NAILBA Perspectives Spring 2020 | Page 16

MARKET STRATEGY
Tracking the year from page 14
Jennifer Borislow, CLU
“The disruption to businesses and everyday life owing to the
COVID-19 pandemic will certainly influence how we operate our
business going forward. We are very fortunate that our firm had
in place a thoughtful business continuity plan in the event of a
natural disaster. We never anticipated a pandemic — more like
a massive snow event like the Blizzard of 1978 that shut down
Massachusetts for more than a week.
“With short notice, we succeeded in mobilizing our
team and moved quickly to 100% remote with a focus
on serving our clients at a time they most needed our
support, expertise, and guidance. Our team responded
quickly in an effort to stay on top of the ever-changing
landscape of what options employers have to assist
employees. The focus turned from basic employer
leave policies to layoffs, furloughs, and reduction
in work force (RIF) and how best to manage from a
benefit perspective. Critical decisions needed to be
made quickly, and our team was equipped to support
our clients through this challenging time. Our energy
and focus shifted to a different level of navigating leave
management. Our ability to adapt to the rapidly changing COVID-19
landscape will be a market differentiator for our firm in ways that
are still to be defined.
“For now, though, our sole focus is on the health and wellbeing
of our team, our clients, and all of their families. We are all
entering a new normal, and it will take time to truly understand
what that means for all employers.”
Jonathan A. Shaw, CLU, ChFC
“Life insurance is the bedrock of anyone’s financial
plan. Before the virus, it was obvious that many advisors
were putting little emphasis on life insurance ownership.
“We have learned how fickle the market can be. All of
a sudden, owning our product is ‘in vogue.’ Now there is
a pent-up demand for our product, and we are seeing a
surge of life insurance applications.
“In connection with this overwhelming number of
applications, our carriers and reinsurers need to get
back to common-sense underwriting. The role of the
underwriter should not be that of a private detective or
super sleuth, but should work with us and the advisor to
develop a professional, rational process to issue as many
policies as possible at as fair a rate as possible.”
The Columbus Life Difference
With new features entering the IUL industry,
design matters now more than ever.
Backed by a history of strong performance, our
IUL offers powerful and accessible living benefits,
competitive fixed and indexed account cap rates,
and a guaranteed persistency bonus. All this, built
on traditional IUL benefits — upside potential and
downside protection from market fluctuation.
Discover the Columbus Life Difference.
Visit us online at ColumbusLife.com / financial-professionals.
Flexible Premium Adjustable Life Policy with Indexed Options series ICC17 CL 88 1708. Product and rider provisions, availability, definitions and benefits may vary by state.
IUL is a Universal Life policy. It has insurance related costs. Premiums paid must produce sufficient cash value to pay insurance charges. Indexed returns do not protect against lapse if premiums and returns
do not provide sufficient cash value to cover loan interest and insurance costs. Your clients must understand that loan risk means loans may well not be zero cost. Such loan risk and interest costs will reduce
account value and will contribute to a risk of policy lapse if account value becomes insufficient to cover charges. Payment of benefits
under the life insurance policy is the obligation of, and is guaranteed by, Columbus Life. Guarantees are based on the claims-paying
ability of Columbus Life. Products are backed by the full financial strength of Columbus Life.
Life insurance products are not bank products, are not a deposit, are not insured by the FDIC, nor any other federal entity,
have no bank guarantee and may lose value.
Columbus Life Insurance Company, Cincinnati, Ohio, is licensed in the District of Columbia and all states except New York.
©2020 Columbus Life Insurance Company. All rights reserved.
CL 5.2033-NP (03/20)
For Financial Professional Use Only. Not for Use with the Public.