Convert Term Policy Before It Expires
Hurry up and get those policies updated as soon as possible before the deadline expires. If you're not sure how to do this, we'll help you with that step by step.
It's an investment in your company's future, after all!
At least once a year, businesses are faced with the challenge of converting their term policy deadlines into something more flexible. Understandably, most are reluctant to do so because it means making changes to their core business operations on such short notice. But, the fact remains that they have to get it done.
The first step in looking at your company's renewal options is to review your employee insurance coverage. Your CFO should be able to provide you with the information you need on this. Be sure to get answers regarding Accident and Sickness and/or Business Interruption Insurance, as well as any other types of coverage you have in place.
Generally, converting your policy means changing the basic language of your current contract so that it is more flexible and can be applied to changing business conditions at a future time.
It's not a problem to convert within 90 days after the expiration of your current policy. The process is more complicated if term insurance expires earlier than a year; in this case, you'll have to apply for coverage first before being allowed to convert.
If the conversion process can be set up without extra fuss and bother, then the next step is the easiest: Just make sure your insurance agent has access to all your company records. Without these, products cannot be issued on time. With them, however, it's smooth sailing!
Be sure that you specify clearly and specifically what kinds of coverage you're looking for; otherwise, problems might surface later on that could have been avoided.
You should also consider setting up a meeting with an insurance agent who can provide you with advice. A good relationship with your agent is key to ensuring that your company's policies meet both your present needs and future requirements.
Make a point of finding out as much information as possible about the types of coverage that may be available to you. And don't forget to do this before the deadline for your current term insurance policy expires!
Disclaimer: The information provided in this article is intended for educational purposes only and not for the diagnosis or treatment of an individual problem. For each specific problem, licensed professional assistance should be sought.
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Posted by Insurance Marketing & Risk Management at 1:33 PM 0 comments: Links to this post
The thing I love about working as an insurance agent is helping business owners in their time of need with a variety of insurance products and offering them new ideas on how to make their company more successful for the future.
It was a great honor to be able to film an exclusive interview with successful business owner and successful insurance agent, Allen Cluff (@PauilCluff), who helped me to increase my knowledge of insurance and grow my business as well.
Here is the video:
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What I really liked about this interview is how Allen Cluff takes a very unconventional approach to marketing his business that you might want to look into if you are interested in growing a successful insurance agency yourself...
Here is a short list of the things we talked about in this interview (#1 - #5): 1) How he uses Google Adwords to increase his insurance sales by 30%
2) Why he sends out 4,000+ direct mail pieces every month to prospective customers.
3) Why he has different websites for different insurance products. (Did you know that 90% of the people looking online for "life insurance" are looking for life insurance quotes?).
4) Why he has multiple phone numbers and staff member so his business never closes.
5) Why he does not need an agency to manage his insurance company.
6) How he has kept his business afloat for 6 years without ever using more than $100 from his own savings.
7) The #1 insurance product he wants you to get for a reasonable price.
8) Why you should give up using your website as an important vehicle to drive traffic to your insurance agency. Answer: He uses Google Adwords and sends out over 4,000+ direct mail pieces every month because he uses multiple logos & websites for each of the different insurance products that he sells.
Watch the video to find out more.
Disclaimer: The information provided in this article is intended for educational purposes only and not for the diagnosis or treatment of an individual problem. For each specific problem, licensed professional assistance should be sought.
Posted by Insurance Marketing & Risk Management at 7:34 AM 0 comments: Links to this post
I want to start off by saying that I am a huge fan of benefits advisors who know what they are doing. People who use their knowledge and expertise to help people navigate through their complex benefits system are a true benefit to the insurance and human resources field. These people can truly change lives if they know what they are doing.
Conclusion
If you are like me, you probably want a way to simplify your benefits administration. You also probably need access to that kind of expertise. If this describes you, then I recommend that you consider hiring an experienced benefits advisor.
The best thing about these experts is that they understand how your benefit program works and they know what needs to be done in order for it to work optimally.