A Great Idea That's Only Getting Better. Stronger. Easier. Life Insurance Retirement Plan.

A Great Idea That's Only Getting Better. Stronger. Easier.  Life Insurance Retirement Plan.
For life insurance industry veterans, using cash value life insurance to supplement retirement savings is as old as the rate book. Overfunding premiums and enjoying the advantages of both insurance protection and tax-free accumulation (without the burden of qualified plan rules) is what makes our product so unique. And with the potential for tax-free income down the road, we really have an unmatched solution for clients wanting to enhance their retirement in a very tax-efficient way. If life insurance is new to you, or if you just need a refresher on the Life Insurance Retirement Plan (LIRP) c...
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A No-Hassle Unique Benefit Your Client Has Never Seen - Until Now

A No-Hassle Unique Benefit Your Client Has Never Seen - Until Now
Interested in offering clients additional products and services while enjoying the compensation that comes with it? How would you like to strengthen and secure your client relationship by helping the business retain and reward key people? Could your practice benefit from another source of current and future revenue by providing innovative life insurance solutions without the "noise" associated with this line of business (underwriting and ongoing administration)? What if the only invasive question was "are you actively at work?" And finally, any "white collar" client with existing group term in...
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Interested in opening new markets – or rediscovering and growing existing ones?

Interested in opening new markets – or rediscovering and growing existing ones?
The business planning market has never been riper. While the more traditional estate planning market may be a bigger stretch for many advisors, there are close to 30 million small businesses that need your help and they need it now. The issues keeping business owners awake at night have not changed: Concern over losing critical assets – people – themselves or key employees The ability to recruit, retain and reward those key employees Ensuring business continuity and succession Retirement income needs Growing and protecting personal wealth, with that wealth typically tied up in the business Wha...
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New Opportunities in Marijuana Underwriting – Don’t Let Them Go Up in Smoke!

New Opportunities in Marijuana Underwriting – Don’t Let Them Go Up in Smoke!
Known scientifically as cannabis and commonly referred to as weed, pot, and many other slang terms, marijuana is one of the most widely used recreational drugs in the US today, and is also used in the treatment of various medical disorders. According to the National Survey on Drug Use and Health (United States, 2002-2014), the 18-34 age group has the greatest incidence of marijuana use. What is important to note, however, is the 55 plus age group is showing the greatest increase in use . Males outnumber females in use by 2 to 1. At present, marijuana is legal for recreational use in nine state...
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Navigating the New Tax Act

Navigating the New Tax Act
The Tax Cuts and Jobs Act of 2017 introduced some big changes in the tax law, creating both confusion and opportunity for financial planning professionals. You will find links at the end of this blog to several excellent resources that will help you navigate through the three broad categories of life insurance planning that are most dramatically impacted by the new tax laws: Personal insurance Estate planning Business-related insurance But to begin, a review of important tax laws that didn't change. Life insurance death benefits remain income tax-free, with rare exceptions (e.g. transfer for v...
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Moving the Ball

Moving the Ball
I recently had a conversation with Dusty Farber regarding a business case – one that moved from being "stuck in the mud," to being a bigger deal than originally anticipated. We talked about how so many routine cases could chew up time, often because all the necessary information isn't readily available for clients and advisors to make an informed decision. Dusty gave me an example of exactly this scenario, and the approach he took to get his clients to take action and move forward with not only their business planning but their personal planning as well. Dusty was introduced to two partners wh...
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Underwriting – Where are we today? Where are we headed?

Underwriting – Where are we today? Where are we headed?
Being fed by our aging producer population, the under-insured and under-served markets, the $15 trillion plus insurance gap, and the search for new and easier ways to access markets—especially the technologically inclined millennials— life insurance companies are beginning to turn the traditional underwriting process on its head. And early results indicate that they are finding some success. Much of what we have seen so far has been positive and a welcome transformation of an otherwise archaic, invasive and time-consuming insurance acquisition process. However, these changes have implications ...
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Navigating 101(j) – an ounce of prevention can avoid a ton of liability

Navigating 101(j) – an ounce of prevention can avoid a ton of liability
I was very annoyed. It was the first application that I took for a key-person life insurance policy after August 18, 2006. The underwriter kicked the application back because the insured-employee did not sign the "Notice and Consent" form, acknowledging that the employer was both the owner and beneficiary of the policy. When I suggested to the underwriter that we get this signature at delivery, he informed me that the policy would not be issued until the signed "Notice and Consent" was received. This was bull, I never had to get this form in the past. So, what was the big deal? It turns out th...
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Hire a World Class Marketing Organization – for $1 a Day

Hire a World Class Marketing Organization – for $1 a Day
With September's arrival around the corner, our industry once again celebrates Life Insurance Awareness Month (LIAM). Created and produced by LIFE Happens and promoted by carriers and industry organizations, LIAM is a purposeful effort to raise consumer awareness with respect to client vulnerabilities and the solutions we deliver. Go to LIFE Happens to use all of the tools and resources available to help promote LIAM. Danica Patrick is back as LIAM spokesperson with all-new videos promoting financial fitness. For one month each year our industry makes a concerted effort to shine a spotlight on...
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Happy 100th Birthday – There Goes Your Life Insurance

Happy 100th Birthday – There Goes Your Life Insurance
The July 20, 2017 Wall Street Journal article, "Happy 100 th Birthday! There Goes Your Life Insurance," points out a major hidden flaw in older life insurance contracts: the risk of living too long. In the mid-20th century, the life insurance industry, along with government regulators and actuaries, did not expect or anticipate that more than a handful of policyholders would reach age 100. But today, some insureds fortunate enough to approach these "golden" ages are surprised to learn that their policies will "endow"– that is, coverage will end and any cash values will be paid to the policy ow...
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