NAIFA supports Maryland state legislation that would provide consumers in the state with easier access to resources and educational materials on long-term care (LTC) planning. A NAIFA-Maryland member served on the Task Force on LTC Education and Planning that made recommendations that helped shape the bill, HB 599, Public Health – Long Term Care Planning.

Policyholders are looking for more than just a policy these days. Customers want an insurance agent who acts as their trusted advisor, collaborating with them to protect their assets and help reach financial goals. In fact, 75% of policyholders would switch insurers to get more personalized service.

If you have a client who can’t afford their policy – especially if it’s due to health problems – you may want to help them look into a life settlement. Of course, this leaves them without any death benefit protection, which isn’t ideal. But if they either don’t need the coverage or have no financial option but to let it lapse, a settlement may be the ideal solution.

Over the holidays, I had time to read a very interesting book that seems to directly relate the COVID-19 Pandemic chain of events. The Black Swan: The Impact of the Highly Improbable Event by Nassim Nicholas Taleb. Although the book discusses the black swan phenomenon in relation to investing, it seems to hit home when looking at the impact and rational that is surfacing around the COVID-19 Pandemic. The book focuses on three principal characteristics. The event is rare and unpredictable. It is an outlier so rare that even the possibility of such an event is not identified. The event produces a catastrophic impact. And finally, we create an explanation that makes it appear less random and more probable and eventually predictable. Interestingly, there are some positive Black Swans such as the impressive success of Google and Facebook. On the other hand, there is the tragic events of 9/11 which fits as a Black Swan. The COVID-19 pandemic that is taking its toll on individual families, entire generations, and the global economy also qualifies as a “Black Swan event."

As an advisor to individuals on Medicare or advising a caregiver to someone on Medicare, you require accurate information. One of the best reference tools for you to share with them is Medicare publications. They are easy to access on Medicare.gov and available on a variety of topics. Here are a few that I find outstanding.

If these past few months have taught us anything, it’s that trend-forecasting is an inexact science. We’ve all known for at least the past two decades that technology would continue to change our world, seamlessly integrating itself into our daily lives until almost everything can be ordered, viewed, or accomplished digitally. But very few of us could have predicted just how much, and how quickly, we would have to adapt to a world where working from home, video-chatting with doctors, and ordering groceries was not only an option but a necessity. It’s changed the way we conduct business – so much so that many industries, like life and health insurance, have been forced to reevaluate their relationship with tech to meet the demand of advisors and clients alike. They’ve begun to realize that technology is not just a trend they must grudgingly dip their toes into but an opportunity to dive in head first for total transformation. Keeping all that in mind, here are the most notable trends that insurance agents should be aware of.

The sales and marketing landscape has changed. Have you?

Industry groups unite the insurance and financial services industry to promote financial literacy and encourage a new generation of agents and advisors.