Key Man Life
  • 3 in 5 small business owners lack succession plans; Millennials most likely to have one in place
    Half of those without a plan believe it’s not necessary according to new Nationwide Financial Small Business Survey, while younger owners seem to have a better grasp of succession plan importance.
  • Small business owners have big plans for 2017
    New survey shows small business owners are highly optimistic about 2017 – much more than the general public – with plans to hire, grow, and minimize taxes. This shift in attitude means a renewed interest in financial planning, with 55% saying they plan to engage a financial professional for assistance this year.
  • Colleges turning to insurance: Michigan’s Harbaugh gets raise via life insurance while schools regularly cover premiums for elite players
    Michigan football coach Jim Harbaugh’s raise provides an example of how life insurance can be used for executive compensation. Meanwhile, colleges are now routinely covering premium costs to protect elite players from “loss of value” due to injury.
  • Employer-owned coverage: A long-ignored market with great potential
    The employer-owned life insurance market is ripe with opportunity thanks to a sales-friendly process. Here are some sales strategies to help agents capitalize on it.
  • Nuts and bolts of exit planning, Part II: Experts sound off on intricacies of a challenging market
    In Part II of his interview with exit planning experts James J. Tyrpak, MSFS, CLU, ChFC, AEP, and Michael L. Weintraub, CLU, author Chuck Hirsch asks about why the life insurance advisor is so crucial to the process, best and worst aspects of the market, and solicits advice for those interested in exploring this lucrative market.
  • Nuts and Bolts of Exit Planning: Thoughts from two of the best, Part I
    Chuck Hirsch interviews exit planning experts James J. Tyrpak, MSFS, CLU, ChFC, AEP, and Michael L. Weintraub, CLU, to seek out insight about how they’ve achieved so much success in this important and lucrative market.
  • Six Things Not To Say When Selling Insurance
    Selling insurance can be viewed as an art form, and each agent approaches it differently.  Plus, with constantly changing technology, regulatory shifts, and other social and economic pressures, agents may have to change their strategy depending on the situation.
  • Key to the Business Market - Key Person Insurance
    I love the idea of key person insurance because it so clearly reflects the core concept behind life insurance itself.  One of the most basic of reasons for a business to purchase life insurance is to protect itself from the financial hit it is almost certainly bound to take should one of its key people die.
  • The Top Six Life Insurance Reads
    Students of the life insurance industry are always looking for resources to add to their library of knowledge.  For new agents and seasoned veterans alike, pertinent reading material can be a major boon to a life insurance practice.
  • Using the Infinite Banking Concept In Your Practice
    Recently, our readers discussed what they like and dislike about the infinite banking concept ("IBC").  The Infinite Banking Concept is an idea that uses whole life insurance as a savings accumulation vehicle.
  • Explaining the Incontestability Clause
    How do insurance agents and companies handle untruths on behalf of their clients?  The incontestability clause was originally designed to manage situations wherein an applicant fails to mention something that is relevant to a life insurance policy and how it is approved and issued.  In the case of these omissions, the clause can be used to contest payout of the policy if the applicant dies within two or three years of the issuance.
Key Man Life Forums Topics
  • Big Whole Life Policy
    I've got a well-to-do 63 y.o. NT client who's interested in buying 500K of WL. Any suggestions? Thanks guys!...
  • Opening Value Statement and Engagement Questions
    I just started cold calling to set business insurance appointments for agents. From experience what are the best opening value statement and engagement questions to ask a prospect when on the line to keep them engaged?...
  • LifeSecure Group LTC
    I've had an IMO come into my office and present a LifeSecure Group LTC product for my bank and organization. Seemed like a good product with benefits on pricing (uni-sex rate) and simplified underwriting. Plans were pretty straight forward and simple. Sounded like they were also pretty quick to issue. Has anyone had experience with this product in the past? Positives? Negatives? Things I......
  • Retirement Plan Regarding Life Insurance
    I currently own an independent P&C agency although I do have some familiarity with the Circle of Wealth philosophy. My question is, since I don't have an employer matching me on a 401k and I have doubts about it to begin with, couldn't I just write myself a whole life 65 policy and dump as much into it over the next 30 years or so as possible. Then upon retirement if one of my kids wants to......
  • Partnerships
    How do you and your partner work? Split 50/50? Or each keeps what they sell and split expenses? What seems to work and not work?...