September 2022 - WELCOME

Fall is upon us, football season is underway and Life Insurance Awareness Month is here. Grab a cup of coffee (maybe pumpkin spice) and peruse through the latest Millennium Minute. This month we are covering:

• Executive Bonus Plan -- ROP Term Insurance
• Life Insurance Awareness Month Resource List
• Top MYGA Rates
• Agent Webinar Opportunity -- September 20th
• And more

Executive Bonus Plan -- ROP Term Insurance

According to a recent study, more than half of all employees in the U.S. are looking to leave their jobs.¹ Better compensation and benefits (35 percent) and better work/life balance (25 percent) are the top two reasons why employees would leave their current job, according to research commissioned by the Achievers Workforce Institute. The workplace has changed and employee/employer relationships are evolving. Losing top employees after training and investing in them can significantly impact your business. Why leave things to chance…lock in your top people now.

We have included an Executive Bonus Plan presentation as well as case studies. We encourage you to download the attached and connect with your local Millennium RVP to discuss prospects. 

A Key Question to Ask Your Business Clients and Prospects

WHAT ARE YOU DOING TO KEEP YOUR MOST VALUABLE EMPLOYEES?

1   Maurer, Roy. “Turnover ‘Tsunami’ Expected Once Pandemic Ends.” SHRM, 7/6/21, https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/turnover-tsunami-expected-once-pandemic-ends.aspx.

Case Study Results

September Brings Life Insurance Awareness Month 

Life Insurance Awareness Month (LIAM) was designed to educate consumers about the importance of life insurance and the role it plays in protecting families’ financial security. The pandemic raised awareness of how fragile life is and the importance of preparing for the unexpected. Now is the perfect time to make sure life insurance is on your client's radar. 

Below you will find several resources that support LIAM and some ideas to share the value of life insurance. I encourage you to take the quiz, Do You Understand the Market Segments and Life Insurance? As always, please reach out to your local Millennium RVP with questions.

LIAM Statistics and Resources:

STATISTICS

• The 2022 Insurance Barometer Study reveals 4 in 10 families would face financial hardship within six months should the primary wage earner die unexpectedly — a quarter would struggle financially within a month. Lack of knowledge may be preventing people from taking action:
• The top reason people give for not owning life insurance is that it is too expensive. Yet three quarters of Americans think it’s three times more expensive than it actually is. 
• One quarter think their workplace coverage is enough — but the median basic coverage offered by employers is either $25,000 or 1x salary — far less than what’s recommended for income replacement.
• More than half of underinsured Americans (54%) say they have put off purchasing the coverage because they don’t know what to buy or how much they need and just 3 in 10 say they are very or extremely knowledgeable about life insurance.

The Help Protect Our Families Campaign and Life Insurance Awareness Month are designed to help raise awareness and provide information to engage 106 million consumers who say they need (or need more) coverage to adequately protect their loved ones and create a foundation for enduring financial security.

RESOURCES:

LIMRA

• Winning the Game of Live Insurance Infographic
• 10 Facts About Life Insurance That Might Surprise You
• Top Misconceptions About Life Insurance
• Quiz: Do You Understand the Market Segments and Life Insurance?

John Hancock

• Why this is a golden age for life insurance

• Hancock Talks Podcast - Life Insurance Awareness Month — get the latest insights on today's clients to grow your sales

Lincoln

• 'Why Life?' Brochure

North American

• 'How To' Marketing Guide
• Social Media Calendar
• Sharable Videos

Prudential:

• LIAM Microsite
• Financial Wellness for Women

Top MYGA Rates 

MYGA rates have reached 4.40% for 7 years and 4.35% for 5 years. Download the Top MYGA Rate Sheet by clicking the button below.

Hold On Global Atlantic Business 

Annuity Processing Slower Across All Carriers 

Tips to speed up processing

Increases in annuity business has created longer processing times. Each carrier is working to effectively review and process the business in a timely fashion. 

Tips to speed up processing:

• Submit applications in Good Order
• Include all statements and information with the application

• Electronic Applications speed up the process -- 

If you have a question around annuity processing please reach out to your local Millennium RVP.

Living Benefits for No Additional Charge -- North American

North American has competitive indexed universal life (IUL) insurance products and they included living benefits for no additional charge.*

Fewer than half of the top 2021 IUL carriers offer both critical and chronic accelerated death benefits for no additional upfront charge. 

Why does this matter to you and your clients?

1. Clients can get more out of their life insurance policy.
2. No additional upfront cost–clients don't pay unless they use the benefit.
3. Your clients don't have to decide if they want these benefits when applying. If they qualify for living benefits, they're included!

More details can be found here

7 Living Benefits Social Media Posts