Find hidden gems
Garofoli : Non-spousal Inherited IRAs funded by annuities seem to be an opportunity ripe for the taking . Only a few carriers are able to administer the 10 year payout requirement of the Secure Act that applies to the typical non-spousal Inherited IRA .
Sorebo : Products built on a variable life or indexed universal life chassis will continue to grow in number and design uniqueness , and linked solutions for long-term care planning will also become more important , particularly given the longevity and size of the Baby Boomer generation and the current macroeconomic environment .
Medicare ! Everyone wants some of that market because , why not ? Lots of prospects , great renewable income stream and lots of tools to make quoting super easy .
Hughes
Understand the landscape
Szychulski : We saw great demand for estate-planning services last year , and until something definitive happens in Washington , DC , we expect to see people continue to seek advice and wealthplanning guidance .
Levin : Opportunity comes as a result of last year ’ s LTC program from the State of Washington . While opinions differ on the program , the one thing that cannot be denied is the increase in both consumer awareness and producer awareness regarding the need to have a planning discussion . Long term care solutions may not fit every consumer ’ s needs . However , the need to have an education decision so consumers can make informed decisions is crucial .
Bellig : The “ unknown ” future that lies ahead of us is generating a great deal of discussion around tax planning and to prepare for retirement income planning . The concern about the market is driving discussions on diversifying investment portfolios to a more balanced approach that includes the use of life insurance contracts . The recent changes to IRC 7702 have provided great leverage for customers to take advantage of the tax-favored treatment of life insurance .
Get comfortable with the unknown
Levin : The very unfortunate side of the pandemic was the amount of care needed and the amount of loss . The personal tragedy alone was enough to be devastating . The financial tragedies of not having life insurance ( or enough life insurance ) as well as a long term care solution further added to the devastation . Today , people are more aware of the importance of insurance and the need to protect against an unforeseen or unplanned event .
Ma : We need to remain adaptable to the rapidly-changing environment around us . The financial professional of the future is proactive , navigating a highly-digitized world with less paperwork , better sales tools , simpler processes , and the ability to build relationships in a virtual environment . Professionals who skillfully leverage digital tools are better equipped to build trusted relationships and boost consumer confidence when it comes to purchasing life insurance .
Szychulski : An underlying aspect of our business is getting comfortable with the unknown . We can ’ t predict what ’ s going to happen tomorrow or twenty years from now . We can only plan knowing what we know today so that we can take care of what we will need to protect tomorrow .
The challenge remains – educating and advising clients on how protection products can greatly improve their needs and objectives . Our value is in being consistently there for the client .
Pam Sheehan Vice President , NAILBA ID Media Network PSheehan @ nailba . org
Bellig
* Insurance policies and / or associated riders and features may not be available in all states . Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock . Insurance products are issued by : John Hancock Life Insurance Company ( U . S . A .), Boston , MA 02116 ( not licensed in New York ) and John Hancock Life Insurance Company of New York , Valhalla , NY 10595 . MLINY031822924-1 www . nailba . org 15