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Top 10 Life Insurance Presentation Templates with Examples and Samples

What will happen when the family's sole earner is no longer around to provide for the family? They can depend on the benefits of life insurance, an intelligent investment method offering financial protection. Insurance also plays a crucial role if anyone plans for an early retirement, as it can help them make money over time and secure their future.

If you are a financial advisor or an insurance agent who wants to explain the policy details or sell it to their clients, this blog is for you. Here, we will discuss the Top 10 Life Insurance Presentation Templates with Examples and Samples . These PowerPoint bundles will also save the hassle of creating the designs from the beginning, and you can instead spend your time and energy documenting your policies.

SlideTech has prepared the templates to discuss the intricacies of insurance claims. Click here to learn about it!

These documents have structured formats highlighting the life insurance services and benefits. You can use them across different projects and express complicated information clearly and concisely. They are 100% editable, so you can also personalize them as you see fit.

Also, check out the 5 Must-Have Insurance Agency Templates to build your company’s success in the insurance industry.

Now, let us begin and explore our templates!

Template 1: Life Insurance Company Value Proposition Model

Use this PowerPoint Slide to outline your life insurance companies' services to get you more customers or clients. It includes financial security with health coverage aids, a secure future for children, no loan burden, and tax and retirement benefits. Here, you can also show the positive aspects of education coverage, health insurance, special allowances for senior citizens, and tax benefits for customers who pay more premiums. This template is available for download, so you get it now and make changes per your requirements!

Download this Template

Template 2: Life Insurance Planning Timeline

This PPT Template elaborates on the stages of life insurance. It shows how clients can plan their insurance terms based on age and different life events, such as marriage, growing a family, and finally preparing for retirement. This way, you can display the details of your life insurance policy and create a structured document to promote your insurance products. Download this template from the link below and take full advantage of its features!

Template 3: Life Insurance Sales Four Steps

Use this PowerPoint Template to outline the simple steps of your insurance sales process. It includes the essential parameters of internet marketing, tax benefits, financial help, and your company's services. Add a few sections to this document and draft your insurance selling strategy. Get this template today and showcase your ideas and planning through our presentations!

Template 4: Life Insurance PowerPoint Template 

This PPT Slide highlights the factors that measure insurance costs and explains how you will get family protection with the policy. Here, you can outline the policy terms and mention how they cover the benefits for senior citizens. The template also displays the insurance plans, their types, guaranteed benefits, terms, coverage duration, etc. This helps clients choose the most suitable plan and secure their financial position for later years. Download this template now, make changes as required by your company, and impress your clients!

Template 5: Life And Non-Life Insurance Company Profile 

This PowerPoint Deck outlines all the relevant information about insurance companies for existing and potential clients. It clearly shows the executive summary with company details, brand value, market share, and key statistics. It also highlights the company's information, mission, vision, and core values. The deck also details the products: life insurance, health insurance, and property and casualty insurance. With this bundle, you can get an idea of the global competitors, SWOT analysis, CSR activities, expansion strategies, and your insurance company's plan.

Template 6: Life Insurance Plans with Benefits and Terms

This PPT Layout showcases the critical aspects of life insurance plans. It includes names of the insurer's plans, their types, guaranteed benefits, terms, and Premium Paying Terms or PPT in years. You can use this structured format during your meetings with clients and the internal training sessions in your organizations. Get this template today and reap its benefits.

Template 7: Life Insurance Services

This PPT Design illustrates your company's life insurance services to your clients or customers. It shows policy tenure, cash value, premiums, and maturity benefits. The insurance products mentioned in this document are term, whole, universal, variable, burial, joint life, mortgage, credit, and group life insurance. In this way, you can provide critical information about your insurance policies. Get this template today and have an upper edge over your contenders!

Template 8: Healthcare Insurance Categories

The PowerPoint Slide showcases the categories of healthcare insurance your company offers customers, along with its claim coverage. It includes the five categories of insurance products, which are:

• Platinum - covers 90% of medical costs
• Gold - you can claim 80% of medical costs
• Silver - you can raise a claim for reimbursement up to 70% of the total bill amount
• Bronze - covers 60% of the total medical bill amount
• Catastrophic - the insurance company will pay you almost 100% of medical costs.

Here, you can add product categories based on your customer needs and evaluation score. Download this template now and check out its benefits!

Template 9: Healthcare Insurance Networks

This PPT Template elaborates on the types of healthcare insurance services your company provides to your clients. It shows information about hospitalization, annual premiums, copay, status of deductibles, paperwork, preventive care services, and emergency services. The significant networks mentioned in this document are -

• Health Maintenance Organizations (HMOs)
• Exclusive Provider Organizations (EPOs)
• Preference Provider Organizations (PPOs)
• Point of Service (POS) plans
• High deductible health plans (HDHPs).

This way, you can explain the insurance types using the Healthcare Insurance Networks company profile. Get this template now from the given link and cater to your requirements!

Template 10: Property and Casualty Insurance Categories

The PPT layout highlights the property and casualty insurance categories your service provider offers its clients. It shows eight categories of insurance, including insurance, home insurance, renter insurance, business insurance, condo insurance, farm insurance, electronic insurance, and reinsurance. You can also add necessary details about the terms and conditions of these types of insurance services. Download this template now and impress your audience with your presentation skills!

Wrapping Up

The PowerPoint Templates help you create a guide for everyone to understand what an insurance company offers. You can use the edit option to change the color, font, and content. Add images, graphs, tables, and symbols to support your content. Download these templates now and impress your audience!

Check out our pre-designed Top 10 Auto Insurance Templates with Samples and Examples.

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Improve Your Life Insurance Sales Presentation

Posted by charlie conron on 01/19/2018, don’t let a weak presentation kill a sale.

Don’t let a weak presentation confuse your client and kill a sale.

The first step to selling more insurance is a great presentation. That’s why it is important to learn what makes an effective life insurance sales pitch—and use that knowledge to make the best presentation to your client.

In this article you will learn key presentation strategies that will help you improve your sales pitch for selling life insurance so you can become more profitable and drive more sales.

Just having the right product for your client does not guarantee you will make the sale—you also have to communicate this value to your clients.

Not presenting a clear picture of your client’s options in a way that is easy for them to understand is a surefire way to leave your client feeling overwhelmed and confused, delaying the whole sales process, or worse, not taking any action.

Remember, it does not matter how much intelligence, talent, or skill you have. If you cannot communicate the value of your product with a great presentation, you are not going to close the sale.

Learn how you can give the best insurance sales presentation and improve your closing ratio with these 12 tips.

12 Tips For A Successful Life Insurance Sales Presentation

Get to know your client.

Take time to understand what your clients needs, goals, and concerns are. This will help you ensure you are presenting the best insurance options, while also building a deeper relationship that will be helpful in keeping them as a long-term client. A needs analysis is required as well as a KYC, but getting to know your client on a personal level will get them to open up about their finances and goals, making it much easier to complete your due diligence.

Personalize Your Presentation

Create a personalized presentation for your client that takes into account their specific needs and goals. This will show that you have taken the time to consider their unique options rather than just selling them something, helping you build trust with your client. Trust is an important factor in a sale and statistics rank our industry extremely poor, so anything that helps you overcome this unseen obstacle is valuable.

Turn Objections Into Selling Opportunities

If your client has concerns or objections to the options you present, ask them to explain these concerns. This will help you better understand your client’s needs and guide your recommendations of insurance options so you can address these concerns.

Use Visuals

Presenters who use visual aids are 43% more likely to persuade their audience than those who don’t. When presenting data to your client, include a visual of the data that is easy to understand. Remember, a visual is processed by our brain 60,000 faster so a good presentation provides your client with data as well as an easy way to understand it.

Conduct a needs analysis

Before you present the options to your client, conduct a needs analysis that considers exactly what they want to accomplish. Not only will this will help you decide what options are best for your client—you will also be able to clearly show your client why it is the best choice for their unique needs. Now not only does completing a needs analysis help you stay compliant, this article found that "Producers sell a lot more life insurance if they advise clients on their life insurance needs. In some cases, they can double the face amount of policies they sell compared to producers who do not provide a needs analysis." Want to get your clients involved, link them to our shared needs analysis

Ask Your Client Questions

Providing a concept or overview of a solution adds context to why a particular option may be the right choice for your client. Ask questions like “does this seem like a product that could achieve the goals you expressed to me?” to help guide you in finding the right fit for your client.

Help Them Solve A Problem

Rather than selling a product, position your thinking as though you are selling a solution. This will help you better identify which options work best for your client, and explain to them how an option meets their needs.

Include Competitors

A powerful concept called asymmetric dominance helps people make decisions through comparison. Do not be afraid to use your competitors’ offerings to show how alternatives compare to your recommendation. This also shows your client that they have options, and you are here to help them find the option that’s best for them.

Create A Report Your Client Can Keep

Often your client will need some time to think about the options before they make a decision. Creating a personalized presentation allows them to take your recommendations with them. Ensure this includes a way your client can get in touch with you if they need more information.

Highlight The Benefits

When you are presenting options to your client, clearly outline how and why these options benefit them. This will help your client see why you are recommending a particular option and help ease any objections or concerns they may have.

Use Consistent Branding

Branding goes way beyond just a pretty logo. It improves your recognition, conveys your mission values, and makes it easier for referral clients to recognize you. Branding adds consistency to your reports. You may already be aware of the importance of branding for your business—however, it is just as important in your pitch. Clients often get confused when their advisor does a Manulife needs analysis, pairs it with a Canada life concept, and then illustrates an Empire product. Your presentation material should be consistent with your brand.

Follow Up After The Presentation

Reach out to your client several days after the presentation to follow up with any additional information or to ask if they have any questions. Keeping the lines of communication open can help increase the chances of closing a sale. Use a program like Life Design Analysis that lets you know when your clients open the report so you can follow up at the right time.

Make Selling Even Easier With Life Design Analysis

LDA can help you sell even more with our life insurance presentation software that searches, compares, and produces custom visual reports of any life insurance product in seconds.

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What Is Life Insurance?

• Compare Top Companies

Term vs. Permanent Life Insurance

• What Affects Life Insurance Costs?

Life Insurance Buying Guide

Benefits of life insurance, who needs life insurance.

• What to Do Before Buying

How Life Insurance Works

• Riders and Policy Changes

Qualifying for Life Insurance

How do i buy life insurance, bottom line.

• Life Insurance

Life Insurance: What It Is, How It Works, and How To Buy a Policy

Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing.

• How to Get Life Insurance
• Life Insurance Guide to Policies & Companies CURRENT ARTICLE
• Best Age to Get Life Insurance
• How Age Affects Life Insurance Rates
• Is Life Insurance a Smart Investment?
• What to Expect When Applying
• Whole Life vs. Universal Life Insurance
• Best Life Insurance
• Term Life Insurance
• Explaining Term Insurance
• Group Term Life Insurance
• Best Term Life Insurance
• Permanent Life Insurance
• Cash Value Life Insurance
• Whole Life Insurance
• Best Whole Life Insurance
• Universal Life Insurance
• Variable Universal Life Insurance (VUL)
• Indexed Universal Life Insurance
• Paid-Up Additional Insurance Definition
• Adjustable Life Insurance
• Guaranteed Issue Life Insurance
• Final Expense Insurance
• Burial Insurance
• Let Riders Drive Your Coverage
• Accelerated Benefit Rider
• Dread Disease Rider
• Family Income Rider
• Return-of-Premium Rider
• Waiver of Premium Rider
• Long-Term Care Rider
• Borrowing From Your Policy
• Cashing in Your Policy
• Cash Surrender Value
• Cash Value vs. Surrender Value
• Life Insurance vs. IRA for Retirement Saving
• How Policy Payouts Work
• Taxes on Life Insurance Premiums
• Life Insurance Policy Loan: Tax Implications
• What Is a Tax-Free 1035 Exchange?
• Is Life Insurance Taxable?

