About the Book
The life insurance industry is on the precipice of a major shift. Just as Uber brought disruption to public car service, a consumer-focused approach is underway to replace the sales-oriented process we know today.
“Life insurance is the last product in the financial world that needs to come to consumers on their own terms. It drastically calls out for transformation that is built around the customer, not legacy systems of various life insurance companies, arcane paper-based processing, and data that is stale.”
In Life Insurance 10X we hear from 14 foremost professionals who are helping to usher in that change. Here they share specific processes and tools to make the end-to-end experience “ten times better” (10X) as policyholders search for, obtain and preserve a life insurance policy to safeguard their future and their wealth. An easy read for anyone outside the industry, it shines a light on what to look for (and look out for) yet is packed with real-life examples and specific recommendations to shepherd life insurance into the 21st century.
In “Life Insurance 10X”, the 14 co-authors catalogue best practices for successfully transforming the life insurance experience for clients, based on five core principles:
Recommend and work only with those companies that display evidence of staying committed to policyholders over the long-run.
Find, design, and obtain a policy using a consistent, advisory-based process centered squarely on addressing the policyholder’s individual needs.
Utilize a unique, fact-gathering underwriting process that strives to obtain the best underwriting class while maintaining the client’s confidentiality.
Optimize the structure and design of the policy so that the client benefits from the unique tax advantages that life insurance brings.
Put in place ongoing monitoring and management of the policy over the long-run to ensure the policy’s performance continues to meet the client’s expectations and needs.
Hear from the Authors
Frederick V. McNair IV
Michael B. Dranoff
Fulcrum Partners, LLC
What People are Saying
“I’ve been writing and lecturing about life insurance since 1965 and there are concepts in this book that were eye-openers to me! The co-authors of Life Insurance 10X obviously know how life insurance works. More importantly, their very up-to-date guidance is clear, concise, comprehensive, and practical. This book is a unique and invaluable tool that provides both practitioners and consumers with information – and more importantly – specific advice and wise, ethical insight and counsel on how to fully maximize the utility of the wonder product called ‘life insurance.'”
Publisher, Leimberg Information Services, Inc.
Author, “Tax Planning with Life Insurance” and “Tools and Techniques of Life Insurance Planning”
“Amazing! I have only one objection. In the introductory chapter Larry writes, “Largely this book is for insurance advisors…” Balderdash! This book is a must-read for any serious financial planner. For those of us without an insurance background, this is a major weakness in our professional skill set. That’s tragic as risk management is probably the most important element of a comprehensive plan. The Life Insurance 10X vision and other 13 chapters by some of the nation’s top insurance professionals, covering the gamut from Types of Policies, The Right Companies, Competitive Underwriting, Ongoing Policy Management and everything in between, is a seminal contribution to the planning profession. Buy it, read it, and your clients will be well rewarded.”
Chairman, Evensky & Katz/Foldes Financial
Professor of Practice, Personal Financial Planning, Texas Tech University
“This book is an excellent guide for true professionals in the life insurance business, and for life insurance agents who aspire to be true professionals.”
Joseph M. Belth
Professor emeritus of insurance, Kelley School of Business, Indiana University
“The best Life Insurance book to appear in years! Period. Written by Professionals for Professionals…and anyone interested in understanding the ‘New Order of Things.’”
James M. Benson
Chief Executive Officer, Benson Botsford, LLC
Former Chief Executive Officer of John Hancock Life Insurance Company, New England Financial and Equitable Life Assurance Society
Winner of the 2006 John Newton Russell Memorial Award
Valmark Financial Group Board Member
“Life Insurance 10X is a tremendous educational tool written by some of the best and brightest advisors and life insurance specialists in the industry. It shows where and how life insurance works for our clients and how it should be used in the overall planning process. It’s all about designing and tracking insurance recommendations to best fit the client’s needs. I highly recommend this book for everyone in our industry.”
Marvin H. Feldman, CLU®, ChFC®, RFC
President and Chief Executive Officer, Life Happens
Valmark Financial Group Member Firm
“How best to create an end-to-end experience for policy holders? Life Insurance 10X is a unique collection of best practices for life insurance professionals on serving client interests in the advising process. It presents an easy-to-read, holistic and customer-centric approach to developing and managing policies in a rapidly changing industry.”
Ravi Krovi, Ph.D.
Dean, College of Business Administration, The University of Akron
“Life insurance has transitioned over time from the simple tools of Whole Life and Term Life to the vast array of complex modern products today. The education and training for life insurance specialists has predominantly remained a sales agent preparation process and has not kept pace with this evolution. Life Insurance 10X brings a refreshing look at how professionals can better serve clients from the initial design of the life insurance policy through the service cycle. To truly be a professional in delivering life insurance advice, advisors must follow a process that continuously informs the client — from data gathering to solution development and implementation to ongoing monitoring and adjustments of in-force policies as the client’s current situation changes and requires it. For life insurance advisors, this book explains the process needed to be that true professional. This book should be a mandatory read for anyone seeking (and for many who currently hold) a life insurance license.”
Barry S. Mulholland, Ph.D., MBA, CFP®, ChFC®
Director, Financial Planning Program, The University of Akron
Other Life Insurance 10X Resources
The material contained in this book is for informational purposes only and is not intended to provide specific advice or recommendations for any individual nor does it take into account the particular investment objectives, financial situation or needs of individual investors.
Any opinions, projections, or recommendations in this report are subject to change without notice and are not intended as individual investment advice.
This material is intended for informational purposes only and should not be construed as legal or tax advice, or investment recommendations. You should consult a qualified attorney, tax adviser, investment professional or insurance agent about the issues discussed herein.
Securities offered through Valmark Securities, Inc. Member FINRA/SIPC. Investment advisory services offered through Valmark Advisers, Inc., a SEC Registered Investment Advisor.
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