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New Year

Planning Opportunities in the New Year

Although it’s too early to know exactly what tax laws will look like this year, clients should still take some specific steps to prepare. It’s important to have a plan – whether it be for untimely death, disability or long-term care needs. There are a variety of planning opportunities to discuss with your clients in the new year. Explore our campaign ideas, packaged marketing resources and more!

Campaign Ideas:

  • Hit the Ground Running with Policy Reviews.
    Many clients make new year’s resolutions that involve their finances. Offer to conduct thorough reviews of their life insurance and long-term care policies. Changes in tax law may occur. Policy performance shifts due to market volatility or interest rates. Give clients peace of mind by making sure they have the correct protection in place.
     
  • Go Through an Estate Planning Checklist.
    Remind clients that even if they think they have a modest estate, it’s still important to plan. Plus, the estate tax exemption may be reduced, which could lead to an increase in estate tax. Having a plan in place also allows clients’ wishes to be honored and lessens legal difficulties. If they haven’t done so, they should engage with an estate-planning attorney as soon as possible to draft trusts and other necessary documents.
     
  • Asset Maximization.
    Reposition assets that are not needed during a client’s lifetime as premiums for life insurance. This strategy can allow clients to leave more wealth to heirs and could also protect against the financial impact of a long-term care event should you add an optional LTC Rider to the policy.
     
  • Talk to High-Income Earners.
    Changes in tax law occur. New and innovative products become available in the life insurance marketplace. Policy performance shifts due to market volatility or interest rates. These are all important reasons to conduct policy reviews.

Marketing Materials

Year-End Wrap Up: Life Insurance Trends of 2022

See who made the cut in our year-end wrap-up! We’ll summarize the top carriers in 2022, top products sold, what worked best in 2022, and the industry outlook for 2023.

Long-Term Care Awareness Month

Long-Term Care Awareness Month

Long-Term Care Awareness Month allows us to spread the word about the importance of planning for Long-Term Care. The pandemic has certainly reinforced the need for Long-Term Care coverage, especially as it relates to at-home services. Offer clients the benefit of life insurance with the added bonus of LTC. Explore our campaign ideas, packaged marketing resources and more!

 

Campaign Ideas:

  • Go Through Your Existing Book of Business.
    Most consumers don’t think about purchasing LTC until later in life as they near retirement. This puts the ideal client in their early 50s to mid-60s. Go through your current book of business and identify gaps in coverage — no record of life insurance and/or no record of long-term care, for instance.
     
  • Review Standalone LTC Policies to Find Life Insurance Opportunities.
    Agree to policy reviews on standalone LTC contracts. This can help you develop conversations with your clients and evaluate the performance of their existing coverage to see if it still meets their needs. If not, you may find a life insurance with a Long-Term Care rider opportunity!
     
  • Market Risk Provides the Right Time to Ask Clients About Their Long-Term Care Plans.
    Highlight the importance of having insurance to protect against a long-term care event. Clients may now understand the value of protecting their portfolio that’s already impacted by market volatility. Paying out of pocket can further devastate a financial plan.
     
  • Talk to Female Clients.
    Women have a longer life expectancy than men, outliving men by about five years on average. Many of us will face a long-term care event at some point in our lives. This is especially true for women as they make up the majority of caregivers and recipients of long-term care.

Marketing Materials

Sales Ideas to End the Year

Sales Ideas to End the Year

As the year nears its close, it’s not too late for your clients to take advantage of many planning opportunities before year-end. Make sure the wealth they have accumulated is protected and more efficient. There’s no better time for a comprehensive plan review.

Campaign Ideas:

  • Go Through an Estate Planning Checklist.
    Remind clients that even if they think they have a modest estate, it’s still important to plan. Plus, the estate tax exemption may be reduced, which could lead to an increase in estate tax. Having a plan in place also allows clients’ wishes to be honored and lessens legal difficulties. If they haven’t done so, they should engage with an estate-planning attorney as soon as possible to draft trusts and other necessary documents.
     
  • Talk to High-Income Earners.
    Given the administration’s tax proposals, high-income earners (especially those earning more than $400K a year) may find the income tax benefits of life insurance more appealing than ever. Show them how life insurance can offer cash accumulation potential to generate income-tax-free supplemental income in the future.
     
  • Conduct Policy Reviews.
    Changes in tax law occur. New and innovative products become available in the life insurance marketplace. Policy performance shifts due to market volatility or interest rates. These are all important reasons to conduct policy reviews.
     
  • Generate New Leads.
    Host a client appreciation event that appeals to a wide range of interests, such as a charity tournament or family outing.
     