Understanding how life insurance works and how to shop for a policy can help you find the best coverage to meet your family's needs.

Life insurance is a contract between an insurance company and a policy owner in which the insurer guarantees to pay a sum of money to one or more named beneficiaries when the insured person dies. In exchange, the policyholder pays premiums to the insurer during their lifetime. The best life insurance companies have good financial strength, a low number of customer complaints, high customer satisfaction, several policy types available, optional riders, and easy application processes.

Key Takeaways

• Life insurance is a legally binding contract that promises a death benefit to the policy owner when the insured person dies.
• The policyholder must pay a single premium upfront or pay regular premiums over time for the life insurance policy to remain in force,.
• When the insured person dies, the policy’s named beneficiaries will receive the policy’s death benefit.
• Term life insurance policies expire after a certain number of years. Permanent life insurance policies remain active until the insured person dies, stops paying premiums, or surrenders the policy.
• A life insurance policy is only as good as the financial strength of the life insurance company that issues it.

Investopedia / Theresa Chiechi

Types of Life Insurance

Many different types of life insurance are available to meet all sorts of consumer needs and preferences. Depending on the short- or long-term needs of the person to be insured (or their family members), the choice of whether to select temporary or permanent life insurance will be a major consideration.

Term life insurance

Term life insurance is designed to last a certain number of years, then end. You choose the term when you take out the policy. Common terms are 10, 20, or 30 years. The best term life insurance policies balance affordability with long-term financial strength.

Level term, the most common type of term insurance currently being sold, pays the same amount of death benefit throughout the policy's term. Other types of term insurance include:

• Decreasing term life insurance is renewable term life insurance with coverage that decreases over the life of the policy at a predetermined rate.
• Convertible term life insurance allows policyholders to convert a term policy to permanent insurance.
• Renewable term life insurance provides a quote for the year the policy is purchased. Premiums increase annually at renewal. These plans usually provide the least expensive term insurance in the first year.
• Term that lasts until a specific age, such as term-to-65.

Many term life insurance policies allow you to renew the contract on an annual basis once the original term ends. However, since the renewal premiums are based on your current age, the cost can rise steeply each year. A better solution for permanent coverage is to convert your term life insurance policy into a permanent policy. This is not an option on all term life policies, so look for a convertible term policy if this feature is important to you.

Permanent life insurance is more expensive than term, but it stays in force throughout the insured’s entire life unless the policyholder stops paying the premiums or surrenders the policy. Some policies allow for automatic premium loans when a premium payment is overdue.

• Whole life insurance is one type of permanent life insurance where the premium and death benefit generally remain the same each year. It includes a cash value component, which is similar to a savings account. Cash-value life insurance allows the policyholder to use the cash value for many purposes, such as to take out loans or to pay policy premiums.
• Universal life (UL) insurance is another type of permanent life insurance with a cash value component that earns interest. Universal life features flexible premiums. Unlike term and whole life, premiums can be adjusted over time. UL also lets the policyowner choose between level death benefit or increasing death benefit options.
• Indexed universal life (IUL) is a type of universal life insurance that lets the policyholder earn a fixed or equity-indexed rate of return on the cash value component.
• Variable universal life (VUL) insurance allows the policyholder to invest the policy’s cash value in an available separate account . It also has flexible premiums and can be designed with a level or increasing death benefit.

Top-Rated Companies to Compare

When shopping for insurance, you might want to start with our list of the best life insurance companies , some of which are listed below.

Term life insurance differs from permanent life insurance in several ways but tends to best meet the needs of most people looking for affordable life insurance coverage . Term life insurance only lasts for a set period of time and pays a death benefit should the policyholder die before the term has expired. That's in contrast to permanent life insurance, which stays in effect as long as the policyholder pays the premium. Another critical difference involves premiums: term life is generally much less expensive than permanent life because it does not accumulate cash value.

Before you apply for life insurance, you should analyze your financial situation and determine how much money would be required to maintain your beneficiaries’ standard of living or to meet other financial needs for which you’re purchasing a policy. Also, consider how long you'll need coverage to last.

For example, if you are the primary caretaker and have children two and four years old, you would want enough insurance to cover your custodial responsibilities until your children are grown and able to support themselves.

You might research the cost of hiring a nanny and a housekeeper or using commercial child care and cleaning services, then perhaps add money for education. Include any outstanding mortgage and retirement needs for your spouse in your life insurance calculation—especially if the spouse earns significantly less or is a stay-at-home parent. Total what these costs would be over the next 16 or so years, add a little more for inflation, and that’s the death benefit you might want to buy—if you can afford it.

Burial or final expense insurance is a type of permanent life insurance that has a small death benefit. Despite the name, beneficiaries can use the death benefit as they wish.

What Affects Your Life Insurance Premiums and Costs?

Many factors can affect the cost of life insurance premiums . Certain things may be beyond your control, but other criteria can be managed to potentially bring down the cost before (and even after) applying. Your health and age are the most important factors that determine cost, so buying life insurance as soon as you need it is often the best course of action.

After being approved for an insurance policy, if your health improves later and you’ve made positive lifestyle changes, you can ask to be considered for a change in risk class. Even if it is found that you’re in poorer health than at the initial underwriting , your premiums will not go up. If you’re found to be in better health, then you your premiums may decrease. You may also be able to buy additional coverage at a lower rate than you initially did.

Investopedia / Lara Antal

Step 1: Determine How Much You Need

Think about what expenses would need to be covered in the event of your death. Consider things such as mortgage, college tuition, credit cards, and other debts, not to mention funeral expenses. Also, income replacement is a major factor if your spouse or loved ones will need cash flow and are unable to provide it on their own.

There are helpful tools online to calculate the lump sum that can satisfy any potential expenses that would need to be covered.

Step 2: Prepare Your Application

Life insurance applications generally require personal and family medical history and beneficiary information. You may need to take a medical exam and will need to disclose any preexisting medical conditions, history of moving violations, DUIs, and any dangerous hobbies (such as auto racing or skydiving). The following are crucial elements of most life insurance applications:

• Age: This is the most important factor because life expectancy is the biggest determinant of risk for the insurance company.
• Gender: Because women statistically live longer, they generally pay lower rates than males of the same age.
• Smoking: A person who smokes is at risk for many health issues that could shorten life and increase risk-based premiums.
• Health: Medical exams for most policies include screening for health conditions such as heart disease, diabetes, and cancer, plus related medical metrics that can indicate health risks.
• Lifestyle : Dangerous occupations and hobbies can make premiums much more expensive.
• Family medical history: If there is evidence of major disease in your immediate family, your risk of developing certain conditions is much higher.
• Driving record: A history of moving violations or drunk driving can dramatically increase the cost of life insurance premiums.

Standard forms of identification will also be needed before a policy can be written, such as your Social Security card, driver's license, or U.S. passport.

Step 3: Compare Policy Quotes

Once you've assembled all of your necessary information, you can gather multiple life insurance quotes from different providers based on your research. Prices can differ markedly from company to company, so it's important to make the effort to find the best combination of policy, company rating, and premium cost. Because life insurance premiums are something you will likely pay monthly for decades, finding the policy that best fits your needs can save you an enormous amount of money.

Our lineup of the best life insurance companies can give you a jump start on your research. It lists the companies we've found to be the best for different types of needs, based on our research of nearly 100 carriers.

There are many benefits to having life insurance . Below are some of the most important features and protections offered by life insurance policies.

Most people use life insurance to provide money to beneficiaries who would suffer a financial hardship upon the insured’s death. However, for wealthy individuals , the tax advantages of life insurance, including the tax-deferred growth of cash value, tax-free dividends, and tax-free death benefits, can provide additional strategic opportunities.

Avoiding Taxes

The death benefit of a life insurance policy is usually tax-free. It may be subject to estate taxes , but that's why wealthy individuals sometimes buy permanent life insurance within a trust. The trust helps them avoid estate taxes and preserve the value of the estate for their heirs.

Tax avoidance is a law-abiding strategy for minimizing one’s tax liability and should not be confused with tax evasion , which is illegal.

Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured policyholder. Here are some examples of people who may need life insurance:

• Parents with minor children. If a parent dies, the loss of their income or caregiving skills could create a financial hardship. Life insurance can make sure the kids will have the financial resources they need until they can support themselves.
• Parents with special-needs adult children. For children who require lifelong care and who will never be self-sufficient, life insurance can make sure their needs will be met after their parents pass away. The death benefit can be used to fund a special needs trust that a fiduciary will manage for the adult child’s benefit.
• Adults who own property together. Married or not, if the death of one adult might mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be a good idea. One example would be an engaged couple who take out a joint mortgage to buy their first house.
• Seniors who want to leave money to adult children who provide their care. Many adult children sacrifice time at work to care for an elderly parent who needs help. This help may also include direct financial support. Life insurance can help reimburse the adult child’s costs when the parent passes away.
• Young adults whose parents incurred private student loan debt or cosigned a loan for them. Young adults without dependents rarely need life insurance, but if a parent will be on the hook for a child’s debt after their death, the child may want to carry enough life insurance to pay off that debt.
• Children or young adults who want to lock in low rates. The younger and healthier you are , the lower your insurance premiums. A 20-something adult might buy a policy even without having dependents if they expect to have them in the future.
• Stay-at-home spouses. Stay-at-home spouses should have life insurance as they contribute significant economic value based on the work they do in the home. According to Salary.com, the economic value of a stay-at-home parent would be equivalent to an annual salary of $184,820.
• Wealthy families who expect to owe estate taxes. Life insurance can provide funds to cover the taxes and keep the full value of the estate intact.
• Families who can ’ t afford burial and funeral expenses. A small life insurance policy can provide funds to honor a loved one’s passing.
• Businesses with key employees. If the death of a key employee, such as a CEO, would create a severe financial hardship for a firm, that business may have an insurable interest that will allow it to purchase a key person life insurance policy on that employee.
• Married pensioners. Instead of choosing between a pension payout that offers a spousal benefit and one that doesn’t, pensioners can choose to accept their full pension and use some of the money to buy life insurance to benefit their spouse. This strategy is called pension maximization .
• Those with preexisting medical conditions, such as cancer, diabetes, or smoking. Note, however, that some insurers may deny coverage for such individuals or charge very high rates.

Each policy is unique to the insured and insurer. It’s important to review your policy document to understand what risks your policy covers, how much it will pay your beneficiaries, and under what circumstances.

What to Do Before Buying Life Insurance

Research policy options and company reviews.

