additional details.

Sales Concept

Retirement Reality

A number of studies show that many consumers aren’t prepared for retirement.  Determining what you want retirement to look like and what assets you have available are key elements to developing a sound retirement plan.  Available for download is a 16 page consumer guide that can help a client determine what an ideal retirement looks like for them as well as discuss risks in retirement.

Industry News

Wells Fargo Fine

Wells Fargo has agreed to pay $185mm in fines due to thousands of employees creating over 2mm fake accounts since 2011.  Employees participating in the practice were motivated by sales goals and bonuses.  To date Wells Fargo has fired over five thousand employees involved in the practice.

Hot Rates

Allianz Life Pro+

The Life Pro + through Allianz Life is an incredibly competitive FIUL designed for accumulation.  The product offers caps as high as 16%, multiple index options, and a non guaranteed accumulation bonus.  In addition to this the product can take lump sums through its Premium Deposit Fund rider and also has a table shave down to a table 2.  Call today for additional details.

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Marketing Corner – September 12th, 2016

Marketing Corner – Friday September 12th, 2016

5 Interesting Pieces of Life Insurance Trivia

We are smack in the middle of Life Insurance Awareness Month—your chance to take advantage of programs, materials, and guides from a variety of industry sources to promote (and sell) the value of life insurance. Legacy Financial Partners began our LIAM coverage a few weeks ago, with posts on a comprehensive (and complimentary) sales kit, key life insurance stats, and how to handle common life insurance objections. This week we wanted to offer some unusual or interesting life insurance trivia.

catYou Can Use Life Insurance To Give Whiskers The Good Life After You’re Gone

While most insurance carriers won’t allow you to directly name your cat or dog beneficiary since states generally consider pets to be property, you can use life insurance to fund a pet trust. This will make sure that your beloved animal lives out the remainder of its life in style. Since other family members (and even courts) may find this arrangement distasteful, a pet trust will need to be properly structured. Trouble Helmsley, the Maltesse recipient of $12 Million from Leona Helmsley, famously had his inheritance reduced to a mere $2 million after the hotelier’s grandchildren contested.

The Apollo Astronauts’ Unusual Life Insurance Policyspaceship

Certain occupations and hobbies can incur high-risk ratings or preclude life insurance coverage altogether. But what if your job is
an astronaut and your mission is to go to the moon? This is what the astronauts of Apollo 11 faced. With prohibitively high coverage options, Buzz Aldrin, Neil Armstrong, and Michael Collins resorted to a creative solution—autographed “covers,” signed envelopes post-marked on significant days. In the event of their death, the astronauts knew their autographs would fetch a great sum.

The Largest Life Insurance Policy Ever

According to Guinness World Records, an anonymous, but “well-known,” Silicon Valley billionaire purchased the most valuable life policy ever in 2014. The coverage amount? $201 million. This doubles the previous record of $100 million set in 1990. The most valuable policy was unsurprisingly complex, involving 19 different insurance companies for the underwriting.

Unclaimed Benefits Amount

According to Consumer Reports in 2013, the amount of unclaimed life insurance benefits is “at least” $1 billion. How can this happen? There are a few reasons. For one, consumers may be unaware of their beneficiary status. Policy owners may have poor record keeping. Insurance companies recently got themselves in trouble by failing to be more proactive in seeking out beneficiaries once policyholders died.

weddingLife Insurance Ownership and Marriage Rates

Comparing data from the U.S Census and the American Council of Life Insurers Factbook, Bankrate found that states with a higher marriage rate generally had a lower life insurance ratio and vice versa. As the article postulates, this could be because the states with the highest marriage rates also have the youngest median ages for marriage, and life insurance may not be a priority for young newlyweds. Southern states had high policies-to-population ratios, with Alabama topping the list for life insurance ownership.

Complimentary Life Insurance Awareness Month Kit

Fill out the form below to receive
your complimentary copy.

Tuesday Tips – September 13th, 2016

Alerts

LSW Announces Rate Change

LSW has announced they will be lowering rates on their suite of IUL products. The change will take affect 9/22/16. While rates are changing on several indices, S&P linked strategies with the exception of the SecurePlus Provider and Ultra EIUL. Call today for an updated rate sheet.

Sentinel Rate Change

Sentinel will be lowering rates on their 5 and 10 year MYGA products. Rates will be reduced 10bps and 5bps. The rate change goes into effect 9/15/16 and applications must be in house by 9/14/16.

Sales Concept

Tax Deductibility of Life Insurance

There are many uses for life insurance for a business owner. Whether for a buy sell, key man, or supplement income strategy life insurance can be a powerful tool. One area where there always seems to be a lot of questions is around when life insurance is deductible and when it isn’t for a business. Available for download this week is a clear guide as to when life insurance premiums are tax deductible for a business.

Industry News

IRS Tax Penalties

The IRS has introduced a rule designed to help individuals who don’t deposit funds between one qualified account to another within the 60 day window. The new rule will allow for waivers for certain circumstances such as a lost check or a death in the family.

Hot Rates

Equitrust Wealthmax Bonus

Equitrust’s single premium simplified issue IUL is an ideal product for dormant assets. The product provides a tax free death benefit, free chronic illness rider, and a guaranteed return of premium option. In addition to this it offers annual point to point caps as high as 9%. Call today for additional details.

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Tuesday Tips – September 6th, 2016

Alerts

American Equity Suitability Form

American Equity’s suitability form has been updated and must be used effective immediately on all new applications. Call today to request an updated form.

Legacy Marketing Rates

Legacy Marketing Group has announced that they are raising rates effective 9/8 on their LibertyMark FIA series. Annual point to point caps on the S&P have increased to 5.6%. The product also offers a variety of index options. Call today for additional details.

Sales Concept

IRA Mistakes

Many consumers will not spend down their entire IRA during retirement. Unfortunately what this means is that they can have a higher account balance at life expectancy creating a tax time bomb for their beneficiaries. Fortunately, there are multiple strategies that can be implemented to reduce or eliminate this tax time bomb. Available for download is an IRA wealth transfer guide that discusses different planning opportunities.

Industry News

Hedge Fund Outflows

eVestment recently reported that outflows from hedge funds totaled $25.2 billion in July making the total year to date $55.9 billion

Hot Rates

John Hancock Protection UL

John Hancock’s Protection UL is a competitively priced current assumption UL designed for wealth transfer. John Hancock has incredibly competitive underwriting for a number of impairments and also offers a health styles program that can provide better rates for rated individuals. They also offer their vitality program which reduces the cost of life insurance by living a healthy lifestyle. The product also offers an LTC rider. Call today for details.

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