The retail market for individual term life insurance is picking up, particularly for relatively products like indexed universal a life insurance policy. LIMRA ‘s summary of sales throughout the second quarter of 2015 signifies that consumers are aware of the benefits available from life insurance, but there is still room in your home for financial professionals to further improve sales by reaching out to new customers.
The jump in indexed universal life
Indexed wide-spread life has been a key progress area for the insurance industry world food prices decade, and sales of these plans continue to rise. In fact, the majority of universal life policies sold over the second quarter of this 12 months were indexed, making up Twenty percent of all life insurance sold through the quarter.
The increase in indexed universal life sales comes amongst increasing regulatory scrutiny with these types of policies that could result in some consumers to be reluctant about making their purchase. Fiscal professionals should work to attempt to counter this impression by showing the ways that indexed simple life can be used to provide tax-advantaged offer supplemental retirement income.
Think Advisor highlighted the need to recommend a lot of these policies as long-term options, because in their opinion, the plans are only truly effective as being a retirement planning option in the event the policyholder maintains the IUL solution for more than 10 years.
The insurance industry is experiencing rapid shifts since certain products become more well-known. Financial professionals need to continue being aware of these trends to successfully market to their clients.