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Making The Most - Newsletter - Nov. 20

Nov 17th, 2020

Making The Most As A Life Insurance Agent

I recently read an article from Think Advisor that was not so much interesting as it was predictable.  It essentially talked about the number of life insurance application submissions; up for younger individuals and down for older individuals.  If you’ve read my articles over the last 6 months, you’d conclude the article makes perfect sense.  Life insurance underwriting since the onset of the COVID-19 pandemic has become more restrictive on the older population, obviously because of the more serious potential effects COVID-19 has on that age group.  Even though it makes sense, agents don’t like it! This ‘temporary’ restrictive underwriting creates undue difficulty for an older individual, sometimes makes it 

Gilpin

Scott Gilpin

Life Marketing Manager
800.541.6705

I recently read an article from Think Advisor that was not so much interesting as it was predictable.  It essentially talked about the number of life insurance application submissions; up for younger individuals and down for older individuals.  If you’ve read my articles over the last 6 months, you’d conclude the article makes perfect sense.  Life insurance underwriting since the onset of the COVID-19 pandemic has become more restrictive on the older population, obviously because of the more serious potential effects COVID-19 has on that age group.  Even though it makes sense, agents don’t like it! This ‘temporary’ restrictive underwriting creates undue difficulty for an older individual, sometimes makes it 

impossible.  That all being said, October 2020 did have more life application submissions than October 2019. That’s encouraging!

I believe agents and clients are starting to realize we cannot keep using this pandemic as an excuse to not live our lives. And with that being said, life insurance is still a priority to ensure financial peace and stability for our loved ones.  It might sound strange given the underwriting restrictions still in place with most carriers, but now is a great opportunity to discuss life insurance with your clients. Yes, there will be struggles in application submissions and underwriting for some clients due to age and/or health concerns, but for the vast majority of your clients, it’s business as usual.

Agents should utilize the uncertainty in the world as conversation starters to the importance of life insurance.

Agents should utilize the uncertainty (pandemic, financial, economic, and social) in the world as conversation starters to the importance of life insurance.  What if the pandemic gets worse?  What if a vaccine is administered worldwide? What does the economy look like in the next year?  When will these carriers lift “temporary” underwriting restrictions, or will they ever?  These are all real concerns every person is asking themselves.  It creates a natural segue to discuss life insurance planning solutions with your clients.  Let me be clear, this is not a scare tactic. These are real conversations people are having in their homes every day. It necessitates your expertise and guidance in navigating the uncertainties. They have concerns you can help them solve. 

Let us make sure life insurance application submissions continue to rise. Ensure your clients understand this pandemic is not a reason to put off a decision regarding life insurance….it is time to make those decisions.

Let us make sure life insurance application submissions continue to rise. Ensure your clients understand this pandemic is not a reason to put off a decision regarding life insurance….it is time to make those decisions.

I have said many times, we have a multitude of life insurance products and riders that can be used for many different planning opportunities.  Term, Guaranteed Universal Life, Indexed Universal Life, Whole Life, Final Expense, Chronic Illness and LTC riders, income riders, and more. Let Producer’s XL help you find the right plan for your client.