Do All the Clients You Serve Have Life Insurance?

If there is one thing we’ve learned over time, it’s that when it comes to security and protection, life insurance is very important. The pandemic undeniably shifted the mindset of many and re-shaped how people view the future and their financial security. Therefore, more of your clients and prospects are realizing the importance of life insurance.  

According to research, 50% of your clients don't have any life insurance or they don't have the amount they truly need to protect. September’s Life Insurance Awareness Month (LIAM) is a great opportunity to get the word out, start a life insurance conversation with clients and prospects, and get families and businesses the life insurance coverage they need.

Don't settle for just one carrier or product that may not serve the needs of your clients. Talk to an MVP Financial representative for real-life solutions from an A+ list of carriers with affordable and diverse life insurance products.

Flip the Script on Life Insurance

Many people think of buying life insurance as a reluctant task. Selling life insurance under "normal" circumstances can be difficult. The pandemic has added another dimension to that struggle. It's time to flip the script to help your clients and prospects see that life insurance is a needed investment in their family's protection, and Life Insurance Awareness Month (LIAM) is the perfect time to get started. 

Life insurance protects by providing a means to:

1. Pay for funeral expenses
2. Pay the on-going monthly bills
3. Pay off outstanding debts
4. Continue a family business
5. Finance the children's education
6. Protect a spouse's retirement

Life Happens, the official sponsor of LIAM, conducted a survey in late May of this year: 66% of the participants said the pandemic has increased their understanding for the value of life insurance. Nearly 25% of the survey participants said they had purchased life insurance for the first time because of the pandemic. Nevertheless, 43% of people are not protecting their loved ones with life insurance yet.

Many life insurance carriers have perfected online applications and electronic policy delivery, so social distancing in the sales processes is accomplished. And with the accelerated underwriting possibilities, your clients may not need to meet with a paramed examiner either!

The bottom line is that life insurance is one of the only products available that can meet the need to financially protect your clients. Your clients and prospects are more open to purchasing life insurance, and carriers are making the transaction easy and painless as ever. So, what are you waiting for? If you’re not talking with them about it, someone else probably is! 

Who Buys Annuities and Why Should They?

As the industry promotes annuity awareness, June is the perfect time for you to talk to your clients and prospects about annuities as a long-term investment that delivers guaranteed income they can count on.

Who buys annuities?*

  • The average age (at first purchase) is 51
  • Gender is 50/50 (females at 51%) 
  • The median household income is $64,000
  • 59% of annuity owners are married

Many people underestimate how long they will live which puts a strain on personal savings and increases the likelihood of outliving personal assets. Retirees are living longer, healthier, and more active lives than generations before. Add the decreasing reliability of government and employer programs to provide sufficient income, and you have a retirement income gap that continues to grow for many Americans. 

According to recent research, 40% of investors say that they are very interested in income products like annuities. Fixed annuities are a good fit for many consumers and a valuable addition to retirement planning because they offer safety, growth potential, tax advantages and lifetime income.

Saving for retirement is important, but it’s only half the battle. It’s important to talk to your clients about annuities as a strategy to help them maintain their standard of living in retirement. 

 

 *From the Gallup 2013 Survey of Owners of Individual Annuity Contracts this is the demographic make-up of an annuity owner

A Real-Life Solution in 2018

Well now, that was a year! The talking heads have already enjoyed analyzing what occurred over the 365 days of 2017…

The stock market continues an unprecedented rise, while the nation experiences very reasonable unemployment numbers.

Congress has finally passed an income tax relief package. The effect of this legislation will not be fully known for most people until the end of 2018.

Many of the powerful people we have listened to or watched have admitted their human failings, after causing others tremendous pain.

The United States seems to be the target of nature’s fury. Hurricanes, droughts, fires, floods and blizzards. And mass killings are no longer isolated events.

But life goes on for the average person, and our responsibility continues to center around the protection of families and businesses.

Would things be different if everyone owned life insurance? Life insurance: the miracle of creating an instant estate with a signature. An instant pot of income-tax-free money for the people we love, or to the people we owe money to, or to assure that our business can continue without us, if we can't fulfill our promises due to premature death.

And, the amazing value of our product continues to improve. We now have the ability to access that same bucket of money for sustained health care costs. The escalating costs that our elected officials, our medical professionals, pharmaceutical companies, and insurance companies cannot contain.

Oh, by the way, we have products that now allow access to the face amount of our policies if we live too long and need the benefit while we are alive. SERIOUSLY!

During times of uncertainty and stress, we can be and should be a calming, re-assuring voice.

MVP Financial welcomes your partnership and looks forward to being the real-life solution for the protection of your customers in 2018.

Happy New Year!