Because life insurance policies are a major expense and commitment, it's critical to do proper due diligence to make sure the company you choose has a solid track record and financial strength. That stability matters, given that your heirs may not receive the death benefit until many decades into the future. Investopedia has evaluated scores of companies that offer all different types of insurance and rated the best in numerous categories.

Consider How Much Death Benefit You Need

Life insurance can be a prudent financial tool to hedge your bets and provide protection for your loved ones in case you die while the policy is in force. However, there are situations in which it makes less sense —such if you buy too much or insure people whose income doesn't need to be replaced. So it's important to consider several factors before making a decision.

What expenses couldn't be met if you died? If your spouse has a high income and you don't have any children, maybe it's not warranted. It is still essential to consider the impact of your potential death on a spouse and consider how much financial support they would need to grieve without worrying about returning to work before they’re ready. However, if both spouses' income is necessary to maintain a desired lifestyle or meet financial commitments, then both spouses may need separate life insurance coverage.

Know Why You're Buying Life Insurance

If you're buying a policy on another family member's life, it's important to ask: what are you trying to insure? Children and seniors really don't have any meaningful income to replace, but burial expenses may need to be covered in the event of their death. In addition, a parent may want to protect their child’s future insurability by purchasing a moderate-sized policy while they are young. Doing so allows that parent to ensure that their child has a head start towards protecting their financial future. Parents are typically only allowed to purchase life insurance for their children for up to 25% of the in-force policy on their own lives.

Could investing the money that would be paid in premiums for permanent insurance throughout a policy earn a better return over time elsewhere? As a hedge against uncertainty, consistent saving and investing—for example, self-insuring —might make more sense in some cases if a significant income doesn't need to be replaced or if the policy's investment returns on cash value are overly conservative.

A life insurance policy has two main components—a death benefit and a premium. Term life insurance has both components, while permanent and whole life insurance policies also have a cash value component.

Death Benefit

The death benefit or face value is the amount of money the insurance company guarantees to the beneficiaries identified in the policy when the insured dies. The insured might be a parent and the beneficiaries might be their children, for example. The insured will choose the desired face amount based on the beneficiaries’ estimated future needs. The insurance company will determine whether the purchaser has an insurable interest in the insured's life, The insurer will also decide whether the proposed insured qualifies for the coverage based on the company’s underwriting requirements related to age, health, and any hazardous activities in which the proposed insured participates.

Premiums are the money the policyholder pays for insurance. The insurer must pay the death benefit when the insured dies if the policyholder pays the premiums as required. Premiums are determined in part by how likely it is that the insurer will have to pay the policy’s death benefit based on the insured’s life expectancy . Factors that influence life expectancy include the insured’s age, gender, medical history, occupational hazards, and high-risk hobbies.

Part of the premium also goes toward the insurance company’s operating expenses. Premiums are higher on policies with larger death benefits, for individuals who are at higher risk, and on permanent policies that accumulate cash value.

The cash value of permanent life insurance serves two purposes. It is a savings account that the policyholder can use during the life of the insured, and the cash accumulates on a tax-deferred basis. Some policies have restrictions on withdrawals depending on how the money is to be used. For example, the policyholder might take out a loan against the policy’s cash value and would pay interest on the loan principal. The policyholder can also use the cash value to pay premiums or purchase additional insurance.

Cash value is a living benefit that remains with the insurance company when the insured dies. Any outstanding loans against the cash value will reduce the policy’s death benefit.

Good to Know

The policy owner and the insured are usually the same person, but sometimes they may be different. For example, a business might buy key person insurance on a crucial employee such as a CEO, or an insured might sell their own policy to a third party for cash in a life settlement .

Life Insurance Riders and Policy Changes

Many insurance companies offer policyholders the option to customize their policies to accommodate their needs.  Riders are the most common way policyholders may modify or change their coverage. There are many riders, but availability depends on the provider. The policyholder will typically pay an additional premium for each rider or a fee to exercise the rider, though some policies include certain riders in their base premium.

• The accidental death benefit rider provides additional life insurance coverage in the event the insured’s death is accidental.
• The waiver of premium rider relieves the policyholder of making premium payments if the insured becomes disabled and unable to work.
• The disability income rider pays a monthly income if the policyholder becomes unable to work a certain period of time (usually several months) due to a serious illness or injury.
• Upon diagnosis of terminal illness, the  accelerated death benefit rider allows the insured to collect a portion or all of the death benefit while still living.
• The long-term care rider is a type of accelerated death benefit that can be used to pay for nursing-home, assisted-living, or in-home care when the insured requires help with activities of daily living, such as bathing, eating, and using the toilet.
• A guaranteed insurability rider lets the policyholder buy additional insurance at a later date without a medical review.

Borrowing Money

Most permanent life insurance accumulates cash value that the policyholder can borrow against. Technically, you are borrowing money from the insurance company and using your cash value as collateral. Unlike with other types of loans, the policyholder’s credit score is not a factor. Repayment terms can be flexible, and the loan interest goes back into the policyholder’s cash value account. However, if you don't pay them back, policy loans can reduce your death benefit.

Funding Retirement

Policies with a cash value or investment component can provide a source of retirement income. This opportunity can come with high fees and a lower death benefit, so it may only be a good option for individuals who have maxed out other tax-advantaged savings and investment accounts. The pension maximization strategy described earlier is another way life insurance can fund retirement.

It’s prudent to reevaluate your life insurance needs annually or after significant life events, such as divorce , marriage, the birth or adoption of a child, or major purchases such as a house. You may need to update the policy’s beneficiaries, increase your coverage, or even reduce your coverage.

Insurers evaluate each life insurance applicant on a case-by-case basis. With hundreds of insurers to choose from, almost anyone can find an affordable policy that at least partially meets their needs. In 2023 there were more than 900 life insurance and health companies in the United States, according to the Insurance Information Institute.

On top of that, many life insurance companies sell multiple types and sizes of policies. Some specialize in meeting specific needs, such as policies for people with chronic health conditions. There are also brokers who specialize in life insurance and know what different companies offer. Applicants can work with a broker free of charge to find the insurance they need. This means that almost anyone can get some type of life insurance policy if they look hard enough and are willing to pay a high enough price or accept a perhaps less-than-ideal death benefit.

Insurance is not just for the healthy and wealthy. Since the insurance industry is much broader than many consumers realize, getting life insurance may be possible and affordable even if previous applications have been denied or quotes have been unaffordable. According to industry research firm LIMRA, 51% of Americans had life insurance in 2024, with a fourth of those only carrying insurance purchased through their workplace.

In general, the younger and healthier you are, the easier it will be to qualify for life insurance, while the older and less healthy you are, the harder it will be. Certain lifestyle choices, such as using tobacco or engaging in risky hobbies such as skydiving, also make it harder to qualify or lead to higher rates.

How Does Life Insurance Work?

Life insurance works by providing a death benefit in exchange for paying premiums. One popular type of life insurance—term life insurance—only lasts for a set amount of time, such as 10 or 20 years. Permanent life insurance also features a death benefit but lasts for the life of the policyholder as long as premiums are paid.

You need life insurance if you need to provide security for a spouse, children, or other family members in the event of your death. Life insurance death benefits can help beneficiaries pay off a mortgage, cover college tuition, or help fund retirement. Permanent life insurance also features a cash value component that builds over time.

What Are the Benefits of Life Insurance?

• Payouts are tax-free. Life insurance death benefits are paid as a lump sum and are not subject to federal income tax because they are not considered income for beneficiaries.
• Dependents don't have to worry about living expenses. Most policy calculators recommend a multiple of your gross income equal to seven to 10 years that can cover major expenses such as mortgages and college tuition without the surviving spouse or children having to take out loans.
• Final expenses can be covered. Funeral expenses can be significant and can be avoided with a burial policy, or with standard term or permanent life policies.
• Policies can supplement retirement savings. Permanent life policies such as whole, universal, and variable life insurance can offer cash value in addition to death benefits, which can augment other savings in retirement.

What Factors Affect Your Life Insurance Premiums?

• Age (life insurance is less expensive)
• Gender (female tends to be less expensive)
• Smoking (smoking increases premiums)
• Health (poor health can raise premiums)
• Lifestyle (risky activities can increase premiums)
• Family medical history (chronic illness in relatives can raise premiums)
• Driving record (good drivers save on premiums)

Once you determine how much coverage you need and what type of policy would best fit your needs, there are several options for purchasing life insurance. You can contact a local insurance agent or broker; look for online marketplaces that offer products from several insurers; or contact the insurance company directly to obtain coverage. Look for a company with a financial stability and a reputation for good customer service.

How Do You Qualify for Life Insurance?

To qualify for life insurance, you need to submit an application. Life insurance is available to almost anyone. However, the cost or premium level can vary greatly based on your age, health, and lifestyle. Some types of life insurance don't require medical information; however, no-exam policies generally have much higher premiums and involve an initial waiting period before the death benefit is available.

There are many types of life insurance policies available, each offering a variety of features. Understanding how life insurance works helps you choose the best coverage for you and your family. Once you decide what type of insurance you need and how much coverage makes sense for your situation, compare products from top life insurance companies to determine the best fit.

Insurance Information Institute. " What are the Different Types of Term Life Insurance Policies? "

Insurance Information Institute. " What are the Different Types of Permanent Life Insurance Policies? "

Internal Revenue Service. " Life Insurance & Disability Insurance Proceeds ."

Social Security Administration. " Liens, Adjustments and Recoveries, and Transfers of Assets ."

Salary.com. " How Much Is a Mom Really Worth? The Amount May Surprise You. "

Insurance Information Institute. " How To Assess the Financial Strength of an Insurance Company ."

State Farm. " What Determines the Cost of Life Insurance? "

Insurance Information Institute. " Facts + Statistics: Industry Overview ."

LIMRA. " 2024 Life Insurance Fact Sheet '

Progressive. " How To Buy Life Insurance ."

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Life Insurance

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Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime.

For the contract to be enforceable, the life insurance application must accurately disclose the insured’s past and current health conditions and high-risk activities.

Many different types of life insurance are available to meet all sorts of needs and preferences. Depending on the short- or long-term needs of the person to be insured, the major choice of whether to select temporary or permanent life insurance is important to consider.

Decreasing Term Life Insurance -decreasing term is renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate. Convertible term life insurance allows policyholders to convert a term policy to permanent insurance. Renewable Term Life Insurance – is a yearly renewable term life policy that provides a quote for the year the policy is purchased. Premiums increase annually and is usually the least expensive term insurance in the beginning.

Permanent life insurance stays in force for the insured’s entire life unless the policyholder stops paying the premiums or surrenders the policy.  Term life insurance differs from permanent life insurance in several ways but tends to best meet the needs of most people. Term life insurance only lasts for a set period of time and pays a death benefit should the policyholder die before the term has expired. 

Most people use life insurance to provide money to beneficiaries who would suffer a financial hardship upon the insured’s death. However, for wealthy individuals, the tax advantages of life insurance, including the tax-deferred growth of cash value, tax-free dividends, and tax-free death benefits, can provide additional strategic opportunities.

Research policy options and company reviews—because life insurance policies are a major expense and commitment. It is critical to do proper due diligence to make sure the company you choose has a solid track record and financial strength.

