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 Posted: Mon Jan 19, 2009 2:43 pm Post subject: |
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There is more
Wendy Gramm - State Farm, IBP. I like the name "Dead Peasant Life Insurance". lol
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Cascade Dave
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| Posted: Mon Jan 19, 2009 5:38 pm Post subject: |
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That's great information Cascade Dave.
Ya know,.... our government is loaded with people with PhD's in economics but have less than a 4th grade education in common sense and they have never even run a lemonade stand.
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GarySpicuzza
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| Posted: Tue Jan 20, 2009 1:50 pm Post subject: |
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Ya.... what are we gonna do with all these lemons? 
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Cascade Dave
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| Posted: Sun Jan 25, 2009 1:32 pm Post subject: |
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joven222 wrote:
| Quote: | | I am not from the US so I would like to ask this question. We all know that US is currently on its economic recession. What would happened to the insurance industry because of this? Can economic crisis affect the Insurance industry? If yes, in what way? |
Sorry Joven222 for hijacking your thread it seems we've gone off track from your original question.
Your two questions...
"What would happened to the insurance industry because of this? Can economic crisis affect the Insurance industry?"
...are way too broad; THE Insurance Industry is made up of each and every form of insurance. Below is a recent article published November 20th 2008, about two months ago, and it highlights where all the money from 401ks, IRAs... and non-qualified pension money is being re-invested right now as we speak.
Article LINK.
| Quote: | By Mercedes Jackson | Published November 20, 2008
From Senior Market Advisor News Desk
According to the 59 indexed annuity carriers participating in the Advantage Index Sales & Market Report, total third-quarter sales were $6.7 billion, up 5.2 percent from the same period last year. Year-to-date sales were $19.5 billion, up 3.9 percent from the previous period. Aviva held its No. 1 position, with 29 percent market share; American Investors Income Select Bonus was the top-selling individual product.
On the life side of the market, total third quarter sales were $129.5 million, an increase of less than 1 percent over the previous quarter and the same period in 2007. Year-to-date sales of indexed life were $381.2 million, up 9 percent from the previous period. Aviva continued to hold the No. 1 spot, while Pacific Life moved into the second spot; Old Mutual's MasterChoice IUL was the top selling IL contract. All 34 carriers in the indexed life market participated.
Says Sheryl Moore, CEO of AnnuitySpecs.com, “I can only see sales of indexed products increasing, during a time when American consumers are seeing the balances on their accounts plummet.” |
Now let's do some 4th grade math and determine which of our three (3) American's is in the best position entering 2009.
A person who directly invested $100,000 with a Broker-Dealer last year has about $62,400 left.
A person who stuffed $100,000 into their mattress last year still has their $100,000.
A person who put $100,000 into a 10% bonus Fixed Indexed Annuity's - 3% FIXED ACCOUNT - has an account value of $113,300.
But that's not the REAL issue, the real issue is what type of impossible gain would the Broker-Dealer investor have to receive over the next year to just stay even with the Fixed Annuity?
Remember, for mathematical consistency we started this last year (2008), during this year (2009) the FIXED Annuity owner will get another 3% bringing his year end account value to $116,699.
The answer is 87%.
You'd have to receive an 87% gain this year on your $62,400 that's left with your Broker-Dealer to stay even with the FIXED Annuity paying 3%!
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GarySpicuzza
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| Posted: Fri Feb 06, 2009 4:16 am Post subject: |
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Hi Insurance Maze,
I was an insurance agent. But i just want to learn more about insurance. I have some friends that are into insurance business. And the common question is, "how can we increase our sale if people are thinking about global recession." Most people now are in doubt of the stability of huge companies. As insurance agents, how will you deal with all these things? What strategies or techniques would you recommend?
Thanks in advance.
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joven222
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| Posted: Fri Feb 06, 2009 9:05 am Post subject: |
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Hi,
| Quote: | | As insurance agents, how will you deal with all these things? |
Though I can see that this question is targeted to Insurance Maze, still I'd recommend that in order to succeed in this down turn stay put to the consumer requirement.
Show your prospect the reason why he should focus on this need rather than trying to convince him by way of price comparison with your competitors. It would be easier to convince him if you go by selling for the reason and try to relate the reason with this down turn - believe it or not it is a global down turn.
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