Tuesday, October 8, 2019

A Diagnosis of Breast Cancer Does Not Make Life Insurance an Impossibility

Breast cancer can affect both men and women, however it is far more common in women. It is the most common cancer affecting women in the United States and second only to lung cancer for cancer caused deaths overall. With today’s underwriting advances, life insurers have come a long way in their ability to insure breast cancer survivors, as well as those who may be an increased risk, due to family history.

Underwriting the mortality risk for breast cancer varies with the stage of the cancer. Non-invasive cancer has a better diagnosis than invasive tumors. Tumor size is an independent foretelling factor and each involved lymph node worsens the prognosis. Lifelong follow-up is required by the patient to detect relapses, which can occur decades after the initial diagnosis. Good and consistent medical follow up by your client will provide the full picture and is extremely important to the underwriting process.

To get started with the underwriting process, use this Breast Cancer Questionnaire from NAILBA for your clients that have been diagnosed with breast cancer and contact MVP Financial.

Tuesday, September 24, 2019

Take Your Practice to the Next Level

As the industry continues to recognize and celebrate Life Insurance Awareness Month (LIAM), it’s a great time to take a closer look at the latest digital solutions that can help you find new prospects, gain insights and sales strategies, and grow your practice in a wide variety of markets. Take your small business benefit offerings to the next level.

In today’s competitive business environment, business owners face several challenges in attracting and rewarding key employees, particularly for small, closely held businesses or pass through entities. Employers often seek a solution that is simple to implement and administer, tax- deductible, and includes a “golden-handcuff” element. Employees want tax-advantaged ways to save for retirement and protect their families. What’s more, employers and employees alike are looking beyond pure financial compensation towards more holistic planning, incorporating health and wellness programs as a component of a total rewards package.

An Executive Bonus Plan (aka “162 Bonus Plan”) or a Restricted Endorsement Bonus Arrangement (REBA) may be an excellent solution to achieve these goals. Under both of these plans, an employer selects a key employee to purchase a permanent life insurance policy on his/her life. The insurance premiums are then paid for by the employer in the form of a bonus to the employee.

With unemployment rates at almost a 50-year low and a competitive labor market,* it can be challenging for small business owners to find ways to attract, retain, and reward talented employees. An Executive Bonus Plan is one of the easiest approaches to enhance a compensation package for key employees.

*Bureau of Labor Statistics 2019.
Credit: John Hancock-Retaining Top Employees and Attracting New Ones

Tuesday, September 10, 2019

Life Insurance Awareness

Every September is your chance to take advantage of the phenomenal LIAM marketing resources available to support your outreach efforts.

Use the available resources and talk to your clients about the importance of life insurance. Start making the most of the campaign now and throughout the year. After all, it’s not just for them—it’s for their loved ones.

For your convenience, MVP has compiled numerous resources all in one place!

Get LIAM resources here