This template will primarily be useful to insurance agents. You can provide detailed information on life insurance that your company offers. Also, this template can be used by university teachers when preparing courses on life insurance or calculating insurance benefits.

Also, this template can be used by analysts when preparing a report on insurance companies. For example, you might want to provide comparative data for several key metrics for different insurance companies.

Life Insurance Template is a stylish and professional template that contains four slides. All slides in the template can be easily customized to suit your corporate color requirements. Life Insurance Template will be useful for managers of insurance companies, insurance agents and analysts. This template’s slides will be a great addition to your professional presentation collection.

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Life Insurance 101 Everything you need to know about life insurance.

There's a lot of information out there about  life insurance , but you don't need to understand all of it to get started. The basic premise is simple: Life insurance gives you peace of mind while you're alive, and financial support for your loved ones when you're gone. It's something you should have if there are people in your life depending on you for everyday living expenses, college tuition, or retirement income.

Life insurance can make a huge difference for you and your family, not just financially but emotionally, too. And purchasing a policy sooner, rather than later, will give you more options and flexibility, and improve your future financial security.

Your life insurance questions answered.

Do i need life insurance.

Most likely, yes. Especially if you have someone depending on you for financial support.

How does life insurance work?

Life insurance is an agreement between you and your insurance company. You make regular payments, called premiums, and the insurance company pays your beneficiaries a tax-free lump sum when you pass away.

With some policies, you get additional benefits to use during your lifetime, like accessing the policy's cash value, which can be used to help pay college tuition or for a down payment on a home. However, accessing the cash value will reduce the policy's available cash surrender value and death benefit. If you have a terminal illness, you can also accelerate the death benefit and use it for healthcare needs.

Which type of insurance is best?

There are several different types of policies, but there are two basic broad categories of life insurance: term life and whole life. The best choice for you depends on your needs. It may even be a combination of products.

Term life insurance   provides a death benefit for a set period, typically between 10 and 20 years. This is straightforward insurance, and it's what most people start out with. Certain term life policies can be converted to long-term policies at a future point. This is a useful benefit if your life changes and you need additional protection.

Whole ,  universal , and   variable universal life insurance   all provide protection for the long term. In fact, whole life provides permanent coverage. Some policies have more guarantees than others, and some give you the opportunity to grow your policy's cash value.

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How much coverage do I need?

It depends on where you are in your life and who depends on you financially. When you're starting a family, you probably want to have enough to replace your income, so your spouse or partner and children have the support they need. Later in life, when your kids are grown and your house is paid for, you may want to reassess the amount of life insurance you have and focus on final expenses, outstanding debt, and the legacy you would like to leave your loved ones.

How much does it cost?

The  cost of life insurance  is based on several factors: your age, gender, health, lifestyle, and occupation. Regardless of your budget, a financial professional should be able to find a solution that covers your needs at a price that suits your wallet.

Life insurance terms to know.

The amount of money in a whole life policy that accumulates as you pay premiums. You can access it via loans or partial withdrawals for a variety of financial needs, like unexpected expenses or to pay for your child's college tuition. This money grows tax deferred.

Beneficiary

The person or entity that receives the benefit amount upon the death of the insured.

Convertibility

A benefit provided by some carriers that allows you to upgrade from a temporary term life policy to a whole life policy if your life changes, without going through additional medical exams.

An add-on, generally available for purchase, that you can choose to incorporate into your policy to further customize coverage.

Guarantees of the policy are based on the claims-paying ability of the issuer.

A share of the company's divisible surplus that is paid to an eligible policyholder. A divisible surplus is the extra money a mutual company has after paying claims, paying expenses, and setting aside reserves for future claims and benefits. Dividends can help your cash value and coverage grow. They are not guaranteed, but New York Life has paid them every year since 1854.

Life insurance FAQ’s

Is life insurance worth it.

One of the primary reasons people get life insurance is for the peace of mind that comes with making sure their loved ones will be taken care of if anything happens to them.

Why is life insurance important?

How much life insurance do i need.

In general, you should figure out how much life insurance you need by calculating your long-term financial obligations and then subtracting your assets. The remainder is the gap that life insurance will have to fill.

Learn more about life insurance from New York Life

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New York Life has received the highest financial strength ratings currently awarded to any U.S. life insurer by Standard & Poor's (AA+); A.M. Best (A++); Moody's (Aaa); and Fitch (AAA). Source: Individual Third-Party Ratings Reports as of 10/18/2022. 

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Download our pre-designed presentation template for MS PowerPoint and Google Slides to describe the importance of Life Insurance in providing the policyholder's nominees with financial protection in the event of their untimely demise. You can further explain how these policies cover expenses such as funeral costs, debt repayment, etc., providing a safety net for the insured's dependents.

Insurance agents can capitalize on the feature-rich deck to visualize different types of life insurance policies and their purposes, pros, and cons. You can deliver an informative presentation about the factors to consider and steps to follow while choosing a term policy. With our eye-catching slides, you can educate your audience on the importance of purchasing a life insurance policy.

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Originally designed to help cover burial costs and care for widows and orphans, life insurance is now a flexible and powerful financial product. Just over half of Americans have some sort of life insurance, according to the latest ownership data from LIMRA, an insurance research organization [0] LIMRA . 2023 Life Insurance Fact Sheet . Accessed Apr 29, 2024. View all sources .

Life insurance can be issued as either an individual or group policy. We’ll be looking at individual policies, not the group life insurance commonly issued through work.

» MORE: 5 reasons to get life insurance

What is life insurance?

Life insurance is a contract between you and an insurance company. In exchange for premium payments, the company pays a life insurance death benefit to your beneficiaries when you die. Life insurance typically covers natural and accidental deaths. Some policies also offer “living benefits,” which means they pay out a portion of the death benefit while you’re still alive, if you’re diagnosed with a covered chronic, critical or terminal illness.

There are basically two types of life insurance : term life and permanent life. Term life covers you for a fixed amount of time while permanent life insurance can cover you until the end of your life.

Generally, term life insurance is cheaper to purchase than permanent life. However, permanent life policies, like whole life insurance , build cash value over time and don’t expire, if you’ve paid your premiums.

» MORE: Term vs. whole life insurance: Differences and how to choose

What does life insurance cover?

The main purpose of life insurance is to provide money for your beneficiaries when you die. But how you die can determine whether the insurer pays out the death benefit. Depending on the type of policy you have, life insurance can cover:

Natural deaths. Dying from a heart attack, disease or old age are examples of natural deaths. 

Accidental deaths. Accidents may include car crashes, drowning or falling. Some policies offer accidental death benefit riders , which increase the payout if you die in an accident.

Suicide. Most life insurance policies cover suicide , but only if it occurs after the policy's waiting period — typically the first two years of the policy.

Homicide. Life insurance often covers homicides, but the circumstances of the death can affect the payout. For example, if a beneficiary murders the insured person, the killer won’t receive the death benefit.

Illness or injuries. Some policies offer coverage for illness or injuries while you’re still alive. For example, a critical or chronic illness rider covers conditions like cancer, as well as conditions that permanently inhibit your daily activities. An accelerated death benefit rider provides access to your death benefit if you’re diagnosed with a terminal illness.

War or terrorism . Some life insurance policies may exclude death as a result of war or terrorism.

» MORE: How to get life insurance with pre-existing conditions

What does life insurance not cover?

Criminal activities. In general, if you die while committing a crime, your beneficiaries won’t receive the death benefit. This can apply to drug and alcohol abuse. For example, if you die while driving drunk — an illegal activity — the policy typically won’t cover the death.

High-risk hobbies. Some policies won’t pay out if you die while participating in a hazardous hobby, like skydiving. 

Misrepresentation. If you lie on your life insurance application , the insurer may cancel your policy. Make sure you're as honest and open as possible when applying for coverage.

» MORE: Why you’ll pay more for high-risk life insurance

How does life insurance work?

Life insurance covers the life of the insured person. The policyholder, who can be a different person or entity from the insured, pays premiums to an insurance company. In return, the insurer pays out a sum of money to the beneficiaries listed on the policy.

How term life insurance works

Term life insurance covers you for a period of time chosen at purchase, such as 10, 20 or 30 years. If you die during the covered period, the policy will pay your beneficiaries the amount stated in the policy. If you don’t die during that time, no one gets paid.

Term life is popular because it offers large payouts at a lower cost than permanent life. It also provides coverage for a set number of years.

There are some variations of typical term life insurance policies. Convertible policies allow you to convert them to permanent life policies at a higher premium, allowing for longer and potentially more flexible coverage. Decreasing term life policies, such as mortgage protection insurance , have a death benefit that declines over time, often lined up with large debts that are slowly paid off.

» MORE: Term life insurance: What it is and how it works

What does term life insurance cover?

Reasons you may want term life insurance include:

You want to make sure your child has money to go to college if you die.

You want life insurance to cover large debts like a mortgage that you don’t want to saddle your spouse with after your death.

You want to replace your income if you die during your working years when people depend on you financially.

You want to protect your interest in a business — term life insurance can fund buy/sell agreements or provide coverage for key people.

How permanent life insurance works

Permanent life insurance policies typically cover you until death, assuming you pay your premiums. Whole life is the most well-known type of permanent insurance, but there are other flavors, including universal life, indexed universal life and variable life.

Permanent life insurance policies build cash value as they age. A portion of the premium payments is added to the cash value, which can earn interest.

The cash value of whole life insurance policies grows at a fixed rate, while the cash value within universal policies can fluctuate.

You can use the cash value of your life insurance while you’re still alive. You can borrow from it, make withdrawals or just use the interest payments to cover the premium later in life. If you no longer need coverage, you can even give up the policy and get the cash surrender value in return.

All of these options can create complex tax issues, so be sure you talk to a fee-based life insurance advisor before tapping your cash value.

Whole life insurance

Whole life policies, with their guaranteed payouts, potential cash value and fixed premiums, sound like great products, but that all comes at a cost — cash. Whole life premiums are a lot higher than term life insurance premiums.

If you compare average life insurance rates , you can see the difference. For example, $500,000 of whole life coverage for a healthy, nonsmoking 30-year-old woman costs around $3,722 annually, on average. That same level of coverage with a 20-year term life policy would cost an average of about $187 annually, according to Covr Technologies, an insurance brokerage firm.

Be wary of thinking about whole life insurance as an investment . It’s simply a type of life insurance that builds a cash value over time, and you’ll likely find better returns with other investment vehicles.

What does whole life insurance cover?

Reasons you may need whole life insurance include:

You want to cover final expenses like funeral costs so your loved ones don’t have to.

You want to leave an inheritance and avoid having it go through your estate.

You want to build an investment to help cover expenses while you’re still alive.

Universal life insurance

A universal life insurance policy also provides permanent coverage, but it allows for some flexibility. Universal life policies allow you to make larger or smaller payments, depending on your finances or how the policy performs. If things go well, you may be able to stop making payments and let the cash value cover the cost. If not, you may need to increase the amount you pay to cover the shortfall.

Other permanent life insurance options

Indexed universal life, or IUL, is a type of universal life insurance that allows you to allocate your cash value to index funds chosen by the insurer. IUL policies are more complicated than plain universal life policies, often including caps on returns, participation caps and complex fee structures.

