Sales & Marketing

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...

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...

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...

"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...

A successful sale typically has three common elements:  It solves a large problem.  The solution itself is time-limited, meaning that if you don't take action soon, all will be lost.  And it's a story that you can honestly get passionate about because it's so important to the client. The Tax Cuts and Jobs Act of 2017 created that exact scenario.  Beginning in 2018 and lasting through 2025, the U.S. has dramatically increased the amount of money/assets that individuals can gift to non-charitable entities without being subject to federal gift taxes.  Any client who had m...

  It's always great catching up with industry technical guru and thought leader, Bobby Samuelson.  Bobby's Life Product Review is the only source for independent, objective and technical life insurance product intelligence and an outstanding resource for all of us in this industry. We asked Bobby if he would like to join Windsor's Marc Schwartz in a conversation about the latest developments in Index Universal Life products, and Bobby graciously accepted. Marc Schwartz, Windsor Insurance: Bobby, we really appreciate you taking the time to educate us on what's happening in the wo...

The popularity of Index Universal Life products has stirred up the creative talents of many professional financial advisors, and nowhere has that creativity been more apparent than in the area of policy loan rescues.  No question this is a significant opportunity to bring value to clients and generate a new sale, but it requires a high degree of expertise to navigate successfully.  This article will review rescue strategies so that you have a better idea of what works and what doesn't.  In addition, the Windsor case design team is fully conversant on the options and approaches t...

  New Section 199A Makes Pass-Through Deductions Available for Small Business Owners and Life Insurance Professionals The Internal Revenue Service (IRS) recently issued its final regulations describing the rules pertaining to section 199A. For those who are unfamiliar with 199A, the section provides for a new deduction of up to 20 percent of qualified domestic business income for pass through entities such as sole-proprietorships, partnerships, S-corporations, trusts, and estates. AALU provided this summary in its January 30, 2019 WR Newswire: "By way of background refresher on section 19...

Ready for some quick sales ideas that you can take from start to finish before December 31?  Here are some of the best from Windsor and our carriers!   Year-End Tax Deductions!  American National ​As we enter the last two months of the year we are at the very peak of the pension season. Now is the time to contact prospects who couldn't pull the trigger on planning earlier in the year. There is much greater urgency to establish a plan now than back in March when no deadlines were looming. Contact accountants and let them know that you can help them and their client...

A major life insurer recently shared significant premium results that they've realized in the business planning marketplace over the last couple of years. The average size case represents $18,000 in new premium. And that's $18,000 of traditional individual life premium - not COLI or spread compensation type products. If that number and the resulting revenue grabs your attention, then you'll want to invest some of your time to realize this kind of ROI - because the results are real, business owners are buying, and advisors are successfully using permanent life insurance to alleviate a host of w...

Introducing Caitlin Peterson -  Earlier this year, Windsor participated in the Life Happens "Life Lessons Scholarship Program" for young people whose lives were dramatically changed by the death of a parent. The participants were asked to tell their stories and, as you would expect, all of their experiences were tragic and powerful.   Windsor selected Caitlin's story as the most compelling, and as a result Caitlin was awarded a scholarship for her ongoing education.    We recommend that you take a few minutes to read Caitlin's inspirational story here. ​ September is L...

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...

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...

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 employeesThe ability to recruit, retain and reward those key employeesEnsuring business continuity and successionRetirement income needsGrowing and protecting personal wealth, with that wealth typically tied up in the business What ha...

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 states...

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 insuranceEstate planningBusiness-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 val...

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...

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 ...

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...

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...