Insurance Marketing: 3 Ways to Reach Your VIVA 2017 Goals

insurance-marketingThe Brokers Central VIVA 2017 incentive is your ticket to any U.S. destination of your choice when 2017 qualifying target premium reaches $135,000. Your award trip includes two airline tickets, hotel accommodations, meals for two, and a car rental for five days. For $195,000 in qualified target premium, we’ll extend your trip to seven days. There are many routes to VIVA 2017 victory. Qualifying target premium from life, disability, and long-term care policies can help you arrive at your production destination.

Apply the three product strategies outlined below to arrive at your goal, more efficiently than you ever thought possible.

Strategy #1: Get on the life insurance autobahn

Life insurance sales could be the fastest and most direct path to your premium goal. There are so many reasons to talk to clients about life insurance as a part of a well-planned retirement strategy. Consumers most often associate life insurance with final expenses, others with premature death. But few consumers are aware of the roles life insurance can play in a retirement plan, from supplementing income without increasing taxes on social security benefits, to making additional contributions to retirement savings once the maximum annual contributions to IRAs and 401(k)s are reached.

Over that last few decades, preparing for retirement has shifted from a shared effort of personal savings, government benefits (Social Security), and employer defined benefit plans. Pension plans in general, are not nearly as prevalent as they once were, replaced instead with employer sponsored retirement plans like 401(k)s and 403(b)s. The Bipartisan Budget Act of 2015, eliminated advantageous filing strategies for younger workers, that leave only delayed filing as a maximization strategy. These developments increase the value of life insurance as part of a retirement plan. Planned withdrawals and policy loans from a cash value life insurance policy can help fill the income gap for those who choose to delay applying for Social Security benefits. The tax advantages of permanent life insurance allow for policy loans and withdrawals (up to the cost basis) without incurring federal income tax as long as the policy stays in force.

In today’s low interest rate environment, products with guaranteed cash values and guaranteed minimum interest-crediting rates can offset portfolios with low returns or offer stability to portfolios subject to the highs and lows of the stock market, especially when distributions are needed.

If you haven’t already done so, download our client handout, “Five Reasons Your Retirement Plan Should Include Whole Life Insurance.”

Strategy #2: Accelerate success with disability insurance

Add disability insurance sales to reach your goal faster. Although concerns about retirement are universal for all cohorts, the second financial worry (seven out of ten) for Millennials and Gen Xers is income interruption due to disability. Two-thirds of those employed do not have disability income insurance. Yet more than half believe they need disability insurance. Disability insurance can be the beginning of a financial relationship that will develop into other products and services as the need for financial security and protection products increases due to marriage, children, and home ownership. Invest time now to build relationships with Millennial and Gen X clients, before they qualify as affluent; the future growth of your practice may depend on it.

Some of our carriers who sell offer both life and disability products offer pricing and underwriting incentives for placing both products.

Strategy #3: Explore the road less traveled – long-term care insurance

The future is bright for long-term care insurance. Carriers have made significant improvements in product pricing and design. A more accurate use of lapse ratios, low interest rates, and morbidity and mortality results have improved products to the extent that the Society of Actuaries estimates fewer than 10 percent of policies priced in 2014 and later will ever need a premium increase.

Considering that the majority of long-term care episodes require assistance for less than three years, more affordable products with shorter benefit periods are available. 2016 saw a new carrier, National Guardian Life, enter the market with Essential LTC and with it comes a return to some of the popular product features, lifetime benefits and limited pay option, not offered for many years. Lastly, long-term care is a looming crisis for families and government. According to Health, half of Americans turning 65 today will, at some point, need assistance with the activities of daily living.

Less than 9 million of us have private long-term care insurance. For most people, long-term care insurance is the best solution to provide greater freedom of choice for where care is received and to preserve assets intended for heirs. That is a story worth sharing with clients. If you haven’t already done so, download our client handout, “Three Reasons Long-Term Care Insurance Should Be In Your Future.”

Proceed confidently with roadside assistance from Brokers Central

You can count on Brokers Central to help you reach the production goal that suits your practice. We are experts in all three product lines and have years of experience providing product and sales support for both insurance pros and newbies. Our commitment is to you, your practice, and your success.

VIVA 2017 is just one way we support and reward our producer partners. Let’s get you on your way to your chosen destination. Call us at 845-495-5000.

As the Founding President of Brokers Central, Yoel Bodek has an innate understanding of how financial products work together to solve clients’ business, financial security and wealth accumulation goals. View Yoel’s Bio. Email Yoel.