Variable universal life is more flexible and more complex than IUL. It allows policyholders to funnel their cash value to investment subaccounts to increase their returns. However, those investments come with more risk.

Variable life is another permanent life insurance option. It sounds a lot like variable universal life but is actually different. It’s an alternative to whole life with a fixed payout. However, policyholders can use investment subaccounts to grow the cash value of the policy. Both variable universal life and variable life come with increased risk, and both are treated as securities — similar to stocks and bonds — by the federal government.

Life insurance basics: Terminology, coverage needs and cost

Life insurance policies can differ widely. There’s life insurance for families , high-risk buyers, couples and many other groups. Even with all those differences, most policies have some common characteristics. Here are some life insurance basics to help you better understand how coverage works.

Common life insurance terminology

Premiums are the payments you make to the insurance company. For term life policies, these cover the cost of your insurance and administrative costs. With a permanent policy, you’ll also be able to pay money into a cash-value account.

Beneficiaries are the people who receive money when the covered person dies. Choosing life insurance beneficiaries is an important step in planning the impact of your life insurance. Beneficiaries are often spouses, children or parents, but you can choose anyone.

Death benefit refers to the total amount of money the beneficiaries will be paid when the covered person dies. You choose the life insurance face value when you buy a policy, and the amount is sometimes — but not always — a fixed value.

Riders are options you can add to a life insurance policy. You might want your premiums covered if you’re no longer able to work, or maybe you’d like to add a child to your policy. By paying for a life insurance rider , you can add those and other features.

» MORE: Essential life insurance definitions and terms

Who needs life insurance?

Like all insurance, life insurance was designed to solve a financial problem. Life insurance is important because when you die, your income disappears. If you have a spouse, kids or anyone dependent on you financially, they’re going to be left without support.

Even if no one depends on your income, there will still be costs associated with your death. That can mean your spouse, child or relatives will have to pay for burial and other end-of-life expenses. As you think about the amount of life insurance coverage you need, consider your beneficiaries and what they’ll need.

If no one depends on your income and your funeral expenses won’t damage anyone’s finances, life insurance may be a thing you can skip. But if your death will be a financial burden on your loved ones immediately or in the long term, you may need a life insurance policy .

» MORE: Who needs life insurance?

How much life insurance do you need?

The amount of life insurance you need depends on what you’re trying to do. If you’re just covering end-of-life expenses, you won’t need as much as if you’re trying to replace lost income. The calculator below can help you estimate how much life insurance you need .

If you’re interested in a permanent policy, connect with a fee-only financial advisor . The advisor can help you understand how a life insurance policy fits into your financial plan.

How life insurance is priced

Your health is one of the most important parts of determining your life insurance premiums . Healthier people are less likely to die soon, which means companies can charge them less for life insurance. Younger people are also less likely to die soon, so life insurance is cheaper (on average) for younger buyers.

Women live longer, nonsmokers live longer, people without complex medical problems live longer, and on and on goes the list. People in these groups will normally get preferential pricing for life insurance.

» MORE: Compare life insurance quotes

Many applications require a life insurance medical exam . The insurer will check your weight, blood pressure, cholesterol and other factors to try to determine your overall health.

Some providers will issue life insurance without a medical exam , but you’ll typically pay more for coverage. You may also be limited to less coverage than you’re hoping for, with some insurers maxing out no-exam policies at $50,000.

If you need a small amount of coverage, you might be better off checking to see if your employer offers group life insurance as a perk. Employee life insurance can often cover basic end-of-life expenses and may cover some or all of your annual salary. Basic coverage usually doesn’t require an exam and may even be free.

On a similar note...

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Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

1. Replace income for dependents If people depend on an individual’s income, life insurance can replace that income if the person dies. The most common example of this is parents with young children. Insurance to replace income can be especially useful if the government- or employer sponsored benefits of the surviving spouse or domestic partner will be reduced after their companion dies. 2. Pay final expenses Life insurance can pay funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance. 3. Create an inheritance for heirs Even those with no other assets to pass on, can create an inheritance by buying a life insurance policy and naming their heirs as beneficiaries.

4. Pay federal “death” taxes and state “death” taxes Life insurance benefits can pay for estate taxes so that heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level estate taxes. 5. Make significant charitable contributions By making a charity the beneficiary of their life insurance policies, individuals can make a much larger contribution than if they donated the cash equivalent of the policy’s premiums.

6. Create a source of savings Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

Types of Life Insurance

There are two major types of life insurance—term and whole life. 1. Term Life Term insurance is the simplest form of life insurance. It pays only if death occurs during the term of the policy, which is usually from one to 30 years. Most term policies have no other benefit provisions. There are two basic types of term life insurance policies—level term and decreasing term. Level term means that the death benefit stays the same throughout the duration of the policy. Decreasing term means that the death benefit drops, usually in one-year increments, over the course of the policy’s term.

2. Whole Life/Permanent Life Whole life or permanent insurance pays a death benefit whenever the policyholder dies. There are three major types of whole life or permanent life insurance—traditional whole life, universal life, and variable universal life, and there are variations within each type.

In the case of traditional whole life, both the death benefit and the premium are designed to stay the same (level) throughout the life of the policy. The cost per $1,000 of benefit increases as the insured person ages, and it obviously gets very high when the insured lives to 80 and beyond. The insurance company keeps the premium level by charging a premium that, in the early years, is higher than what is needed to pay claims, investing that money, and then using it to supplement the level premium to help pay the cost of life insurance for older people.

By law, when these “overpayments” reach a certain amount, they must be available to the policyholder as a cash value if he or she decides not to continue with the original plan. The cash value is an alternative, not an additional, benefit under the policy.

3. Universal Life Universal life, also known as adjustable life, allows more flexibility than traditional whole life policies. The savings vehicle (called a cash value account) generally earns a money market rate of interest. After money has accumulated in the account, the policyholder will also have the option of altering premium payments—providing there is enough money in the account to cover the costs.

4. Variable Life Variable life policies combine death protection with a savings account that can be invested in stocks, bonds and money market mutual funds. The value of the policy may grow more quickly, but involves more risk. If investments do not perform well, the cash value and death benefit may decrease. Some policies, however, guarantee that the death benefit will not fall below a minimum level. Another variant, universal variable life, combines the features of variable and universal life policies. It has the investment risks and rewards characteristic of variable life insurance, coupled with the ability to adjust premiums and death benefits that is characteristic of universal life insurance.

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Life Insurance 101: A Guide on All the Basics You Need to Know About

There are many things to consider when it comes to getting a life insurance policy that can help protect your family’s future financial needs. This life insurance 101 guide can help make it easier to understand the basics about how life insurance works, types of coverage available, why you need it, and how to go about choosing a plan that’s right for you. After you read this guide, find a licensed insurance agent near you who can give you more information about how different life insurance plans can help provide financial security for your loved ones.

What is Life Insurance and How Does it Work?

Life insurance is a contract between you and an insurance company to provide you with coverage based upon your timely payment of premiums. Life insurance provides a death benefit to your named beneficiary (usually a spouse) upon your death. When you pass away, your beneficiary files a claim with the insurance company to submit proof (a death certificate) of your passing. If there is a licensed insurance agent who usually works with your family, your beneficiary can contact the licensed insurance agent who will help him or her complete the necessary paperwork. Or, your beneficiary can contact the insurance company directly and a claims representative will instruct him or her on what to do. After the insurance company receives all the documents, then your beneficiary will be issued the death benefit payout.

If you name a child as your beneficiary, then a custodian of the policy would have to file the claim. This could be someone who you named to manage the money from the policy in case you died while your child is still a minor. If you didn’t name anyone, then a court will appoint someone.

Main Types of Life Insurance

Life insurance can either be temporary or permanent. Temporary insurance is more commonly called term insurance, and policies are issued for a specific number of years, often from 5 to 30. Permanent insurance covers you for your entire life as long as premiums are paid.

Some of the life insurance 101 basics you need to know are the main differences between term and permanent life insurance.

Types of Term and Permanent Insurance

Practically all term insurance policies sold to individual consumers are level premium term policies. This type of policy guarantees that your premium will stay the same for a set period of time, which could be the entire term or just a portion. Other less common types of term insurance include annual renewable term and decreasing term coverage. The majority of insurance companies don’t offer these plans to individual insurance shoppers because they are generally not the best fit for families looking for the most protection.

Two of the most popular types of permanent insurance are whole life and universal life. Most whole life policies provide a level premium, so the rate that you pay stays the same for the entire policy. With most life insurance policies, you can get a larger death benefit by passing a medical exam. Other permanent insurance policies available include universal life and variable universal life.

How Life Insurance Policies Are Issued

Policies are either simplified issue or fully underwritten. Simplified issue policies only require that you answer questions about your health when completing the insurance application. These policies may cost more since the insurance company has less proof about your health. Fully underwritten policies require that you take a medical exam and complete lab work. You usually get a lower premium with these policies if your results show good health.

Factors That Determine Your Premium Rate

• Gender—females typically get lower rates because of longer life expectancy
• Answers to health questions on the policy application
• Results from medical exam and lab work
• Family medical history
• Marital status
• Lifestyle—smoker/nonsmoker, alcohol consumption, risky hobbies like skydiving

Why Do I Need Life Insurance?

There are three main reasons why many Americans get life insurance:

• To pay for burial and final expenses: even a simple funeral can cost thousands of dollars. The National Funeral Directors Association reports that the median price Americans pay for a funeral is $7,848, as of 2021. 1 That doesn’t even include the price of a vault, something that most cemeteries require, which can range from $900-$7,000. 2 About 83% of Americans get life insurance for this reason, according to LIMRA. 1
• To replace income: if you died leaving behind a spouse and young children, it may be hard for them to make ends meet without your income. Money from a life insurance policy can help maintain your family’s standard of living and pay for expenses that go along with raising children. LIMRA reports that 68% of consumers get life insurance for this reason. 1
• To leave an inheritance or transfer wealth: Life insurance can help ease the financial burden your family may face to keep a roof over their head after you’re gone. Money from a policy can help them continue to make monthly bill payments or pay off an entire balance. LIMRA states that 63% of consumers get life insurance for this reason. 1

How to Buy Life Insurance

• Determine your needs: calculate how much debt you have, your monthly living expenses, and your final expenses. Include any future expenses, such as college tuition. Figure out how long you need replacement income and how much income it would take for your survivors to pay for immediate and future expenses.
• Get a quote from different insurance companies: compare rates, policy features, and benefits to make sure you’re getting a good value.
• Choose a company with a strong financial rating: companies with the highest ratings offer more guarantee that they will have the finances to pay your claim.
• Make an appointment with a licensed insurance agent: after you narrow down your search to a specific company, speak with a licensed insurance agent to go over more details about your needs.
• Make sure you can afford the premium: double check how much income you have coming in and how much expenses you have going out to make sure the rate you’re getting is affordable.
• Read your policy: after you’ve been issued a policy, make sure you read all the fine print. If you don’t like your policy, state laws generally mandate that you have a certain number of days to cancel your policy and receive a refund of any premiums you paid. Depending on the state, this may be within 10 to 30 days after the policy issue date.

