Life Insurance Awareness Month: What's Your Story?

Life Insurance Awareness Month:  What's Your Story?
"The most powerful person in the world is the storyteller. The storyteller sets the vision, values and agenda of an entire generation . . . ." - Steve Jobs Gordon Richardson has life insurance in his blood.  He is a second-generation life insurance producer, learning from his father who has been a Windsor friend for decades.  For Gordon, life insurance has always been a key part of what he offers to clients and is integral to his business.  As "Life Insurance Awareness Month 2022" winds down, we asked Gordon to share a story about how practicing his profession provided security ...
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The Inflation Conversation

The Inflation Conversation
  — Your clients are worried.  Life insurance can help. "The actor Paul Picerni was my grandfather," begins Windsor's Dan Picerni.  "I called him Papa.  He appeared in over five-hundred films and television productions.  With eight kids he couldn't afford not to work when the downtimes came, so he filled the lull by selling life insurance.  In the 1950s he bought three nice size life insurance policies to help take care of his family in the event of his death.  Fortunately, the income replacement was never needed, and he lived until 2012.  He continued p...
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A New Look at Limited Payment Whole Life Insurance Contracts

A New Look at Limited Payment Whole Life Insurance Contracts
Early in 2022, Windsor began to see a new growing focus on cash accumulation sales.  While using life insurance to provide funds for future cash flow obligations, be it college tuition or supplemental retirement income, is nothing new, something had changed. In 2020, in an "under the radar" rule change, the §7702 interest rate — which sets limits on premiums, cash values and death benefits for life insurance policies to qualify as "life insurance contracts" for Federal income tax purposes — was revised.  The rates, which were last set in 1984, were 4% for the Cash Value Accumulation ...
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The 2022 AHOU—Important Underwriting Insight & Potential Case Impact

The 2022 AHOU—Important Underwriting Insight & Potential Case Impact
After a two-year hiatus, the Association of Home Office Underwriters (AHOU) was held recently in person with over 900 attendees present.  Meeting participants included underwriting leadership from all major life carriers, reinsurance companies, exam/lab vendors, industry data/information providers and several technology companies among others.  It was terrific to be back in person at this meeting, networking with industry pros and peers, and gaining important insight and perspective on the current state of life underwriting. Over the past few years and accelerated by the pandemic, th...
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The Real Costs of Waiting - Part Two

The Real Costs of Waiting - Part Two
"Complicated [permanent life insurance] products eat away at the purchasing power of your premium. In most situations, your financial planning will be better served by buying term life insurance and then investing outside of the insurance contract.1 "Do not let anybody tell you that your life insurance policy is a good way to build extra savings. Fall for that and you will end up wasting thousands of dollars over the life of the policy.2 As life insurance professionals, we know that sentiments like those above are nothing new.  And in response, Windsor's recent Blog — Life Insurance and R...
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The Real Costs of Waiting - Part One

The Real Costs of Waiting - Part One
You've met with your clients and their financial advisors on a few occasions and discussed the clients' financial planning and insurance objectives. Things are going well.  The insurance plan and product you are proposing meet the clients' needs exceptionally well, and provide the financial stability they are seeking.  But then you hear it.  The clients want to think about it some more.  When queried, your clients indicate that maybe they will look at this again, but are not sure when that will be. We have all heard it many times before, and know that procrastination and th...
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Life Insurance and Retirement Planning — A View From Outside the Industry

Life Insurance and Retirement Planning — A View From Outside the Industry
  If we had a nickel for every time a carrier suggested we spend more time showing life insurance as a supplemental retirement income strategy, we would have a ton of nickels.  After all, Windsor was started by Jerry Schwartz and Hal Brooks when Universal Life and Interest Sensitive Whole Life were first invented.  From that time on, we've been steadily promoting the unique advantages of life insurance, most recently in our June 2021 Blog on Life Insurance Retirement Plans (LIRP). But we have a stake in the game.  So when life insurance companies encourage us to emphasize t...
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Your Clients Need You Even More... …Volatility Control Indices are Here to Stay!

