"Hi everybody, Tyler Horning here, Principal at TDC Life. Today I wanted to come to you with a year-end alert. There are five important life insurance opportunities as we come into the fourth quarter of this year."
The global pandemic has created an odd space in the life insurance industry. What it's created for younger, healthier folks is an opportunity to buy life insurance easier than it's ever been. Many life insurance companies are offering no exam, a limited medical record, or electronic signature ways to buy life insurance. It's easier for young, healthy folks to secure he coverage they need.
Now is the time to act because we don't know what the future will hold with these programs.
What that looks like is insurance companies trying to hit their numbers for the year, and needing to get more insurance in the door. Because of that, they create programs to help people improve their underwriting. They may waive certain medical conditions. They may give people underwriting classification bump-ups. All of that equates to lower premiums for people that may have complicated, or less-than-perfect medical hisotry.
Again, now is the time to act to take advantage of these programs.
All of the estate planners that I know are busier than they've ever been. And all of this estate planning, while it's great, needs to be coordinate with life insurance planning. Those two should go hand-and-glove. So it's important, as folks focus on estate planning, to make sure that the life insurance they have or might need is set up and coordinated with that planning.
There is an aging-up that happens with life insurance. Your age is one of the most important determining factors of the price of an insurance policy you might buy. So if you're considered an older age, you pay more. Insurance companies age you up 6 months before your actual birthday in most cases. We have some techniques, and just moving forward earlier rather than later, helps you secure lower cost insurance at a younger age.
Many insurance companies use the end of the year as the time to eliminate or introduce new products. Sometimes those products are better. Often times those products are not as good as what's available today. So acting now before the end of the year, before the products change, is just smart insurance planning.
The fourth quarter is here. That means there are some opportunities in the life insurance space for you and your clients. Call TDC if you have any questions, or if we might be able to help you with any of these situations. Appreciate the time!"
-Tyler Horning, Principal