Understanding Life Insurance

A part of life insurance 101 is knowing when you should choose term or permanent life insurance.

Young and married with small children: young families may need the most death benefit from a life policy because the need for income replacement that can cover the expenses for growing children is greater. Also, if a spouse who stays home to take care of the kids were to die, it would be an additional expense for the surviving spouse to pay for child care services. A term plan is typically the least expensive option to get the most coverage. Longer term policies like the 20-year or 30-year plan can be the most suitable for young families.

Young and married with no children: if both you and your spouse work and household expenses are shared equally, you may not need life insurance. But depending on your lifestyle, it may be hard to maintain the same standard of living if one of you were no longer around. According to a Kiplinger Magazine article, a modest amount of coverage may be enough to meet your needs. Since term policies allow you to get just the basic amount of coverage you need, you can pick a plan with a lower death benefit to get a more affordable rate.

Single-Parent: like young couples with children, single-parents who have younger kids may also need a policy that provides a large death benefit. Studies show that most single-parents are women, and the average salary single-mothers earned as of 2019 was $48,098. 3 This is far less than the average wage for married couples with children under 18, which is about $102,308 (as of 2019). 3 With less income among the majority of single parents, it’s more likely that there wouldn’t be enough savings that could be used as income replacement if the parent dies. The life insurance 101 basic step in this situation is to get a low-cost life insurance policy that can provide the most protection. The lower cost of term insurance can make it a good choice for single parents.

Recent empty-nester: so the kids are off to college, but that doesn’t mean your life insurance needs end. You may need to support your children through the college years to help pay for tuition, room and board, books, or even clothing. If your household runs on two incomes and you still have major debts to pay off like a mortgage, you may need the protection of income replacement. Depending on your age, you may also have a while to go before you have enough retirement savings.

At this stage in life, a policy that has a death benefit your spouse could use to cover expenses if one of you dies. The policy can also build cash value to supplement your income may be the most suitable. You could choose to go with a term plan that converts to permanent insurance or go straight for a permanent policy depending on your needs. For example, if you’re 55 and looking to have cash value in a policy by the time you’re 65, then a permanent plan may be best because it could take that long for the policy to build cash value.

If you don’t need supplemental income as fast, you could get a 10-year convertible term plan. So by the time you’re 65, you could have a whole life policy, and when you reach 75, you could have cash value in the policy. One thing to keep in mind when converting a term plan is that insurance companies usually only allow you to do this before you turn 65.

If you need a policy that can help supplement your income, then the cash value from a permanent plan may meet your needs. Keep in mind that it does take a while to build cash value. So depending on your age, you may want to weigh the odds of whether or not you will be around long enough to take advantage of this feature. A type of permanent insurance you could also choose is final expense insurance , which is typically offered as a whole life policy. This type of coverage is only meant to cover your burial and funeral expenses, not your long-term financial needs.

Find a Life Insurance Plan Today

Now that you’ve learned the basics with this life insurance 101 guide, it should be easier for you to make a decision about what type of coverage you should get. A licensed insurance agent can help provide you with more guidance on making that decision, and he or she can answer any questions you may have.

Call (800) 827-9990  to speak to a licensed insurance agent, or locate one in your area now.

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12 Steps to a Compelling Insurance Presentation

Posted on: Tuesday, November 16 2021 | by QuoteWizard

It doesn’t matter if you’re speaking in front of a crowd of 400 or meeting over coffee with one uncertain insurance prospect. If you want to be a compelling presenter, learn how to speak well, and mold your presentation into a compelling sales pitch. There’s no room for public speaking anxiety in insurance sales. Many of the most successful agents, business professionals, and even sports personalities understand the value in being a compelling presenter.

Being calm and collected earns trust; your audience can pick up on your trepidation so let's hammer out some ways to build your confidence. Speaking clearly and with confidence isn’t the only way to be a compelling presenter. Employ some – or all – of these presentation strategies before following up on your next insurance lead and see if you notice a difference in the flow of your conversation. We're hoping it leads to your next sale!

Open strong

When you read the newspaper article or a blog, how far do you get from the start before losing attention? Chance are it happens pretty quickly. To really capture your audience’s interest, make an impact immediately. Try a stat, financial model, or impactful visuals to to help you set the tone and capture their interest from the start. 

Tell a relatable story

After creating such a captivating lede, don’t you want your leads to continue following those selling points you've been working on presenting? Storytelling is a great way to keep your audience connected to your presentation. There are several good techniques to weave story throughout a presentation. For a life insurance pitch, case stories or cautionary tales work well. For property and casualty agents, it might be good to highlight minor incidents that can balloon into catastrophes. Health agents and those focusing on Final Expense might simply use the ever-increasing cost of healthcare or burial costs.

However you do it, make it personal, relatable, understandable. 

Get the wheels turning

Rhetorical questions help your audience relate to your presentation. A simple, “Do you have enough money to pay off your mortgage if you were to pass away tomorrow?” or “Are your children’s education costs covered?” will get your leads thinking about the importance of insurance. No, you don’t want or need your audience to actually answer you, but you do want them to think to themselves about your statements.

Try shock value

You started with a lede to immediately capture your prospects attention, you’ve continued with storytelling to keep them interested, but if you really want to get their attention, try a tiny bit of eye-opening "shock value". Be smart with your ending.

Just as you started strongly, you want to end your presentation with your audience members feeling satisfied. Even better, you want to leave them wanting more.

Use multimedia

Don’t be fooled into thinking that storytelling is done with words and words alone. You can bring a presentation to a completely different level by incorporating visuals, like images or videos. Better yet, come prepared with video testimonials from happy clients.

The only word of caution here is to make sure your material is ready to go instantly. You can easily kill a possible new sale when your presentations don't work or there are technical difficulties.

Use takeaways

Give each of your insurance customers something to consider on your exit. Leave them with a tactile reminder of your presentation. A business card is a good start, but to stand out from the crowd of other insurance agents, you’ll need more. Hire a graphic designer to create a Life Insurance Planning handout you can share with your audience or pull together a summary of the statistics you shared.

The point is to make it clear and concise. The most important parts of your takeaway should focus on 1) supporting what you presented in clearly understandable visuals and stats and 2) your call to action (CTA) or how and where you can be reached for follow-up questions or to discuss the options further. 

Make time for a Q/A session

Before you ask for a sale, ask for questions from your audience about your presentation. Not only can you clear up any confusion, but you can use the questions to update your next presentation.

Here’s the thing about Q&As: make sure you’re prepared with answers. Stumbling, mumbling, and bumbling will take away from your well-presented pitch.

Adapt to your audience

You’d sell life insurance differently to a 20-year-old than you would an almost retiree. Make sure your sales pitch reflects the audience you’re speaking to. Yes, you’ll be sharing the same information to all audiences, but you’ll speak to different needs and values.

You also need to find a way to individualize it. Adapting a presentation changes your sales strategy. Individualizing it makes the entire about your audience. If you’re speaking to an employer group of mental health clinicians, say, “You teach your clients the importance of self care. Put that lesson into practice by investing in life insurance to protect your family.” When meeting with an individual with young children, point out how life insurance can fund their college savings in the worst-case scenario.

If you have 60 minutes for your presentation, only use 45. By presenting all the information about your life insurance policies in a clear and timely manner, you’re positioning yourself as an expert. Also, by speaking less, you’ll allow more time for questions...and more time to ask them for a close.

Take a breath

Want to know to ruin a presentation? Rush through your message speaking as quickly as possible without taking a breath for a pause. If you don’t ruin it by losing the interest of your audience, you surely will mess it up when you pass out from a lack of oxygen.

Take a breath in between sentences. You’ll sound more professional, and it will give your leads time to truly take in your pitch.

If you really want to be a compelling presenter, you’ll practice...and practice some more. There’s no need to memorize your presentation. Chances are a memorized speech will make you sound like a robot.

Which strategy do you think is the most important? Are there any other strategies you’d add to our list? Comment below.

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The future of life insurance: Reimagining the industry for the decade ahead

The future of life insurance

The global life insurance industry has seen significant changes over the past decade. Developing economies—predominantly emerging markets in Asia that were formerly small contributors—have become global growth drivers and now account for more than half of global premium growth (Exhibit 1) and 84 percent of individual annuities growth (Exhibit 2). The availability of data has skyrocketed, and insurers have made progress in advanced analytics and artificial intelligence. Digital and mobile advances have raised the bar on transparency and service quality: customers can now file claims and access agents, insurance quotes, and policy information with a few taps on a screen.

The past decade has also introduced new challenges. Life insurers have not benefitted from the bull market (Exhibit 3). Global penetration fell to 3 percent, and premium growth within most developed markets, hovering just below 2 percent per year, struggled to match GDP. Globally depressed interest rates curtailed investment portfolio returns. More recently, the COVID-19 pandemic has depressed global interest rates even lower than those seen in the 2007–08 global financial crisis, leading to disproportional impact on life insurance stock relative to the rest of the market (Exhibit 4).

Meeting the moment across three key areas

Several trends show promise for the life insurance industry in the next decade. Customer demand is at an all-time high. Indeed, the COVID-19 pandemic has only reemphasized the need for mortality protection. Public pension replacement rates are declining and healthcare expenditures are rising—trends also accelerated by the COVID-19 crisis. Economic and demographic trends will also offer tailwinds. The global middle class is rapidly expanding, bringing higher incomes, growing financial wealth, and heightened risks to manage. By 2030, all baby boomers will be age 65 or older, 1 “Older People Projected to Outnumber Children for First Time in U.S. History,” US Census Bureau, March 13, 2018, census.gov. and many are expected to outlive their retirement savings. 2 Johnny Wood, “Retirees will outlive their savings by a decade,” World Economic Forum, June 13, 2019, weforum.org.

We believe the life insurance industry faces a pivotal, dual opportunity: the chance to fulfill growing customer needs while returning to profitability and growth. To achieve these goals, we expect winning life insurance companies to outperform in three areas in the decade ahead:

• personalize every aspect of the customer experience
• develop flexible product solutions suitable for a challenging regulatory and interest-rate environment
• reinvent skills and capabilities

Personalize every aspect of the customer experience

The influence of digital leaders in other industries has raised the bar in insurance as well. Several areas offer opportunities for personalization that can strengthen customer relationships.

A shift to targeted health management. Life insurers have long maintained a focus on mortality protection, but concern over mortality risk has diminished in many markets, which has reduced demand for core products. Despite recent increases in online research for life insurance, spurred by COVID-19, the long-term decline of mortality risk is likely to continue. In the coming decade, insurers will play an increasingly prominent role in the health of their customers as life expectancy increases and health trends change.

By 2030, the number of people aged 60 and older will grow by more than 50 percent, from 900 million in 2015 to 1.4 billion. 3 World Population Ageing 2015: Highlights, United Nations, Department of Economic and Social Affairs, Population Division, 2015, un.org. Further, noncommunicable diseases—those more closely linked to lifestyle and behavior, such as diabetes, heart disease, and lung cancer—will account for 71 percent of all annual deaths globally and represent an increasing proportion of mortality risk. 4 “Noncommunicable diseases,” World Health Organization, June 1, 2018, who.int. We believe these factors will motivate life and annuities manufacturers to engage customers in the shared-value economics of healthy living to increase policyholder longevity.

