September ONE Idea Recap
The signs of Fall are everywhere – the leaves are turning color, kids have gone back to school, chilly mornings have returned, and Q4 kicks off next week! This is a busy time of year, personally and professionally, for the insurance and financial services industry. We expect to be occupied with the upcoming holidays AND placing and closing the insurance business our clients need before year-end. AgencyONE looks forward to helping you!
We are pleased to share our September ONE Idea Recap with links to the full copy of each ONE Idea from the month. AgencyONE’s ONE Ideas are designed to discuss a range of industry topics that align with current trends in Advanced Markets, Case Design, Annuities, and Underwriting. We hope they bring you and your practice value and at least ONE idea!
We started the month of September with a ONE Idea from our Case Design Department entitled Consider Cash Value Life Insurance for your Client’s Supplemental Income Needs. This ONE Idea summarizes how cash value life insurance can offer your clients the benefits of tax-free income and provide another income source in addition to those they currently have in place. The article looks at a design that features multiple insurance solutions and includes sample reports and comparisons detailing equity accounts versus insurance accounts. This ONE Idea is a great one to share with your clients who have ample investments and don’t fully recognize the varied benefits of life insurance.
Our second ONE Idea for the month was from the desk of Gonzalo Garcia and titled Premium Financed Life Insurance – Trying to Fix the Derailed Train. Premium Financing is a popular topic for our AgencyONE 100 advisors and something that most of them have considered at one time or another for their client’s insurance planning. While some transactions have resulted in considerable angst for both advisors and clients, these arrangements can still be attractive in the right situation. Inforce premium financed policies SHOULD be reviewed periodically to make sure that the long-term objectives of the policy owner are still being met. Due to changes in the economy, many existing premium-financed policyholders have come up against serious hurdles. If you have a client who has called to discuss a problematic life insurance premium financing transaction, AgencyONE may have a solution.
Our final ONE Idea from September was from the desk of Dennis Bartos, Chief Medical Underwriter for AgencyONE, titled I Gotta Guy/Gal! What Are Our Options? You all have clients with existing inforce polices. This ONE Idea outlines the options for those clients who have policies that no longer fit their needs or could be improved upon. Some of these policies are no longer performing as originally designed. Some clients have term policies coming to an end and need to be converted to permanent coverage. Some clients have health issues that have improved and may be eligible for a rating reduction, while others may not need coverage any longer and are candidates for life settlement. There are as many options as there are types of clients. Q4 is the perfect time to review these inforce policies and consider options to improve your clients’ existing coverage.
Please do not forget, our most recent ONE Ideas are listed under “Updates” on our website homepage. Additionally, a full library exists on your personal Dashboard on our website under the Sales/Marketing tab (you must have a website login for access to the complete library). If you see something you like, we can brand it for your company and make it client-facing, if necessary. Just let us know.
AgencyONE provides these ONE Ideas to help you and your clients gain a better understanding of the planning, product selection, design, underwriting that goes into the purchase of life insurance (with and without linked benefits), annuities and disability insurance. We hope you find these ONE Ideas helpful when assisting your clients with their financial, wealth, business, and estate planning needs.