Coming Soon DynaMARC FIA
In the near future Equitrust will be releasing a new indexed annuity. The product will include a strategic income option as well as a multi asset risk controlled index. More details to come as product gets closer to launch.
Genworth has increased the interest crediting rate on the TLC by .15 bps. In addition to this effective August 31st their IUL will have updated rates reflecting a positive repricing on substandard table ratings. Call today for details.
LIFT with Minnesota Life
Minnesota Life has suite of advisor tools for positioning cash value life insurance. The kit includes a variety of marketing materials discussing the benefits of cash value life insurance and where it can be a fit. Available for download is an overview and sales literature of the program.
So far in fiscal 2015 the federal government has collected $2,672,414,000,000.00 in tax revenues. Despite the record revenues during the same time frame the federal government spent $3,137,953,000,000.00 running a deficit of $465,539,000,000.00.
Mutual of Omaha GULE
Mutual of Omaha offers an incredibly competitive simplified issue guaranteed universal life contract. The product writes from $25k-300k depending on age. The product doesn’t require an insurance exam and allows for the flexibility of dialing the death benefit guarantee. Call for details and state availability.
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Proposed DOL Rule would mean big changes for insurance agents
Financial professionals like you have an important part in helping clients grow their savings and achieve a financially secure retirement. But a new proposal from the Department of Labor (DOL) would impact millions of American retirement savers and their relationship with their financial professionals. Many insurance carriers are urging agents to take action to stop this new rule that would essentially impose fiduciary status on ALL financial professionals who provide services to retirement savers. Please click on the following link to learn more.
Legacy Financial has launched a sales contest that will run from August 1st through September 30th. There will be prizes for qualifying as well as for most premium submitted and most applications submitted. The top prizes are 2 regular season tickets to any sporting event up to $1,000.00 or 2 roundtrip airline tickets up to $1,000.00 value. Call today for additional details
Symetra agrees to be acquired by Sumitomo Life Insurance Company
Last week Symetra announced an agreement to be acquired by Sumitomo Life Insurance Company, a leading and highly respected Japanese insurance company. Sumitomo Life intends to keep Symetra intact, including all of their businesses, leadership, employees, products and distribution channels. They will still use the Symetra name and brand.
Athene adds free income rider option for the TargetHorizon Series
Athene is adding a very attractive free income rider option to the TargetHorizon lineup! The TargetPay and TargetPay Plus income riders are still available for a charge of 1.25% and 0.95% respectively, but there is now a third option to choose from. The TargetHorizon income rider is now available at no charge. The income account value will roll up at a 5% rate for a maximum of 20 years. If you have clients that like the idea of an income rider, but don’t want to pay for it, this may be the perfect solution. Call for a quote.
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North American Rate Increase
North American has announced a 2% premium bonus increase on the RetireChoice 14 fia which bumps the bonus to 10%. In addition to this they have announced increases on caps and interest rates on most of their portfolio. Call today for details and state availability.
MedAmerica Rate Increase
MedAmerica has announced that they have approval in multiple states to increase rates on inforce blocks of LTC business. The two products affected are the CareDirections and Simplicity ii. Increases range from 6% to 33%. Call today for additional details.
The Perfect First Appointment
Often times the most challenging part of a first appointment is the initial interaction and opening. Getting off to the right start is critical to establishing trust and rapport. Available for download is our Perfect First Appointment Guide with useful tips, captivating questions, and sales script.
Anthem has announced that it will acquire Cigna for $54 billion. This partnered with the announcement of the Aetna, Humana merger means that there will be only 3 major health insurers in the country. The third being UnitedHealthcare.
North American Benefit Solutions II
North American has just announced a 1% commission bonus on this competitive product. It’s a short 7 year surrender fia that includes multiple allocation options including a volatility control index. In addition to this it offers participation rate, annual point to point, and monthly point to point crediting strategies. Call today for details and state availability.
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Your Insurance Marketing Plan
You may have a loose collection of goals, ideas, and initiatives for you and your agency. But do you actually have a marketing plan written down—a document that holds you and your employees accountable?
A marketing plan is a lot like a business plan. It organizes many aspects of your business and projects forward to specific, achievable goals. You can think of a marketing plan as part of your overall business plan or as something that dovetails with your business plan. However you think of it, having a written catalog of marketing goals is particularly helpful in charting the growth of your practice.
It may seem like unnecessary homework, especially when you have many operational, day-to-day duties. But dedicate some time to consider at length your marketing plan. Draw on input and feedback from all your employees and draft a document that can be shared among relevant parties.
Here is a simple five-step process for creating an insurance marketing plan.
