Life Insurance 101

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With the Open Enrollment Period here already, it is crucial to educate your customers on the types of insurance out there on the market. Specifically, life insurance. For many consumers, life insurance can be a mysterious concept. But if you present a clear-cut idea of what life insurance is, then it becomes much more accessible. So, without further ado, read on to learn what questions folks are asking about life insurance, so you know what questions to address when selling policies.

What is life insurance?

Your client may be unsure of what life insurance is exactly. Here’s a quick way to summarize life insurance for your next phone call with a client:

Life insurance is an insurance policy that pays out a set sum of money either immediately after a person dies or a short period after that person’s death. This money usually goes to the spouse and/or children of the deceased individual. So, life insurance is essentially coverage for those left behind following the death of the policyholder.

The difference between permanent and term life insurance?

Many people don’t realize that there are actually two types of life insurance. Make sure to educate your clients on the two different types of life insurance: permanent life insurance and term life insurance.

How much coverage do your clients need?

You should emphasize to clients that they should get a life insurance rate that is 6 to 12 times their annual salary amount. For example, if your client makes $50,000 a year, then they should choose a life insurance rate of $500,000.

What does life insurance cost for your clients?

Explain that usually, life insurance costs between $26 to $55. Permanent life insurance tends to cost more than term life insurance since it usually means rates that are 10 to 12 times your annual salary. Meanwhile, term insurance covers about 10 to 20 years of life. Permanent life insurance means also getting a cash value that increases over time, whereas term life insurance is only for a short period of time.

Are you ready to start connecting clients with the right life insurance plan?

Explore the rest of Agility’s website to find more resources as an agent!

Agility Producer Support
(866) 590-9771
support@enrollinsurance.com

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National Life Group: September is Life Insurance Awareness Month

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Three ways to engage throughout Life Insurance Awareness Month.

Your clients and prospects have lived through many changes over the
past two years, which have underscored the need for life insurance more
than ever before.

Take this opportunity to reach out and help them understand what “With life insurance, I’ve got you.” might mean to them and to their loved ones.

Three ways to engage throughout Life Insurance Awareness Month:

  1. Check NL Edge for weekly sales ideas.  Each week, we’ll feature a new sales idea in NL Edge to give you new insight and a competitive advantage.
  2. Get social.  Connect with clients and future
    customers using the power of social media. You will find a wealth of
    life insurance themed content available.

  3. Use our abundance of tools and marketing resources.  Looking for an email, flier or other marketing tool on a specific product or idea? We have an eKit for that!

 

And don’t forget you National Life Group Contracting!

 

Agility Producer Support
(866) 590-9771
support@enrollinsurance.com

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2021 Marketplace Special Enrollment Period Report

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The Centers for Medicare & Medicaid Services
(CMS) report that over 528,000 Americans signed up for health insurance
from the start of the 2021 Marketplace Special Enrollment Period (SEP)
for consumers in HealthCare.gov States through March 31st, including
approximately 322,000 signups from March 1st to March 31st. 

February 15th – March 31st, 2021

The Centers for Medicare & Medicaid
Services (CMS) report that over 528,000 Americans signed up for health
insurance from the start of the 2021 Marketplace Special Enrollment
Period (SEP) for consumers in HealthCare.gov States through March 31st,
including approximately 322,000 signups from March 1st to March 31st.

The number of people signing up for health
insurance from the start of the SEP opportunity on February 15th through
March 31st represents a substantial increase from 2020 and 2019, when
209,000 and 171,000 consumers signed up for health insurance
respectively.[1]
In previous years, SEPs were available only for qualifying life events,
whereas this year the Biden Administration opened a SEP to all
Americans in response to the COVID-19 Public Health Emergency.

Data suggest a more diverse set of American
consumers are enrolling in health insurance coverage through the SEP. Of
enrollees who identified a race from February 15th through March 31th, 17%
identified as Black, compared to about 11% during the same period in
both 2020 and 2019. In addition, lower income Americans represent a
larger percentage of new plan selections so far during the SEP compared
to prior years. Among consumers requesting financial assistance, 41%
have a household income between 100% and 138% of the federal poverty
level, compared to 38% in 2020 and 33% in 2019.

Definitions and details on the data are included in the glossary at the end of the report.

READ FULL REPORT > 

 

If your looking to expand your book of business and client reach as a professional life and health insurance agent, you are in the right place. 

Check out enrollinsurance.com now.

 

 

Agility Producer Support
(866) 590-9771
support@enrollinsurance.com

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