Tuesday, July 25, 2017

TA's Top 5 for June 16, 2017

TA's Weekly Top 5

Hi, All!

Here is your weekly dose of "TA's Top 5". A list of industry updates, sales ideas, important dates and other interesting things we come across.


  1. Agent Tool Box
  2. yourlifeinsurance101.com - a better way?
  3. Confirmation Bias - affecting your beliefs?
  4. Carrier Highlight - Care Choice
  5. The Forgotten TAX - Where Not To Die In 2017

1. Agent Tool Box (Peter Zinnen)
Are you a large agency or agency with multiple locations, looking for a better way to implement cross-selling of life insurance for your team? Our branded agency dashboard will give you end to end process to support your efforts by providing all the resources you might need in one spot, easing the process, saving you time so you can serve more clients.

Agent Dashboard Sample: http://thompsonagency.pagecloud.com/sample-dashboard


Some of the many features
  • E-Contracting
  • Quote engine
  • Quote request
  • Quick quote request – Impaired risk
  • Universal application for drop ticket, 10 questions for request that works for 6 carriers that we work with.
  • Marketing library where they can request branded marketing that we will generate.

2. Yourlifeinsurance101.com (Peter Zinnen)

In an effort to constantly add value to our partners we have decided to develop and brand the life insurance portion of your website. Taking life insurance and breaking it down into laymen terms so that you can confidently point your customers to a resource that will lead them back to you at the time of decision.


Some of the many features:
  • Life Insurance Basics
  • Breaking Down: Term, Universal, Whole Life, Final Expense
  • Run Needs analysis
  • Run Your own Quote
  • Request a Quote
  • Apply Now!

3. How does Confirmation Bias affect your beliefs about financial solutions/products? (Adam Thompson)
Confirmation Bias is defined as “The tendency to interpret new evidence as confirmation of one's existing beliefs or theories.” – Oxford Dictionary


Is it possible that, as advisors, we dismiss highly effective, or even optimal client solutions, due to our own confirmation bias? Do you exclude IUL policies as a potential solution because they’re “too complicated”, neglect to discuss cash value UL because of the “low interest rate environment”, or avoid the topic of traditional LTC because “that industry is a disaster right now”? One doesn’t need to look far for confirmation of any of the above reasons as to why we shouldn’t propose those solutions as part of a protection plan. Is it possible that, our confirmation bias prevents us from providing best solutions for our clients? Let's consider the facts and the real value of what we have to offer... and drop the bias.

4. Minnesota Life’s Care Choice product is here! (Adam Thompson)
Another linked benefit solution for your clients. Fast facts – ages 40-79, single pay options, benefit periods 2-7 years, 3% simple, 3% and 5% compound inflation options, 100% ROP years 6+. Contact us to find out more!

5. The Forgotten Tax (Patrick Swayne)
State estate and inheritance tax...The forgotten tax
  • 18 different state have either an estate tax, inheritance tax, or both
  • Rhode Island has an exemption amount of $1,515,000- this means any estate over this amount will have a tax on the excess up to a max of 16%. How many clients out there have a net worth of $1.5M or more?
  • Connecticut’s exemption is $2,000,000. There is a tiered tax that is capped at 12%. Still, an estate of $2.75M with 20 years of growth, will equate to an estate of $5.59M using a 3% growth rate. That means over $250k of CT estate tax due. That tax bill is due in 6 months, unlike the 9 month due date on federal estate taxes
  • Vermont has a $2.75M exemption
  • It should be noted that portability, or the ability to use your spouse’s exemption, is not available for state estate tax.
This is something that we should be talking to our clients about during the planning process. They should consult with a properly licensed attorney to determine the appropriate ownership and plan.



State Estate Tax

State Inheritance Tax

Full Article Here

Thank you all!
Have an Outstanding Weekend!

The Thompson Agency 73 River Rd Collinsville, Connecticut 06019 United States (800) 842-8289

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