Step 1: Assess Current State of Business
Using metrics and feedback, assess how your company is growing. Consider what’s working and what isn’t. Compare metrics to previous months and years. Get an overall sense of how the company is situated. Is there a particular market that you are seeing more business from? Less?
Step 2: List/Brainstorm Goals
Consider your main goals for the next coming months and years. Identify them by timeframe, i.e. “in two months, I’d like to see this much growth,” “by next year I want small businesses as clients as well as individuals,” “in eighteen months, we need to see a 200 percent increase in revenue.” Obviously your goals will be unique to you and your practice, but don’t be afraid to list out everything you want and what you think is reasonably achievable. Once you have your list of goals, prioritize them and plot them on their respective timeframes.
Step 3: Identify Specific and Non-Specific Goals
From list, separate your goals into specific and non-specific categories. When we ask agents what they want for their business, many initially offer non-specific goals like “I’d like to see growth,” or “I want to get more appointments,” or “I’d like to convert more leads.” Non-specific goals can be good for the broad trajectory of your business, but being more specific will help you figure out how to achieve short-term goals.
For instance, let’s say you did $500,000 in production last year. You might say, “I’d like to see if I can do a million even.” Depending on your area and specialty, this may or may not be a reasonable goal, but at least it is specific, with quantifiable and measurable metrics.
Here are some non-specific goals with their specific equivalents:
|“I’d like to see more business by the end of the year.”||“In the last half of 2014 we did $250,000 in production from twelve clients. For the last half of this year, let’s see if we can do $400,000 in production from 15-20 clients.”|
“I want to do more digital branding and marketing.”
|“We should have an interactive consumer-facing website in the next two months and implement an email drip campaign.”|
|“I want more big fish clients.”||“Let’s target pre-retiree doctors and try to convert ten to clients by the end of the year.”|
Non-specific goals are not always bad. They can provide you a sense of your company’s big picture and provide direction for your various specific goals.
Step 4: Identify Your Target Market(s)
Every business should have an idea of who is buying from them and who they want buying from them. A large retailer or restaurant wants anybody and everybody to shop from them, but they also know based on experience and purchase habits, who is coming to their stores. They are fine with a large number of small-to-medium sized purchases, but they obviously want as many big purchases as they can get.
Likewise, you as an insurance agent or financial advisor might want anybody (usually meeting an income threshold) who can benefit from your services. So if you think that your target market is anybody, you will get anybody—which could be a hodge-podge of leads and prospects that burn before you can convert them or might be a steady stream of small fish clients that keep your business afloat without significant growth. This type of business is good and well—it’s where the majority of business likely comes from and it’s important to not ignore it.
But if you can target specific market types while you conduct everyday business you will be positioned for growth. Going back to step 1, where you assessed the state of your business, think again about the client types you already work with. Where does the majority of your business come from? What are things you can do to enhance production from this segment of your business? What are potential client types to pursue harder? Profile your target clients. For example:
Client Type: Pre-Retiree Doctors
Income Threshold: 80,000 per year
How Many Current Clients: 5
How Many Brought On Last Year: 2
Goal For This Year: 4
Client Type: Mid-Level Professional
Income Threshold: 60,000 per year
How Many Current Clients: 18
How Many Brought on Last Year: 7
Goal For This Year: 12
Step 5: The How (Matching Marketing Solutions To Target Markets and Goals)
This step is where you begin to think about marketing solutions to go after your target markets and specific goals. Obviously with any new business initiative, cost will always be a deciding factor. The one thing we’ve found working with our agents is that not one single strategy will work; rather, it is a mix of targeted strategies that grow brand awareness and bring in more prospects.
When thinking about marketing solutions consider:
Appropriateness for target market
The senior market may be less receptive to digital marketing and a younger market may not be receptive to direct mail
Cost and ease of implementation
Digital solutions like social media, email, and web campaigns, may be relatively cost-effective for a broader audience. But more expensive solutions like workshops may be what pull in higher-end clients
Metrics and Logs
What kind of measurements will you use to track your marketing campaign? Digital marketing is great because platforms like social media and e-blasts provide easy ways to track response rates.
Once you have followed through on your marketing plan examine what worked and what didn’t. Then you go back to Step 1. While your overall, non-specific goals for the business may not change, your specific ones can and should. A good marketing plan is not only a document to chart the future of your company and keep you accountable, it is a living document that changes and grows as you do.
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Minnesota Life Product Change
In addition to the change in illustrate rates that will take affect for IUL’s September 1st of this year Minnesota Life is making an additional change to their IUL portfolio. They will now no longer allow participating loans in the first 5 years of the policy. This change will take affect August 22nd. Call for additional details.