Marketing Materials

LIAM 2022 banner (1200 × 300 px)

Life Insurance Awareness Month 2023

 

We’re committed to providing you with all the information you need to be an informed and savvy consumer, and we wanted to share some of the facts and figures from Life Insurance Awareness Month.

 

What is Life Insurance Awareness Month?

Life Insurance Awareness Month (LIAM) is a campaign that occurs every year during the month of September. The nonprofit organization, Life Happens, sponsors LIAM—a month-long campaign dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. This is the perfect time to take full advantage of LIAM resources to get educated about life insurance. What better time than now to get started on securing your future.

Get Educated: Statistics and Studies

 

What is LIMRA’s Insurance Barometer Study?

The purpose of LIMRA’s Insurance Barometer Study is to provide a snapshot of how Americans think about life insurance and how they feel about their own coverage. For each survey, LIMRA interviews roughly 1,200 consumers who have either purchased life insurance or are considering purchasing it. They ask questions about what kinds of coverage people currently have (or don’t have), why they bought it (or didn’t buy it), and where they learned about the product.

 
 

LIMRA Insurance Barometer Study results

The study found that half of Americans don’t have life insurance and that COVID has made it more likely that they will purchase life insurance within the next year.1  When looking at key groups, interest is highest among Millennials (44%), Black Americans (38%), and Hispanics (37%). The purchase intent for life insurance also reached a record high this year, signaling more people are aware of the product and its need.

graphic_Barometer_consumer_financial_impact_2022_1200x675_branded

Key Market: Millennials

Millennials, ages 24 to 40, are at a time in their life when they need to be thinking about life insurance. They are typically married, have children, and enjoy a sufficient salary with the majority having more than $100,000 in household income.2  Yet more than half of millennials have no life insurance coverage at all, putting their loved ones at risk of financial hardship should they die unexpectedly. Misconceptions about insurance often deter them from purchasing the coverage they say they need.

The 2022 Insurance Barometer Study finds that more than one-third of millennials say they don’t own life insurance because it is too expensive.3  In reality, the cost of life insurance could end up being less than a cup of coffee a day. In general young, healthy adults are most likely to not only qualify for coverage but also be able to secure the most affordable rates.

“Nearly half (47%) of millennials (34 million adults) say they need (or need more) life insurance.” – LIMRA Barometer Study 2022

This is where education about life insurance and the assistance of an insurance agent or financial professional comes in. They will explain how to select the right type of coverage for your circumstances and discuss options that can provide protection for your loved ones should you pass away.

Benefits of Life Insurance

Life insurance is an essential part of any financial plan. While life insurance provides security and protection for your loved ones when you are no longer here, it can also provide a reservoir of cash in some policies. Strategically planning for your future with life insurance ensures that you will have a well-rounded plan for years to come. If plans change, you can buy another policy or cancel an old one.

Protection

Protection

Wealth Creation

Wealth Creation

Savings

Savings

Tax Savings

Tax Savings

 

Who needs life insurance?

Life insurance is an essential part of any financial plan. While life insurance provides security and protection for your loved ones when you are no longer here, it can also provide a reservoir of cash in some policies. Strategically planning for your future with life insurance ensures that you will have a well-rounded plan for years to come. If plans change, you can buy another policy or cancel an old one.

Living life with life insurance means that you can fully enjoy your time here without worrying about the what-ifs in life, and by providing peace of mind with life insurance, the burden of the unknowns is relieved from your shoulders.

  • Homeowners

First-time homeowners carry a lot of debt. If you were to pass away while still paying for your mortgage, how would your loved ones pay for the additional cost of owning a house? Life insurance provides protection from life’s unknowns and big what if’s. Instead of your family struggling to pay for your funeral payments, credit card debt, car payments, and mortgage, the insurance company will provide a benefit amount upon your passing which can pay for the entire amount of the house or condo and may even cover your additional debts.

  • Newlyweds

Married couples and life partners are likely to both work and contribute to the household income. What happens when one person passes away and the household income decreases, but the same amount of bills need to be paid, plus funeral costs? The survivor is left with the burden of the loss of a loved one and the harsh reality of increased financial obligations. A life insurance policy’s death benefit can be spent in any way the beneficiary likes. Proceeds from a life insurance policy would help the surviving partner maintain their lifestyle by helping to pay bills and debt including mortgage payments, car payments, student loans, and credit card debt.

  • New Parents

Taking on the new role of parenting, or adding an extra bundle of joy in your life can be both challenging and rewarding. Having a child can also be quite expensive with the typical American family spending $233,000+ raising a child from birth to age 18. For a middle-income family, housing accounts for 29% of costs, 18% for food, 16% for child care/education, according to the USDA. 

