How Insurance Continuing Education Benefits the Agent, Insurance Company, and Client

June 14, 2014

Education is one of the most sought after characteristics by almost every employer. They want their employees to be competent, skilled, and smart. Training can certainly help, but a formal education cannot be replaced. Professionals of all kind have to complete continuing education courses to keep their license active. They must renew their license through their state every 1-3 years depending on what industry they are in and what license(s) they hold. Insurance professionals are no different. Insurance agents are accountable for a lot of money and help a lot of individuals and families make very important decisions on a day-to-to basis. In this article we are going to discuss how insurance continuing education can benefit the agent, the insurance company they represent, and the clients they serve.

Continuing education helps the insurance agent because it solidifies their knowledge in the field. They know they have the most up to date information to share with their clients. Each year rules and regulations may change from state to state so continuing education is very important. The agent can be confident they are acting ethical and sharing all of the correct information with their prospective clients. Education also keeps their license active. If the insurance agent falls behind on their continuing education credits they could receive fines and have their license suspended.

Insurance companies are worth millions, sometimes billions of dollars. They need to make sure the agents that represent them are professional, ethical, and knowledgeable in the products they are selling. Education is one way to ensure they are doing exactly what they are supposed to. They learn the new laws to avoid insurance fraud and can sell their clients the best products possible to fit their needs. The more education their producers have the better off they will be. Many insurance companies even pay for their agent’s continuing education classes.

Finally, the client’s insurance agents serve benefit from insurance continuing education courses. The individuals and families purchasing a life insurance policy know their agent is up to date on the best products available for their individual needs. They can rest assure when they are making this very big decision. If the client does not purchase the correct policy their family/beneficiaries could suffer greatly.

As you can see the more education an insurance professional has the better off they will be. Education is meant to enhance the knowledge of the producer so they can be efficient, knowledgeable, and up to speed on the latest rules and regulations their state enforces.

Life Insurance And The Suicide Clause

May 28, 2014

There are many seemingly tragic murder stories that are soon discovered to be suicides. But why would someone do that to their family? Lead them to believe that they have been murdered, only to have them discover that they did indeed take their own life. As a matter of fact, the people who do this are usually keeping their family’s best interests at heart! This is because; there is a suicide clause in most life insurance policies that state that they will only pay out for a suicide death after a certain number of years of the policy being active. Even then, they may only have to pay out the amount of premiums paid by the deceased, rather than the full lump sum that was specified by other causes of death.

If the deceased sets the death up to look like a murder, they will have the peace of mind in knowing that their beneficiaries will still receive the payout. This is what a lot of people have been found out about. The life insurance companies usually investigate and determine the actual cause of death before they payout. There are certain indicating factors that determine whether the deceased would have had a motive for suicide or not. The time the policy was taken out can be a great indicator! If someone is suddenly murdered only a few months after they have taken out a policy, then it raises suicide suspicions. If it is found out that the person actually committed suicide, and framed it as murder, then they will not pay out the money to the beneficiaries.

The reason for the suicide clause in most life insurance policies is that they do not want to lose money by people who want to take their life, but also want their families to receive the financial benefit. They know that the possibility of someone who is suicidal, taking out a policy only to shortly kill themselves whilst framing it as murder could be really high. This is why they usually stipulate that a suicidal death is only coverable after the policy has been active for two years and more. It seems illogical that someone would take out a life insurance policy and then wait two years to kill themselves!

A lot of people turn to suicide in desperate times. It is one of the leading causes of death! If a parent becomes bankrupt, and unable to feed their children, then they may turn to suicide as the only light at the end of the tunnel. They know that their children and family will be financially secure once they have passed away. The life insurance companies will investigate the deceased’s mannerisms and personality changes in the months leading up to their death. They will talk to family members, close friends and colleagues, and try and find any indication that the deceased would have been inclined to commit suicide. A life insurance company will be most suspicious if the deceased dies shortly after taking out a new policy. They will investigate the death in depth to ensure that it was indeed an accidental death or murder, rather than a suicide.

Naturally, suicide is a sad and even selfish thing to do. Even if the intention is to financially secure the beneficiaries, no amount of money will return their loved one to them. The worst part is that if the deceased is found to have committed suicide, it may all be for nothing, as the insurance company may not even pay out. This all depends on the suicide clause in the policy.

Insurance Training – Insurance License & Continuing Education

May 13, 2014

When it comes to an industry like insurance, there is a lot of competition out there and one has to go through a lot of training to be competitive and stay up to date with the new regulations. It doesn’t matter whether you’re an independent or captive agent, as both types of agents need licensing and continuing education to sell insurance policies. As there is separate licensing for the different types of insurance, you should know what types on insurance policies you would like to sell before you get started with your training.

Getting insurance training in property and casualty insurance will allow you to write home and auto policies along with other similar insurance policies. Whereas if you get training in life and health, you will be able to write life and health insurance policies. These two groups of insurance are very different, which is why you need different licensing for each one. Being an insurance agent is a very lucrative career if you let it be. You just have to make sure that you get the training that goes with your specific field of work.

Continuing education is required with this career, as well. Ongoing professional insurance training will help you learn about new regulations and ways of doing things so that you can stay on top of your game at all times. You need to make sure that you do whatever it takes to keep your career going strong as you are the only one separating yourself from success. With the right training, you will be able to keep your insurance career going strong for as long as you’re working.

Insurance training needs to be considered whenever you choose to be a part of insurance industry. If you are a life insurance agent, you need CE in life insurance, and if you are an auto insurance agent, your CE will be in auto insurance. This might seem obvious, but some people think that they can take any insurance course and use it for CE credit. In addition, your state might have certain regulations about which courses you need to take or how much of a particular topic you need for CE certification; so make sure that you know your state requirements for insurance licensing and continuing education before you begin your insurance training programs.

How To Get Affordable Life Insurance For Seniors?

May 9, 2014

There are so many companies offering life insurance for seniors. With the multitude of choices, finding the one that offers affordable life insurance can prove challenging. Therefore, it is strongly advised to do your research well. When making your choice, you should choose the one that suits your needs and budget.

Before signing any contract, you should make sure you have thoroughly read and understand it. A lot of people don’t give much importance to insurance because they tend to focus more on their daily needs. If you are more concern on your financial security and security of your loved ones, then it’s time for you to get life insurance.

Below are the different ways you can use to find affordable life insurance

Check for price breaks
When buying life insurance, the more coverage the better. Most companies will give you price breaks or popularly known as milestone discount for every maximum coverage amount. In other words, if your coverage amount is higher the better the price breaks would be. Therefore, it would be a wise decision to find out more about the higher coverage cost. By doing so, you will be able to save huge amount of money at the same time providing your family the best protection.

Check their renewal guarantees
What does renewal guarantee mean? Renewal guarantee is an assurance that you will be able to renew your policy without having the need to undergo medical examination again. However, you should be aware that the premium will be based on your current age. Renewal guarantee is actually beneficial for you because you will no longer need to repeat the entire insurance shopping process.

If your health has declined with the passage of time, then you can benefit a lot from renewal guarantees. If you are to undergo medical examination again and your health has degenerated, then there is a high possibility that you will be disqualified from getting insurance or you might end up paying a significantly higher premiums.

What are the available payment options?
Different insurance companies offer various payment options. You can either pay monthly, quarterly, semiannually, or annually. If you want to save money, then you can benefit a lot from paying annually. If you come to look at it, you will end up paying a higher amount at once, but if you look at the bigger picture, you will actually save money on the long run. Finding affordable life insurance is actually easy as long as you know how to do your homework well.