Technology will play an important part in this transition. The proliferation of data and connected devices, particularly wearables, will continue to make it easier for life insurance companies to play an active role in shaping customer health—to everyone’s benefit. Armed with this information, life insurance companies can provide well-timed, personalized reminders or notifications around diet, disease management, doctor appointments, local health resources, and physical activity. Customers are increasingly willing to share their data in exchange for personalization; today, six in ten consumers globally are comfortable sharing personal details with their insurer in exchange for lower premiums . 5 2020 DXC insurance survey report: The voice of the US customer, dxc.technology.

This trend has accelerated during the pandemic. Evidence shows that a higher proportion of consumers are willing to share data collected on their watches related to heart rate. In recent months, life insurance companies have relied on more detailed questions and medical records instead of in-person physical exams, which have not been possible with physical distancing.

Shared-value life insurance products, such as Vitality, are in the vanguard. Developed by Discovery Group in South Africa, Vitality pioneered the model of shared-value economics in its product design and pricing, leading to the creation of an engaged wellness ecosystem. Now in 22 markets, the program has seen a 35 percent reduction in mortality among highly engaged members and a 15 percent lower policy-lapse rate. 6 Integrated Annual Report 2019, Discovery, 2019, discovery.co.za. In addition, some Japanese life insurance companies are migrating to a “pay as you live” premium schedule with dynamic pricing. For example, customers who exhibit regular healthy behaviors, such as exercising and attending doctor checkups, are rewarded with lower premiums. In the future, we expect to see life insurance transition from the traditional “assess and service” model and shift toward “prescribe and prevent” (Exhibit 5).

Continuous underwriting. The evolution toward continuous underwriting, made possible by increased data and device connectivity, will present further opportunity for personalization. Currently, mortality underwriting suffers from two primary data gaps. First, it is constrained to a single moment in time—the initial sale. The only data available at that point are past morbidity and behavioral data on the customer. Second, it fails to account for a customer’s lifestyle changes, which are significantly more controllable.

We envision underwriting evolving in four phases that will increase personalization and customer engagement (Exhibit 6). Currently, insurers focus on automating the underwriting process to improve efficiency gains and reduce inconsistencies (phase 1). Some insurers have advanced to accelerated underwriting, for which applications are submitted digitally (phase 2). Doing so dramatically reduces the need for invasive fluid and paramedical exams and results in near auto-issuance for the majority of policies. Insurers will then graduate to microsegmentation and personalization, for which individualized offers are generated using comprehensive internal and external data sets with enhanced accuracy (phase 3). Finally, winning companies will provide continuous “one-touch” underwriting, with dynamic adjustment based on customer behavior and suggested personalized actions to significantly drive healthier behavior (phase 4). Together, this four-phase evolution flips the underwriting approach on its head, with environment, health, and lifestyle becoming primary inputs and medical data providing only one part of the picture (Exhibit 7).

Personalized, omnichannel customer journeys. COVID-19 has accelerated many of the digital and omnichannel elements that were in their early stages. According to our research, more than 90 percent of new business in China historically has been generated through face-to-face interactions. Since the onset of the pandemic, insurance companies have been forced to adopt digital-hybrid solutions by incorporating robo-advisors, video conferencing, and web chats. Moreover, a recent McKinsey survey of European consumers found that 54 percent of customers now prefer direct or digital channels, up from 38 percent before the crisis.

Frontline professionals will continue to play a critical role in reaching customers, so insurers must embrace the integration of physical and digital channels once the crisis subsides. Life insurance companies can direct leads to the channel or agent that best serves each customer’s needs. Further, agents will be armed with advanced analytics on their customer base as well as centrally provided digital leads. Throughout the customer life cycle, life insurance companies will engage in multichannel, personalized customer interactions to promote cross-selling (by identifying the most likely “next product to buy”) and proactively reach out to customers who are likely to lapse. Such interactions have the ability to reduce customer acquisition costs by up to 50 percent, generate 5 to 10 percent of new premiums, and reduce customer churn by up to 30 percent.

Upgrading agent capabilities to more effectively use digital tools will be critical to the pending distribution shift. Indeed, a recent McKinsey survey found that “generating leads” and “building initial client relationships remotely” were the two biggest challenges faced by agents. At the same time, these agents were spending disproportionately more time on customer service and administration than before. Life insurance companies will have to significantly invest in digital infrastructure and place analytics at the core of distribution.

Develop flexible product solutions suitable for a challenging regulatory and interest-rate environment

Interest rates have been globally depressed for a decade—and even longer for some economies, such as Germany and Japan. Interest-rate pressure has increased further due to COVID-19, with few signs of abating. At the same time, changing regulations have limited traditional methods of doing business. The most successful life insurers will redouble their focus on innovation and flexibility.

A paradigm shift of the guaranteed product. Over the past five to seven years, some countries (such as France, Germany, the Netherlands, and Switzerland) saw new government bonds issued at negative yields. Meanwhile, others (such as the United States and Japan) continue to combat near zero interest rates. Indeed, according to the European Insurance and Occupational Pensions Authority, more than half of European life policies guarantee an investment return to policyholders that exceeds the yield on the local ten-year government bond. 7 IMF Blog, “European Life Insurers: Unsustainable Business Model,” blog entry by Reinout De Bock, Andrea Maechler, and Nobuyasu Sugimoto, May 5, 2015, blogs.imf.org.

New capital regulations accompanied the globally depressed rates. For example, the introduction of Solvency II in 2016 in the European Union increased capital requirements for traditional life and annuity products, putting further pressure on profitability. Consumers will continue to seek out guaranteed returns, which means many insurers will face challenges in offering guarantees in a capital-efficient, profitable manner. Collectively, traditional long-term, fixed-rate guaranteed products will undergo a paradigm shift in structure, from being rooted in guaranteed returns to offering upside potential with guaranteed downside protection.

Several life insurance companies have already begun moving their portfolios toward a wide variety of capital-markets products, specifically hybrids and unit-linked products, that are more capital efficient and perform well in a low-rate environment. From 2015 to 2019, unit-linked premiums rose $76 billion globally, with European life insurance companies accounting for two-thirds of global growth (Exhibit 8). Such products may offer customers upside potential coupled with downside protection (as high as 100 percent). That said, capital preservation is not free; whether in commissions, expense ratios, or yield, customers pay for it.

Regardless of interest-rate movement, previous fixed-rate guarantees, coupled with new regulations and customer education around alternatives, will likely keep life insurance companies focused on capital-light products in the decade ahead.

Tailor new solutions for different life stages. In the coming decade, the industry will see the emergence of new types of coverage, as well as increasing flexibility in product coverage and payment. Household debt is still more than 100 percent of net disposable income in most OECD countries, 8 “Household debt,” Organisation for Economic Co-operation and Development, 2020, data.oecd.org. divorce rates continue to rise, and job insecurity, spurred by technological advancements, can create uncertainty for consumers. Indeed, despite a decade of global economic growth, nearly 50 percent of consumers are somewhat or very concerned about job loss for themselves or a member of their household . New products that help allay those concerns, as well as increase coverage and premium flexibility, will likely prove increasingly popular with consumers.

Flexible offerings, which allow the consumer to adjust coverage throughout the life of the policy, have been met with favor in Japan. For example, a leading Japanese insurer offers medical, asset accumulation, and protection against dread disease and mortality wrapped into a single product, enabling the customer to add or reduce coverage as their circumstances change.

Value-added services and nonmonetary benefits. Over the next decade, product innovation will likely expand to adjacent services. Life insurance companies, which are competing with not only their peers but also industry alternatives such as pure wealth and asset managers, will increasingly seek to differentiate themselves through value-added services and nonmonetary benefits, particularly as life and health coverage continue to converge.

In Asia and Europe, life insurance companies are already offering administrative support for medical visits, health management, and telemedicine. Going forward, these companies could also partner with ridesharing companies and hotels to provide transportation to doctor visits or accommodations for loved ones in times of need.

Nonmonetary benefits can also address the risk needs of policyholders. For customers concerned with the cost of living in retirement, life insurance companies in Asia and the United Kingdom are replacing financial payouts with guaranteed placement in senior living communities.

Such services give insurers access to fee-based earnings, an alternative revenue stream that could be rewarded by investors. At the same time, fee-based earnings introduce more complexity vis- à -vis sales and after-sales support. Ultimately, earnings potential will be shaped by not only customer demand but also companies’ abilities to upskill distribution talent and develop unique economic solutions for distributors.

Reinvent skills and capabilities

The path to growth in the next decade will require new talent and bolder strategies. Life insurers must respond by capturing more value from existing assets and pursuing targeted M&A.

A radically different workforce, underpinned by skills of the future. By 2030, 44 percent of insurance work activities have the potential to be automated (Exhibit 9). Roles that focus on repetitive work and manual processes will cease to exist in their present form, while technology and digitally savvy workers will increase in value. Emotional, interpersonal, and social skills will also become more critical, especially for customer-facing agents who can help consumers address their changing financial and coverage needs. However, these workforce shifts will not eliminate jobs—our research indicates net new jobs will be created due to advances in automation—but instead change the nature of the work. The COVID-19 pandemic has only accelerated such trends.

In the war for digital talent, life insurance companies are at a disadvantage. The financial-services industry trails other sectors in volume of digital and tech talent. In fact, 80 percent of millennials say they have limited knowledge of the insurance industry, 9 Millennial generation attitudes about work and the insurance industry, a joint paper from The Institutes and Griffith Insurance Education Foundation, 2012, theinstitutes.org. a troubling sign for an industry in which 25 percent of employees believe themselves to be within five to ten years of retirement . However, COVID-19 and recent social unrest present an opportunity for life insurers to reframe their societal purpose, which may help recruit and retain exceptional talent.

Seventy-five percent of global executives agree that upskilling and reskilling employees  must account for at least half of their skills gap solution. Life insurance companies that prioritize those efforts and develop operating models capable of responding to changing demands will distinguish themselves from peers and position themselves at the forefront of “future-proofing” their workforces.

Substantial value from in-force and closed blocks. Given global profitability challenges, insurers can increasingly optimize in-force and closed blocks as a source of value creation. Today, the attention given to in-force management is often not commensurate with its potential. Life insurance companies can enhance in-force value creation by executing across four pillars:

• commercial effectiveness, including lapse management and cross-selling to policyholders
• financial efficiencies, such as actuarial optimization and reinsurance
• operational efficiencies, such as reduced administrative costs
• transactions, such as partial or full sales of blocks of business

Companies can also extract value from closed blocks, which sometimes have unattractive product economics and operational difficulties or are misaligned with a company’s strategy. Yet given their cash flow potential, earnings, and embedded value, closed blocks deserve time, attention, and resources. Some insurers have helped fund investment in a digital transformation or an analytics road map by rationalizing their closed blocks of business.

By collaborating with actuaries and understanding the implications on the cost model, life insurance companies can often lock in savings and have a onetime release of reserves that is typically in the ten-to-one range (this ratio differs by company). In other words, for every $1 million saved in long-term in-force servicing costs on the closed block, there could be a $10 million onetime reserve release. Life insurance companies often use these funds to finance the transition of the closed blocks to a target platform, invest in digital and analytics, and wide-scale productivity transformations. The reserve can also be used in other ways to reduce the ongoing unit costs.