Life insurance provides an income should one, or both parents pass away. The life insurance benefit can be used for costs of living including food, housing, child care, and education. If you are a single parent, the life insurance benefit is a financial lifeline for your child should you pass away. 

See this Bankrate guide that covers which financial expenses soon-to-be parents can expect. It includes a breakdown of the different costs to consider when raising a child.

  • Highly-paid employees

Many employers now offer group life insurance with a few thousand dollars of benefit to cover a small funeral cost, sometimes more. However, this is often not enough coverage especially if you have a family. If you are looking to move jobs, your group life insurance coverage will likely end creating a gap in coverage for you and your loved ones. Having your own individual life insurance policy means you won’t have a gap in coverage when you switch jobs.

If you’re starting your own business, a “key person” insurance coverage will help to protect your business by providing a benefit to replace the lost income and pay for business expenses in case of death or disability. Valued partners and employees have an enormous impact on your business both positively, but also negatively if they cannot perform their job. With a “key person” coverage you can use the benefit to buy out a partner without depleting company cash reserves, or use the cash to pay for expenses and buy time to fill in the gap.

  • Individuals Looking Towards Retirement

Life insurance is important in creating a well-structured and well-rounded retirement plan. Permanent life insurance policies provide a reservoir of cash that you can use during retirement through the cash value component. Life insurance is also used for estate planning and may help your beneficiaries pay taxes and legal fees. Consult with your financial advisor on the best plan for your retirement needs.

  • Caregivers

The aging population is living longer, and many people in the United States rely on family members to care for them. This puts an enormous financial and emotional burden on loved ones as they try to cope with their ailing relatives. If you’re providing care for an aging relative, a life insurance policy is essential in making sure you have a backup plan to protect their continuity of care if you pass away.

  • Divorcees

Ending a relationship is a good time to reevaluate your existing life insurance before a divorce is finalized. If your current life insurance coverage lists an ex as a beneficiary, consider excluding them from your list. Don’t forget to review your beneficiaries after splitting up.  In addition, consider purchasing your own life insurance policy, or adding a new one.

LIAM 2022 banner (1200 × 300 px)

Life Insurance Awareness Month 2022: Why Participate in LIAM?

 

As an insurance agent, we know how important it is to stay informed about the latest trends in the insurance industry. And since we’re committed to providing you with all the information you need to be an informed and savvy agent, we wanted to share some of the facts and figures from Life Insurance Awareness Month.

Table of Contents

What is Life Insurance Awareness Month?

Life Insurance Awareness Month (LIAM) is a campaign that occurs every year during the month of September. The nonprofit organization, Life Happens, sponsors LIAM—a month-long campaign dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. As a life insurance agent, this is the perfect time to take full advantage of LIAM resources to spread the important message about life insurance to your existing clients and launch marketing campaigns aimed at new prospects.

As a life insurance agent, you’re a key player in spreading the word about the importance of life insurance to your clients and prospects.

Your LIAM Tool Kit

What are the LIMRA Insurance Barometer Study results?

The study found that half of Americans don’t have life insurance and that COVID has made it more likely that they will purchase life insurance within the next year.1 When looking at key groups, interest is highest among Millennials (44%), Black Americans (38%) and Hispanics (37%). The purchase intent for life insurance also reached a record high this year, signaling more people are aware of the product and need.

The purpose of LIMRA’s Insurance Barometer Study is to provide a snapshot of how Americans think about life insurance and how they feel about their own coverage. For each survey, LIMRA interviews roughly 1,200 consumers who have either purchased life insurance or are considering purchasing it. They ask questions about what kinds of coverage people currently have (or don’t have), why they bought it (or didn’t buy it), and where they learned about the product.

graphic_Barometer_consumer_financial_impact_2022_1200x675_branded

KEY MARKET: MILLENNIALS

Millennials, ages 24 to 40, are at a time in their life when they need to be thinking about life insurance. They are typically married, have children and enjoy a sufficient salary with majority having more than $100,000 in household income.2 Yet more than half of millennials have no life insurance coverage at all, putting their loved ones at risk of financial hardship should they die unexpectedly. Misconceptions about insurance often deter them from purchasing the coverage they say they need.

The 2022 Insurance Barometer Study finds that more than one third of millennials say they don’t own life insurance because it is too expensive.3 But in general young, healthy adults are most likely to not only qualify for coverage but also be able to secure the most affordable rates.

Millennials represent the largest market opportunity for our industry with half saying they need life insurance. This is where insurance agents come in and explain how to select the right type of coverage for their circumstances and discussing options can provide additional protection for their loved ones.

 

Making the Most of Life Insurance Awareness Month

Every year, we’ll gather marketing resources and materials from industry leaders to help you make the most of Life Insurance Awareness Month. Use the tools and resources on this page to access hundreds of email templates, social media posts, videos, websites, and more!

