Posted by:
Kestler Financial Group on 8/28/2012
I work with quite a few financial planners. Their approach to life insurance is very analytical, and the result is often a set of applications. All on the same insured, layering insurance types, amounts and durations to match what they perceive to be the need of the client. They do a ton of paperwork. It is a necessary evil to do what they feel is best for the client. I have other agents who approach it a bit differently. They sell fewer polices with a larger face amount and a longer duration, and ask about possible future reductions in face amount. They do less paperwork. I'm not sure the end result is that different. One of our carriers has introduced a completely different way to attack this.
Posted by:
Kestler Financial Group on 8/28/2012
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Posted by:
Kestler Financial Group on 8/21/2012
Thank you to our guest blogger this week, ADAM CAVALIER
A few weeks back we talked about product innovation and the need to look at ideas beyond variations on the current products. One could view that as looking for the current products to evolve into a new "species" of product. While I continue to think that is something we all need to pay attention to, I also believe that we need to pay attention to product diversity.
Over the last 30 years there have been distinct eras dominated by one particular product type: Universal Life in the 1980's, Variable in the 1990's and then Guaranteed UL in the 2000's. Sure, there were a couple blips on the radar during those periods where other product types spiked, but by and large there was one dominant product during each of those decades.
Posted by:
Kestler Financial Group on 8/21/2012
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Posted by:
Jeff Reed on 8/14/2012
Sure, it's guaranteed. But what about the rest of the product? What product? Indexed Universal Life. One of the rather common features of these, as well as current assumption Universal Life products, is an interest rate "persistency" bonus that kicks in at some point in the policy, usually around the tenth policy year. Nothing new here, as this has been common practice for quite some time. The issue, however, is when we don't pay enough attention to what it does to our illustrative rates and what it may mean for the rest of the policy metrics like cap rates or participation rates.