Your Clients Need You Even More...
…Volatility Control Indices are Here to Stay!
- by Jeff Driscoll, Vice-President, Product and Carrier Management, Partners Financial Let's start with good news.  Your clients and many life insurance carriers definitely need your expertise in selling and servicing Indexed Universal Life (IUL) products.   And now, with the growing trend of volatility control (VC) indexed accounts, your value is more than solidified.  The trade-off for your increased value is that more homework is required to understand and make the correct recommendations with these more complicated indices.  Before going any further, one could argue tha...
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How to save $5 billion for retirement in a fully non-taxable qualified plan

How to save $5 billion for retirement in a fully non-taxable qualified plan
We're guessing that Roth IRAs probably don't show up on your radar these days.  What with the S&P, NASDAQ and the Dow ringing the bell on new records almost weekly, investment advisors focused on wealth creation might just pass right by a qualified plan option with income ceilings of about $200,000 and contribution limits of $6,000 to $7,000 (depending on age) annually, as of 2021. But Peter Thiel of PayPal fame might change your mind.  He simply used a Roth IRA to create a $5 billion tax-exempt fortune. Roth IRAs were created in 1997 to provide for a need not filled by other qua...
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Internal Revenue Code 7702: Changes and Challenges

Internal Revenue Code 7702: Changes and Challenges
  Much has been written about the Consolidated Appropriations Act of 2021 and IRC section 7702, (§7702) where, effective January 1, 2021, minimum interest rates associated with the Cash Value Accumulation Test (CVAT) and the Guideline Premium Test (GPT) under the definition of life insurance have been lowered.  These adjustments created welcome changes for:  1) owners of insurance to put more money into cash accumulation plans of coverage without running afoul of definition of life insurance and Modified Endowment Contract (MEC) limits, and  2) carriers to get relief from o...
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Conversation Starters, Sales Ideas and Marketing Strategies for 2021

Conversation Starters, Sales Ideas and Marketing Strategies for 2021
Here are some of Windsor's best conversation starters, marketing strategies and sales ideas that you can use right now and well into 2021! As advisors to our clients, we can start a conversation with 60-page product illustrations or we can focus on something simpler and closer to home:  Caring for our families by leveraging low interest rates, securing fully guaranteed life insurance benefits, supplementing retirement income, protecting valuable assets, saving money on taxes, and finding easier ways for clients to get the insurance they want and need.  Even in these difficult times, ...
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Underwriting - Adapting to a pandemic world and insights for the road ahead.

Underwriting - Adapting to a pandemic world and insights for the road ahead.
- A Virtual Panel Discussion Featuring Experts in the Field of Life Reinsurance - DuWayne Kilbo, Moderator I'm extremely delighted to have available three distinguished speakers from the life reinsurance side of our business for Windsor's first Virtual Panel Discussion! With so much going on today as it pertains to COVID-19 and the evolution of the life insurance industry, this is an opportunity to hear from well-known and highly regarded reinsurance industry executives for their input and thoughts on various topics where they provide support and guidance to the industry.  Also, we will h...
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Clients, Prospects and Centers of Influence Conversation Ideas

Clients, Prospects and Centers of Influence Conversation Ideas
​As advisors to your clients, you can start a conversation with 60-page product illustrations, or you can change the conversation to something simpler and closer to home:  Historically low interest rates.  Guaranteed life insurance benefits.  Cash on hand for unexpected circumstances.  Protection for valuable assets.  And easier ways for clients to get the insurance they want and need.  Even in these difficult times, we can do our best to stay calm and communicate clearly.  Here are some ideas from Windsor on how we can begin a conversation about what's impor...
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COVID-19! What Have You Done to Underwriting!?!?

