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November Is Long-Term Care Awareness Month. Hybrid Policy Sales Are Up. Here’s Why.

  Traditional long-term care insurance may be foundering, but long-term care coverage isn’t. Although sales of traditional LTC policies have fallen sharply in recent years, life insurance policies and annuities that carry LTC benefits are surging in popularity. Here is a brief synopsis from an article which appeared in Financial Planning this September. Read the full story here: LTC Strategies   Standalone, individual LTC policies fell to 91,000 in 2016 from 372,000 in 2004, according to LIMRA. Instead, Americans are turning to hybrid, or “combo” life insurance that can also pay for lifetime care. To a lesser extent, people are
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Categories: Blog Posts.

5 Things to Know About Long-Term Care (LTC)

  November is Long-Term Care Awareness month, and so Shurwest decided to research some of the latest data. Here is what we found.    70% of people 65+ will need some form of long-term care.1 However, not all of them will need to be in a nursing facility. Only 35% of people 65+ will need to be in a nursing care facility, for an average of one year. That doesn’t negate the fact that financial advisors need to plan for the worst case scenario, since the need for long-term care varies from person to person. (For instance, 20% will need
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Categories: Blog Posts.

Americans’ Top Financial Fears

In honor of the upcoming holiday—Halloween—we’d like to recap some survey results about the top financial fears your clients might be facing. Overall A recent survey by GOBankingRates1 offered 2,500 Americans a choice between seven options as their “biggest money fear.” Here are the overall results from 2017: • 22% of Americans chose “never being able to retire” as their biggest money fear. • 20% are most afraid of always living paycheck to paycheck. • 18% are most afraid of living in debt forever. • 16% are most afraid of losing their jobs. • 11% are most afraid of losing
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Categories: Blog Posts.

Shurwest Recognized As Best IMO (Independent Marketing Organization)

Shurwest won “Best IMO” at the inaugural Indexed Insurance Awards event held September 13-15th, 2017 in Des Moines. Structured Rate Products (SRP), based in London, developed the awards and hosted the ceremony. SRP provides the world’s most comprehensive database of structured products, comprised of 16,209,566 individual product listings from 2936 companies across 53 different countries. Shurwest President Ron Shurts said, “We are very excited to be named ‘Best IMO’ by SRP, and we will continue to do everything possible to leverage our products, integrated marketing, technology and operations support on behalf of our financial advisor partners.” ### If you would
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Categories: Blog Posts.

September is Life Insurance Awareness Month. Part 2 of our 2-part series.

IULs (Indexed Universal Life Policies) IUL policies provide permanent life insurance along with the potential to grow the value of the cash portion of the policy based on the performance of a designated index or indexes. An IUL policy is not actually invested in the stock market, but interest is credited to the policy based on its index’s performance as spelled out in policy contract provisions. As discussed in Part 1, Indexed Universal Life policies are not right for every client, but they can be good for some. IULs are sometimes called a “rich person’s Roth” by industry insiders since
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September is Life Insurance Awareness Month. Read Part 1 of our 2-part series.

Life Insurance Awareness Month: Part 1. It’s an exciting time to be in life insurance. (Yes, you read that right.) Although the old adage that life insurance is “sold not purchased” may still ring true, life insurance product innovations over the last 15 years have piqued the interest of consumers. Especially since insurance distribution channels 1 have moved beyond captive agents and now include stockbrokers and investment advisors in addition to independent insurance agents. The numbers prove the point. As of Q2 2017, sales were record-setting, particularly for indexed life. ‘Indexed life second quarter sales were $485.0 million; a figure
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Categories: Blog Posts.

Back-to-School Season Is the Perfect Time to Reach Out to Your Clients

Your clients look to you as their expert when it comes to all things financial, and college planning is no exception. Here are some approaches you can take this fall along with some facts to have at your fingertips when you’re meeting with clients.   Relay facts about the cost of college. See the research we did last year (Planning for College Has Never Been More Important) which showed that 42 million Americans carry $1.3 trillion in college debt. The average tuition and fees in 2015-16 were $9,410 per year at four-year, in-state public institutions, while room and board were
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Millennials Are Saving, But For Financial Freedom, Not “Retirement.”

Millennials–people between the age of 18 and 34–are the largest demographic group in America as of 2015. And according to a recent study by Bank of America’s Merrill Edge, they are also saving more money than any other group, with 36% of them stashing away 20% of their salary. But it’s not for “retirement” per se. They are saving money so they can “live their desired lifestyle.”   If you haven’t been actively pursuing this group, you might want to consider it. Millennials need your help beyond robo-advice. Research by UBS has suggested that millennials have become the most financially conservative generation since
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6 Client Retention Actions You Can Implement in Your Practice

The battle for client retention is won—or lost—within the first two years of acquisition, according to a recent article in ThinkAdvisor. The article’s author says that out of their typical yearly client attrition rate of 7%-10%, they discovered that 45% of these clients were leaving within the first two years of coming on board. Implementing some simple customer service and support models and processes reduced their account closures. Keeping even just a fraction of that business can mean a lot to a financial advisor’s bottom line. The author found that “a simple 2% increase in customer retention can create as
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Categories: Blog Posts.