The prevalence of closed-block specialists will also spark increased sales by insurance companies beyond US and UK markets, where activity has been high. Specialists, whose scale facilitates lower costs per policy, have proven themselves to be effective operators. Moreover, closed-block sales can provide life insurance companies with immediate access to capital, derisked balance sheets, and a reduction in operational costs, such as legacy IT systems. But life insurance companies must remain open to exploring sales, and they can limit the risk of undervaluing their blocks by keeping an eye on the cost base, considering improvements, and structuring partnerships with potential buyers.

Precision M&A for expansion and capability building. Global M&A remained steady in the 2010s. The Americas accounted for 49 percent of deal volume by the end of the decade, followed by Europe at 32 percent. 10 Navigating a course between uncertainty and opportunity: Insurance growth report 2019, Clyde & Co, 2019, clydeco.com. Effective M&A—specifically as a vehicle for market expansion, capability building, and divesting noncore businesses—can continue to be a core strategy for successful life insurance companies.

Growth within existing markets will be challenging; life insurance companies can use acquisitions to enter new geographies, adjacencies, and products. Cross-border transactions can provide access to faster-growing developing markets, such as those in Latin America, and emerging markets in Asia. Moreover, the global middle class, projected to include six billion people by 2030, 11 Annual disposable income of $3,600 and over; World Population Prospects, United Nations, Department of Economic and Social Affairs, un.org; Cityscope by McKinsey Global Institute. will increasingly depend on robust wealth- and asset-management solutions, particularly in markets such as China, where the industry is evolving rapidly. Several life insurance companies have already expanded into such asset-management adjacencies, which have natural synergies with the industry’s core competencies. Others may find capital-light, fee-based businesses in areas related to other competencies to be more practical. Regardless, given the historically strong correlation between return on equity and price-to-book ratio, such investors reward higher return-on-equity businesses.

Life insurance companies can also rely on acquisitions for tech enablement and capability building. The past decade has witnessed the rise of insurtech, which attracted nearly $4 billion of global venture funding in 2018 alone. 12 Joanna Glasner, “A record $2.5B went to U.S. insurance startup deals last year, and big insurers are in all the way,” Crunchbase, April 4, 2019, crunchbase.com. Partially fueling the segment’s rise are the increasingly popular internal venture-capital funds launched by life insurance companies themselves. Such funds provide access to leading start-ups and serve as a natural “buy” versus “build” entry point for leading technologies. Insurtechs can also help companies increase their pace of innovation. The recent crisis has depressed valuations for start-ups, providing insurers an opportunity to acquire capabilities more cost effectively. As a result, life insurance companies can acquire their way to the forefront of disruptive innovation. If a full acquisition is not an option, hiring talent from insurtechs and other start-ups with greater digital and analytics capabilities is another possibility.

Finally, “shrink to grow” will likely prove a popular way for life insurance companies to launch their next growth S-curves. Divestitures of business lines or books of business, an increasingly popular trend at the end of the 2010s, can unlock capital to focus on new opportunities.

Download The future of life insurance: Reimagining the industry for the decade ahead , the full report on which this article is based (PDF–896KB).

Pierre-Ignace Bernard is a senior partner in McKinsey’s Paris office; Kweilin Ellingrud is a senior partner in the Minneapolis office; Jonathan Godsall is a partner in the New York office, where Andrew Reich is a consultant; and Bernhard Kotanko is a senior partner in the Hong Kong office.

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7 Ways To Present Insurance Solutions

Keep your clients and prospects engaged in their life insurance purchase with our seven best ways to present insurance solutions to your clients.

7 WAYS TO PRESENT INSURANCE SOLUTIONS

Communication is paramount in any kind of sale. However, when we are dealing with someone's long-term financial well being, it's particularly important to communicate effectively to build trust and make sure all expectations are on the same page.

If we want to communicate a client's insurance options to them effectively, we're going to need a presentation that summarizes all their options in a clear and concise way because about 88% of people report they are confused with their insurance options !

Don't be too hard on yourself. The industry makes it hard with confusing illustrations and jargon. To get clients engaged and informed of their options, we use client-friendly visuals that help them see the best product for their needs.

Life Design Analysis Turns Complicated Illustrations Into Simple Visuals.

We also know that in addition to great subject matter, we also need to keep our clients and prospects engaged enough to actually retain that information so they will be compelled to take action. If you are familiar with Life Design Analysis, you know that this is our specialty. It's why 98% of our subscribers report increased communication with their clients, leading to greater sales.

You can read more about some of our best presentation tips here

ENGAGE YOUR CLIENT WITH THESE INSURANCE PRESENTATION IDEAS

Having a simple and engaging presentation is only half the battle. We also need to deliver that presentation to the client. In this article, I will share some of the best strategies our clients are using to deliver our beautiful and dynamic insurance presentations

Printed PDF

Creating a PDF of a Life Design Analysis report is the classic way to present with LDA. A PDF has a few benefits. It can be used online, offline, sent by email or used for very professional leave-behind material that your clients can review on their own time. Think about adding extra prestige for an HNW client by binding the printed PDF. Clients appreciate the effort you put into looking after their needs and the special attention you are giving them. (Binding machines have become very affordable these days and will save you a trip to Kinkos if you find yourself wanting to spice up your reports more often.)

If you are the type of advisor who invites clients to your office or maybe you visit your client's office presenting an LDA report, these are more great ways to showcase insurance options. Think about bringing your laptop and hooking it up to the boardroom TV or projector. You could even distribute the printed PDF to individuals attending the meeting (like their accountant or financial planner) . This lets you present in an engaging way, squash objections and answer questions. If opting to go this route and doing a presentation off-site, think about having a laptop with HDMI and VGA capability (and your own backup cables). You could also load the interactive LDA case in advance just in case WIFI is an issue. Having the PDF saved locally is never a bad idea if there is a technical issue on the client's end.

A tablet is a fantastic method to present your insurance solution and can completely transform the way you interact with your clients and handle objections or shed light on product features. LDA is a responsive mobile platform (in simple terms that means we work on any device) we let you compare and model different insurance solutions which makes it easy for your clients to see value and make an informed decision. Think about using the interactive charts to contrast changes in dividend scales or investment performance. Many advisors are ebmedding a link to an E-app to make the transition to purchase that much easier.

Check out our article on E-apps for ideas on how to better transition from presentation to application.

Shared Case

A shared case is a feature unique to Life Design Analysis. It's a link that allows you to connect your clients to any report you create. This is a great alternative to the PDF in regards to "leave behind material." Most clients will want to think it over before giving you the green light. The two biggest advantages of a shared link are that your clients will be able to interact with the charts and products you selected for the report. (They are also not able to change products, but it gives them the digital experience they crave.) The other huge advantage is that you, the advisor, is notified when a client has viewed the report, what time it was viewed and what pages were most engaging. This gives you the opportunity to follow up at the perfect time. It's also great for compliance as you have documented when and how long the report was viewed. You can even include certain disclaimers. There are many ways to distribute a shared link such as via email, text or even social media. All your clients have to do is click the link. If they have questions, there are easy ways to connect with you from the contact info in your account settings

Screen Share

Let's face it. Life is busy and we don't always have time to run across town to meet clients (particularly for a small term premium) . Often it's our clients who are too busy to connect. Maybe you service a remote geographic region (or a congested one) . Don't let any of that get in the way of protecting your client's liabilities. Think about setting up a screen share meeting with your clients, create your LDA report, share your screen and conference with your clients. You can be the driver while your client gets to sit passenger as you walk through their options in an interactive way from wherever you both are in the world. You might even try linking to an E-app in the product description area to transition to an application if your client indicates they want to buy. You have an easy way to transition. Many products today can be sold and delivered entirely non face to face. We use UBER Conference for our one-on-one training sessions at LDA. However, any screen share platform should work to connect you with your clients and share an LDA report.

Wholesalers Comparing Product

If you are a wholesaler and have to give a lot of product presentations, consider yourself fortunate to have an LDA acccount (if you dont sign up free ). With LDA, you can easily compare products to highlight sweet spots or illustrate market advantages. Think of linking to an LDA shared case link in your PowerPoint presentation so you can easily jump to a particular concept and highlight your market position vs. the competition. Use the interactive charts and overlays to show multiple scenarios like guaranteed, reduced or total values. Engage the audience to set your presentation apart!

Social Media

Social media is a great way to market yourself and the products and solutions you sell. Social selling can be tricky but should be part of every advisor's practice. You should be carful on social media that you are not always product focused. Mix in some nurture content as well as articles that might be resourceful for your clients' demographic. Think about sharing a strategy or case study that includes a CTA (call to action) to click on an LDA shared link. For example, this is a Cascading Insurance Strategy Concept . Start with some text describing the application or include a story on how it has helped a client and link to some real data around cost and value using an LDA shared case. Remember when you are sharing with a diverse audience (like on social media) , try and make the case study reasonably, generic or high level so it appeals to more people. Be sure to select the options in LDA to collect user information before they view the report, that way you generate leads of people in your audience who are interested in that particular concept.

Check out the video we made on social selling for more ideas !

In conclusion, there are a number of ways to use Life Design Analysis to engage your prospects and existing clients. Which one is right for you all depends on your own preference. However, if you are looking for assistance with any of these new ideas, don't hesitate to reach out to us on our live chat or contact us . We are more than happy to help you grow your practice so Sign Up Free Today !

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Prepare an outstanding presentation with the help of the visually appealing Life Insurance PPT template. The pre-designed visuals will not only save you time but will also let you quickly shed light on all the intricate details regarding the concept like premium, what does the policy cover, significant benefits, disadvantages, etc. Insurance agents can use this deck to educate the audience about why one should opt for it, how the premiums are calculated, and other necessary details. So, without any second thought, download the set now!

A Glance at the PPT

These slides deserve a spot in your presentation. 

• A brief overview of what life insurance is depicted through multiple square-shaped boxes.
• A list of different types of insurance policies is showcased using a professionally crafted design.
• Its various products are exhibited with the help of a creative diagram.
• Step by step procedure to choose a suitable policy is portrayed using an appealing design.
• Three major goals behind selecting a life insurance policy are shown with an individual box for each.
• Significant pros & cons of a term policy are portrayed through a pair of innovatively designed boxes.
• Advantages & disadvantages are presented with an eye-catching layout.

Unmatchable Features

• We have made the template quickly & entirely editable to save you ample time & effort.
• You can make as many changes as you want without worrying about the resolution.
• Each slide is 100% authentic to give your presentation a unique look.
• The PPT is ready to download, and you can leverage its benefits for your entire life.
• An excellent customer support team is available 24*7 to resolve your queries at the earliest.

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Life Insurance Company Profile

It seems that you like this template, life insurance company profile presentation, free google slides theme, powerpoint template, and canva presentation template.

Lots of things can happen in life. Better be prepared for it! With this modern template for a life insurance company profile, you can speak about what makes your company unique, what kind of services you offer, your prices and your benefits, all in a visual and unique way like no other. These slides are completely editable and will adapt to whatever content you want to focus on.

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