 

 

Marketing Tools and Carrier Resources

Last updated: 9/19/2022 at 1:40 pm

 
couple thinking finances

Insurance Brokerage: What It Is and Why You May Need One

Insurance brokerages are often thought of as the middlemen between insurance companies and their clients. But in reality, they perform a much broader range of services for their customers and can help you with everything from finding the right coverage for your needs, to helping you find a company willing to work with your unique situation.

What is an Insurance Brokerage?

Insurance brokerages help you navigate the confusing world of insurance. You might have questions about what kinds of insurance you need, or how much coverage you should get. An insurance broker will take the time to sit down with you and discuss your needs and goals in order to figure out what type of policy would be best for you. They’ll help you understand the basics of insurance so that you can make smart choices when it’s time to buy.

If you’ve ever felt confused about how insurance works or why it’s important to have coverage at all, an insurance broker can help clear up those questions. They can advise you on how much coverage is enough and how much should be avoided altogether. They can also help you navigate tricky situations like filing a claim, switching carriers, or buying life insurance on someone else’s behalf.

Overall, Occidental Underwriters of Hawaii can help clients find the insurance solutions they need to protect their assets, mitigate risk, and ensure peace of mind. Our experienced team can guide clients through the insurance process, from initial assessment to ongoing support and policy management.

Why do I need an Insurance Brokerage?

Insurance brokers are experts in their field—they know how to find the right policy at the right price. They can help make sure that what’s being offered is actually useful to you and meets your needs. They also have access to a wide variety of options so they can find something that works well even if it’s not available directly from an insurer. Finally, they’ll be able to answer any questions that come up during the buying process because they’ve done this many times before!

An insurance brokerage is a company that helps people find and purchase insurance.

Insurance companies are huge, and they don’t always have the time to listen to your needs or answer all of your questions. That’s where an insurance brokerage comes in. An insurance brokerage’s agent can sit down with you, take the time to understand what you want out of your insurance plan, and recommend some options that best suit your needs. They’ll also help you navigate through the process of buying a policy so that it’s as easy as possible for you.

Insurance brokerages and agents are there to help you find exactly what you’re looking for—whether it’s a simple term policy or a multi-year whole life plan—and they’ll make sure that everything goes smoothly once that policy is in place.

Occidental Underwriters of Hawaii’s Brokerage Offerings

Our company offers a variety of insurance products to protect your family and loved ones. Choose from life, long term care and critical illness insurance, disability insurance, annuities, and retirement planning solutions to help your future be secure.

Occidental Underwriters of Hawaii’s Partnered Insurance Carriers

At Occidental Underwriters of Hawaii, Ltd., we understand that the best way to provide peace of mind for our clients is to offer them a diverse selection of insurance products. That’s why we work with several different insurance carriers, each of which offers a diverse selection of insurance products.

We know how important it is to have the right coverage, and we want you to rest easy knowing that your insurance needs will be met. View our list of insurance products, carriers we work with, and services we provide!

Products and Services We Offer

Life Insurance
Long-Term Care Insurance
Critical Illness Insurance
Disability Insurance
Annuities & Retirement Income
Personalized Consultations

Our Carrier Partners

We’re partnered with 20+ A rated carriers to provide the best options.

    • AIG
    • Allianz
    • Athene
    • American National
    • Assurity
    • The Cincinnati Life Insurance Company
    • Equitable
    • Great American Insurance Group
    • Jackson
    • John Hancock
    • Legal & General
    • Lincoln Financial Group
    • MassMutual
    • Mutual of Omaha
    • Nationwide
    • OneAmerica
    • Pacific Guardian Life
    • Pacific Life
    • Principal
    • Protective Life Insurance Company
    • Prudential
    • SBLI
    • Securian Financial
    • Security Mutual Life
    • Symetra
    • Transmerica

We Are Your Back Office Support

Underwriting Expertise

We can help you get your insurance coverage faster, with less hassle.

Acceleration Underwriting

If you’re in a hurry, we can help you find quicker options should you qualify!

Case Management

We are real people who care about your situation and will walk you through every step of the process.

Get Started

Our team is always here to help you get your insurance started. We believe that the best way to protect you is to know you. That’s why we take the time to get to know you, your family, and your life—all while making sure that our underwriting process is as quick and easy as possible.

Our agents are trained to understand how your insurance needs are unique, and can help you with any questions or concerns you have about your coverage options. We also have accelerated underwriting options for those who need them, and case management services for those who want them.

And because we believe in real people helping real people, our team members are all licensed agents who will take the time to explain all of our coverage options in detail, so there’s never any guesswork on your part.

Contact us