Athene Target Horizon Series
Athene has announced changes to the Target Horizon 10 and 15 indexed annuity products. Changes include a reduction in bonus, increase in caps, and increase in lifetime income payouts. In addition the products will be sunset in a few states as well. Changes will take affect Augus 7th. Call for additional details and state availability.
Legacy Financial has launched a sales contest that will run from August 1st through September 30th. There will be prizes for qualifying as well as for most premium submitted and most applications submitted. The top prizes are 2 regular season tickets to any sporting event up to $1,000.00 or 2 roundtrip airline tickets up to $1,000.00 value. Call today for additional details.
The Federal Reserve has slightly upgraded is economic outlook although no mention was made in regard to increasing interest rates.
Forethought Launches New Products
Forethought has launched 2 new fixed index annuities. The ForeFreedom Savers is designed for accumulation and offers 5 different crediting strategies. The product is on a 10 year chassis and offers free withdrawals starting in year 2. The ForeSpending Select on the other hand is designed for income distribution and offers multiple options depending on a clients scenario. The client can elect to get a 7% premium bonus and guaranteed income or waive the premium bonus in favor of higher caps and increased income payout factors. Call today for additional details and state availability.
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Actuarial Guideline 49
If you sell indexed universal life insurance you’ve probably heard some rumblings about this. Effective September 1, 2015 there will be new guidelines in regard to illustrated rates on indexed universal life insurance quotes. This will affect all carriers, the good news is that this should have no impact on our advisors as we always run these illustrations at less than historical rates. We will be putting out a more detailed report on this in the near future once we have new rates from all of the carriers.
Athene Contracting Change
In an effort to consolidate their product offerings Athene is cancelling it’s Athene DE product line and also terminating all agent contracts. Moving forward all products will be offered through the Athene IA line. This takes affect August 7 if you have questions or would like additional information just let us know.
As summer begins to wind down and the new school year rapidly approaches it can be a good time to discuss college planning for children. The cost of college is increasing exponentially and having funds set aside for a child puts them in a position to have more options in selecting a school. Contact us today about our college savings program that includes marketing collateral, sales presentations, and prospecting materials.
The Future Of Income Riders
In 2016 insurance carriers will be using new mortality tables for pricing out GMWB riders. Longer life expectancies mean longer payout periods, which means rates and payout factors will most likely remain flat or decrease next year. Now is a good time to start revisiting the accumulation story with FIA’s and the power of annual reset.
F&G Retirement Pro
F&G has introduced a competitive ne FIA designed for income. The product has a 12 year surrender period and offers a 7% bonus in most states. The unique twist with this product is that it doesn’t have a set rollup rate instead interest credits based off the returns of the index are applied to the income account value. With annual point to point caps as high as 13% and monthly point to point caps of 4.5% the product has the potential to generate a significant amount of income. Call today for details and state availability.
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Equitrust Rate Increase
Equitrust has announced a rate increase effective today on their Certainty Select MYGA series. All applications dated 7/21 will receive the increased rates. Call today for product information and state availability.
American Equity Adjusting Rates
American Equity has announced that effective July 30th they will be making adjustments to the joint and single payout factors on their LIBR. With the exception of the LIBR attached to the choice series most single payout factors will decrease while most joint payouts will increase. Call today for additional details.
Many consumers have a general idea of when they want to retire and what they want retirement to look like. Unfortunately many times they vision they have in their head is completely different than what retirement will look like. Available for download is a great paper discussing life expectancy and the right retirement age.
If you haven’t heard Aetna has purchased Humana for a sales price of $37 billion in cash and stock. It will be interesting to see how long it will take to merge the two firms and if it will ultimately help to lower health care costs.
American Equity Choice 6
American Equity’s Choice 6 FIA is a great short term product that offers competitive accumulation. The product has a 6 year decreasing surrender charge and boasts caps as high as 4.5%. In addition to this the product offers 10% free withdrawals starting in year 2. Call today for details.
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Voya Increasing Rates
Voya has announced another rate increase that takes effect this week. Rate increases have been applied to all products and annual point to point caps up to 7.75% are available. Call today for rates and state availability.
F&G Increasing Rates
F&G has announced that it will be increasing the vesting bonus on the Prosperity Elite 10 and 14 by 1%. In addition to this the rollup rate will be increased by .25bps. Call today for details and state availability.
There is no question that a referral or introduction will produce the best prospect. The challenge is generating referrals on a consistent basis. We have put together a referral guide that discusses best practices for obtaining referrals as well as a referral script. It is available for download or you can call and request it.
