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Life Insurance

Disasters, pandemic highlight need for insurance

September is Life Insurance Awareness Month, and agents and advisors can point to natural disasters, including hurricanes and wildfires, the coronavirus pandemic and the 20th anniversary of the 9/11 terrorist attacks to highlight people’s need for personal protection insurance. Campaign organizer Life Happens enlisted former Destiny’s Child singer Kelly Rowland…

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What clients need to know about life insurance

Clients should be made aware that life insurance polices are a tool for building wealth, in addition to providing a death benefit, writes consultant Ebony Ruffin. She outlines four things agents should tell clients about life insurance policies. Full Story: ThinkAdvisor

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Survey: COVID-19 a big factor in insurance sales

The coronavirus pandemic was a main driver of insurance sales in the past 18 months, with 42% of respondents in a Million Dollar Round Table survey saying it factored into their decision to buy insurance. The percentage was even higher among people with financial advisors, with 55% saving COVID-19 was…

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How artificial intelligence is transforming insurance

The No. 1 digital tool advisors need to efficiently run their business is a good customer relationship management system, Luke Acree, president of ReminderMedia, said during a technology panel discussion at NAIFA’s Performance + Purpose virtual conference. Panelists also said advisors should use a “drip marketing” tool to stay in…

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The foundation of a successful trust

For trusts to be effective, they need to be well-designed, writes Theresa Marx of CIBC Private Wealth. Marx covers the building blocks that make trusts successful for clients, including access, control and flexibility. Full Story: Financial Advisor

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Life insurance market expected to grow 7%-11% in 2021

LIMRA increased its 2021 life insurance sales forecast, calling for the market to grow between 7% and 11% compared with 2020. LIMRA said it expects premium growth in all product categories except fixed universal life. Full Story: InsuranceNewsNet Magazine

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Retirement Income

NAIC Delayed Accelerated Underwriting Decision

Surprising? NAIC delayed Accelerated Underwriting decision on definitions. We previously reported on the NAIC’s move to define Accelerated Underwriting and it seems that regulators won the day. The new deadline is 2024. According to Insurance News Net, “Consumer advocates were disappointed by the delay and fought it until the final…

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Insurance Risk of Long-Term COVID-19

Carriers are just starting to realize the insurance risk of long-term COVID-19. According to Insurance News the results of a recent study by Nature of nearly 5 million patients, COVID patients had a 59% higher death rate up to six months after infection, versus non-infected people. That results in nearly…

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Retirement Traps for Overseas Clients

If you’ve got clients who intend to retire abroad, check out these potential retirement traps covered in the latest MDRT annual meeting. Potential pitfalls include: Different tax rules and arrangements Adjusting life insurance to meet the new country’s tax rules and maintain the intended bequest amounts Issues of residence and…

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27% of Parents Pay for Their Adult Children’s Vacations

27% of parents pay for their adult children’s vacations, according to a recent article “Sharing Later is Caring” from Round the Table, the monthly magazine of Million Dollar Roundtable. If that seems surprising, consider that 49% of parents also pay for their adult children’s everyday living costs– to the detriment…

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