Life Insurance

Insure your Love 2023

Episode Summary

This podcast episode focuses on updates in the life insurance industry for 2023 and tips for agents to sell more life insurance policies this year.

The host first interviews Chris Newberry from The Brokerage's life insurance department. Chris shares that 2022 was a turbulent year for life insurance carriers, with many top carriers repricing their rates over a dozen times to try to offer the most competitive term life rates. This repricing benefits consumers through lower prices but has also led to much tougher underwriting guidelines for applicants. Field underwriting is now critical for agents to still get clients the best rates if there are any health conditions.

Some carriers like American National and Bestow exited the term life market altogether in 2022. The Brokerage is adding new instant issue options in 2023 to replace Bestow and give agents streamlined, text-message-style application processes.

Beyond repricing and shifting carriers, Chris notes worrying industry trends. U.S. life expectancy declined for the 3rd straight year, now averaging around 76 years. Factors like COVID and drug use contribute. Additionally, there are more producers over 80 than under 25, meaning very few younger agents are entering the insurance business these days.

For agents, The Brokerage offers several solutions to sell more life insurance in 2023. They will continue monthly Core Partner Programs highlighting specific carriers each month. In-person Life Insurance Boot Camps in Texas markets are planned for spring 2023 to help agents get contracted and learn illustrations, apps, and more. The Brokerage is adding American Amicable for final expense and new instant issue carriers to expand options.

The Brokerage now also offers referral fees to agents who refer life insurance clients to Brokerage experts, which helps busy Medicare agents. It's important agents highlight "living benefits" allowing accessing funds while alive in certain conditions.

Overall, the life insurance landscape will continue rapidly evolving in 2023. The Brokerage aims to provide agents with carrier options, training, referral programs, and sales tips & strategies to sell more life insurance policies this year despite the volatile industry changes.


(0:00:00) - People want to talk about long-term care on the Broker Link
(0:00:55) - Chris Newberry from our life department joins us to talk about life
(0:01:31) - Underwriting-wise, what do you think is going on in the insurance market
(0:03:30) - The average life expectancy in the United States is about 76 years old
(0:04:29) - There are more insurance producers over age 80 than there are under 25
(0:08:29) - You guys have some plans for 2023. So tell us about them
(0:14:22) - There is a market for those who don't need a life insurance policy anymore
(0:18:07) - Living benefits within a life insurance program is something we talk about
(0:19:58) - Chris: There's a lot you can do with a brokerage when it relates to life insurance

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