COVID-19!  What Have You Done to Underwriting!?!?
COVID-19, in addition to being a terrible pandemic, has brought a halt to business as usual for most every industry imaginable.  And life underwriting has not been granted an exception.  Among other things, we have seen additional scrutiny placed on certain medical impairments, maximum age and rating limitations imposed, and a reduction in internal retention at some carriers. However, we are also seeing changes—positive changes—occur in underwriting.  Underwriting progress has been made using data sources to forgo exams and to get coverage approved quickly and non-invasively—whi...
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Turnkey Digital Communications & Marketing Tools for Today's Socially Distant Marketplace

Windsor, Life Happens and AIG Get Together for a Webinar You Don't Want to Miss!  On Demand Now!In today's social-distancing reality, staying connected and maintaining your trusted relationship with clients and centers of influence is more important than ever. But where can you find relevant content that is easy to use?  Windsor invites you to learn about the resources, marketing tools and competitive advantages offered by Life Happens and AIG that are literally at your fingertips, along with social media best practices that you can implement today!  

A New Landscape: Death Benefit Focused Products After the 2019 CSO and PBR Changes

A New Landscape:  Death Benefit Focused Products After the 2019 CSO and PBR Changes
  Driven by new CSO tables and Principle Based Reserving (PBR), year-end 2019 ushered in a host of life insurance product changes. These changes impacted both a substantial number and a broad diversity of life insurance products and pricing — especially death benefit-oriented "permanent" plans of coverage, a market where many of us spend considerable time promoting and selling.  To assess what happened, we completed a survey of this market based upon the carriers Windsor represents.  While many of our observations were similar for single and joint life products, there were notab...
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New York's Rule 187 - What Happens in New York Never Stays in New York

New York's Rule 187 - What Happens in New York Never Stays in New York
No matter where you live, no matter where you do business, if you actively participate in the recommendation or sale of a life insurance or annuity product to a client in New York, Rule 187 directly applies to you.  And if it doesn't apply to you today, probably all you have to do is wait. Because, when it comes to insurance regulation, what happens in New York never stays in New York.  Although Rule 187, the new Suitability and Best Interests in Life Insurance and Annuity Transactions rule, exclusively applies to insurance and annuity sales in New York, we have seen regulations like...
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More Than a Game

More Than a Game
In November of 1960 the season was more than half over when the 6-1 Philadelphia Eagles met the 5-1-1 New York Giants with first place on the line in the NFL's Eastern Division. The Giants jumped out to a 10-0 first half lead, but the Eagles fought back to take a 17-10 advantage late in the fourth quarter. The Giants were driving toward a tying score when Frank Gifford, their All-Pro halfback, ran a quick slant pattern across the middle. He caught the ball, but was knocked off his feet by Chuck Bednarik, a 6-foot-3, 235-pound outside linebacker, coming from the opposite direction. The 6-foot-1...
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FASB Update 2018-12 and The Future of Life Insurance - A Conversation With Colin Devine

FASB Update 2018-12 and The Future of Life Insurance - A Conversation With Colin Devine
We're pleased to have Colin Devine, of C. Devine and Associates, join us today for a very timely and important Windsor blog about a topic that could have a significant impact upon the type and price of the products you'll be selling in the not too distant future. Colin, in August, 2018, the Financial Accounting Standards Board issued Accounting Update 2018-12 (ASU 2018-12), an update that affects all insurance entities that issue long-duration contracts – including life insurance and annuities. Earlier this year, C. Devine and Associates published an exhaustive industry peer review on the impl...
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Underwriting Enhancements & Case Design Tips to Help You Sell in the Foreign National Market

Underwriting Enhancements & Case Design Tips to Help You Sell in the Foreign National Market
"I haven't been everywhere, but it's on my list" - Susan Sontag High net worth individuals and families exist all over the world.  In today's global economy, you probably have clients with friends or relatives living abroad who are looking to buy life insurance from U.S. based companies. Whether for business planning, wealth transfer, legacy planning, wealth accumulation or family protection, many foreign nationals are motivated by having monies outside their country of residence.  They desire the stability of US dollar denominated coverage, asset diversification and protection again...
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