In a recent survey the American Association for Long Term Care Insurance found that just under half of all consumers who purchase LTC select a 3 year benefit period. This is an increase from 31% in 2012. The main determining factor was trying to reduce premium cost as rates continue to increase.
National Western Single premium
National Western has a very competitive single premium simplified issue indexed life product called the Lifetime Returns Select. The product is designed for both accumulation and liquidity. It boasts annual point to point caps up to 6.25% and offers 10% free withdrawals starting in year 2. In addition to this it also provides additional liquidity for terminal or chronic illness. Call today for details.
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North American Rate Change
North American will be changing rates on several products effective July 21. Products affected include RetireChoice, IncomeChoice, Charter, Precision, and Performance Choice. There are several states that won’t have a change in rates. Call today for details.
AIG Conversion Option
For a limited time AIG is allowing existing term insurance policyholders to improve their rate class at the time of conversion. If a client has a policy that is table rated up to a table 3 they can convert to a permanent AIG product and get automatically upgraded to a standard rate class without any underwriting. Call today for details.
Social Media Engagement
Linkedin can be a powerful tool to not only build your brand but, to also get consumers to engage and become clients. The challenge for most advisors is that they aren’t quite sure where to start. Available for download is our Linkedin guide with simple steps and templates that will get consumers to engage with you.
Value of An Advisor
A recent Greenwald & Associates poll found that only 25% of investors are drawn to using an online or robo advisor. Most consumers value the face to face interaction with an advisor. With that being said 71% of consumers begin their research on annuities, investments, etc. online. Are they finding you?
American Equity Choice 10
American Equity’s Choice 10 fixed index annuity is a great option for clients looking for accumulation. The product is on a 10 year chassis and offers caps as high as 5%. The product also offers multiple optional income riders. Call today for details and state availability.
5 Best Practices for Consumer Engagement on LinkedIn
LinkedIn is a powerful social media platform for many reasons. It has a reputation as serious hub for business professional and companies—less Internet fluff than you might find on other social networks. The design and functionality of LinkedIn makes it great for longer posts and consumer interaction. Participation in groups can expose others you your expertise and services. However, as great as LinkedIn can be, many professionals, especially advisors and agents, fail to take full advantage of the platform. Here are five simple, actionable things agents and advisors can do to maintain consumer engagement on LinkedIn.
Post Relevant Content Regularly
As a dynamic and fluid platform, LinkedIn has the potential to be more than your online resume or business card. With the “Post” feature, you have the opportunity to present relevant and targeted content that will showcase your expertise and educate potential clients. These posts will show up in the feeds of your connections and be collected on your profile under the “Posts” sub-section. It is it critical that your content resonates with your target market and that you post on a regular schedule.
Request Connections / Send Messages
It is important to continually build your connection network, but LinkedIn, unlike many other social networks, discourages blindly connecting with individuals. So if you come across what seems like a potential client and you want to connect, make sure you include a message that explains why you want this person in your network. Be sincere, honest, and direct. Avoid being spammy.
Send “Thank You” Messages When You Make A New Connection
If someone accepts your connection, or even better, connects with you first, make sure to issue a message thanking them. This will reinforce that you are indeed a trusted professional and not some marketing hack sweeping up connections. This is also an opportunity to ask leading questions and find out more about this person—to see if they may need your services. So if this is an individual that accepted your initial contact, offer further explanations of what you do and let them know that if they need help now or at some point in the future, to seek you out. If this is an individual that initiated contact with you, after thanking them, ask something along the lines of how do they think you can help them. Either way, be professional and get the conversation started.
Personalize All Communication
As with all web engagement with potential consumers, it is best to personalize your LinkedIn communications. This adds a touch of familiarity while still remaining professional. Use templates if you must, but make sure that subject lines, greetings, and closings are personalized to the recipient.
Respond in A Timely Manner
If you are looking to build your brand and gather leads through LinkedIn, then treat all of your connections and engagements as leads. It can be easy with your day-to-day tasks to put off responding to an inmail or a comment. But the value of your interaction dwindles the longer you wait to respond (think of the old marketing saying “the lead dies a bit every day”). Keep your notifications on, keep LinkedIn up on your browser, or do whatever will keep you positioned to respond quickly. You should also appropriate a portion of the day or week to exclusively prospect.
There are certainly other actions you can take to maximize your LinkedIn activity, but the most important thing is to see your LinkedIn profile as both necessary and active. Don’t let your web presence become static, especially if you are looking to drive consumers to your services.
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