Link Between High Stress Jobs and Critical Illness – Why Critical Illness Protection is Vital!

For most of us, getting up and going to work every day is necessary. No matter what job you do, whether it is an interim stepping stone or your dream career, there is always the chance that stress will lead to a critical illness. Whether you work as a lawyer, dealing everyday with fast paced cases, a police officer or firefighter dealing with life or death situations, or a nurse working shift work, the chances of dealing with stress, and a subsequent critical illness, are quite high, especially as we get older. 

There are several different workplace conditions that have been identified as leading to job stress, including the design of tasks, management style, work roles, career concerns, or environmental conditions. High stress jobs don’t necessarily mean high powered jobs – anyone can suffer from the effects of high stress – which all too often lead to critical illnesses, such as heart attack, stroke, or even cancer.

Since most of us can’t just quit our jobs and find something that requires very little interaction with those factors that can lead to stress, critical illness protection is vital. So, what is critical illness protection (or critical illness insurance)? Critical illness protection is a form of insurance that protects you in case you end up suffering from a critical illness. Rather than life insurance that protects you after you pass away, critical illness protection is there to assist you when you are still alive.

Critical illness protection can provide you with a cash benefit to be used to rebuild your life after suffering the illness or injury that takes you away from work.

Since survival rates for those illnesses covered by critical illness protection are quite high, it is essential to make sure that you are covered by a policy in case you suffer from one. For example, various forms of heart disease will affect 1 in 3 women and 1 in 2 men during their lifetime, but the survival rate for a heart attack is over 80% in Canada.  Similarly, 1 in every 20 will suffer a stroke, but the survival rate for strokes is 85%. These stats prove just how important it is to safeguard yourself with critical illness protection, especially if you work in a high stress job.

Here are some other stats that may help convince you of how important critical illness protection is:    

-          48% of house foreclosures are a result of a serious illness.

-          In 2000, over $800 million of individual retirement savings were used to pay for critical illness care.

-          72% of Canadians have noted that governmental aid will not cover all medical costs related to a critical illness.

Whether you are in what may be considered a high stress job or not, a critical illness is always a factor, and so taking advantage of the benefits of a critical illness insurance policy needs to be just as important. If you suffer from a critical illness and are unable to work, or need to take a significant period of time off work, critical illness protection can help you keep up your current lifestyle.

For more information about critical illness protection, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Paying for an Education is Easy with Whole Life Insurance for Children

When your children are born, generally life insurance is not the first thing that you think about. The joy of watching your child learn and grow takes precedence, and thinking positively about the future is usually the only way to go. However, life insurance for children is incredibly important, and so taking out whole life insurance for children when they are young should be a significant consideration for planning for the future.  

Although most people think about life insurance as a way to pay for the costs associated with the death of a loved one – it is not the only reason to acknowledge the benefits of a life insurance policy, especially for children. If a parent has to suffer the tragedy of losing a child, the benefits of a policy that can relieve some of the financial stressors are essential. That being said, purchasing life insurance for children does not necessarily have to be so negative.

Firstly, what is whole life insurance for children? Whole life insurance for children is just like whole life insurance for adults; it is a policy that protects you, holds a cash value that can be borrowed against, and generally is garnered by paying fixed monthly payments set at the beginning of the policy that will not change over time.

Whole life insurance for children is an essential savings tool – especially when planning for future education costs. Every parent wants their child to have access to the best education, and therefore the best jobs that help ensure their future. But this education is costly, and so education planning is critical. Knowing that the average cost of one year of post-secondary education is currently around $12 000, thinking about where that money is going to come from is key.

As a savings account, whole life insurance for children provides you with the ability to continually add to these accounts and watch the balance grow. Then, when the child is old enough, planning to go off to college or university, they can access those savings that you have worked so hard to amass for them.  This saves them from having to take out extensive student loans or O.S.A.P loans to pay for their education. By taking out a policy that provides life insurance for children, you are giving them a chance start their future without a heavy debt load.

These life insurance policies also make great gifts. If you are a grandparent and want to give a gift to a child that will actually benefit them, life insurance for children as a vehicle for saving is a great way to do that. Take away those negative connotations attached to life insurance, and giving a life insurance policy that a child can watch grow over time and eventually use to pay for their education, or for any number of other big purchases, will mean a great deal.

To find out more about life insurance for children and how it can help secure your child’s or grandchild’s future, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Can a Managing General Agent be the Driving Force Behind Success?

If you are an insurance agent, you are no doubt aware that working for an insurance company may hold many challenges as far as reaching your greatest potential. Keeping up with current technology trends and offering the best products and rates to customers is often very difficult when working for an insurance company. However, if you have noticed these challenges and are thinking about switching to working with a managing general agent, you have clearly recognized that a managing general agent can often be the driving force behind your success. 

Working with the right managing general agency can provide you, as an insurance advisor, with the tools and strategies that will allow you to provide the best service to your clients as well as the means necessary for you to reach your full potential. 

So how can a managing general agency help you achieve the success you want to meet your own goals? There are several things to consider.  

1.       How will your managing general agent support you? If you are working for an insurance company, you are probably well aware of how long it can take to receive a response to your inquiries or to have your applications processed. Instead, the right managing general agent will provide you with a guaranteed turnaround time on both, giving you the support you need to be successful.

2.       How will your managing general agent ensure you have the tools you need to succeed? By providing you with access to the newest tech advances in the industry, hosting training seminars and continuing education to ensure that you do not lag behind when it comes to keeping up to date with the latest trends.

3.       How will your managing general agent allow you to garner and keep clients easily? By choosing the right managing general agent, one that works with not one or two but several of different insurance companies, you will be able to research and find the best rates and products to offer your clients. Instead of being confined to a small selection of services, the right managing general agent will provide you with a vast portfolio from which you can draw to ensure that your clients are happy.

4.       How will your managing general agent keep you motivated? Sometimes we all need that little extra push to keep us going, and a good managing general agent will take recognition and compensation seriously to keep you continually performing at your best.

It is important to remember that a good managing general agent will take pride in their agency, therefore taking the time and providing the resources to let you succeed. By investing in you, the right managing general agency is in turn investing in their own company. 

To find out how you can succeed by working with a managing general agent, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

How Do You Know the Right Size MGA Insurance Agency to Choose?

If you are an insurance advisor, you know that there are several different ways to build your portfolio. However, as an insurance agent working for a major company, you are no doubt aware of the problems that also exist; challenges that make it difficult to increase your earning potential or to provide the best services to those clients. Once you have recognized these challenges, you might be questioning whether your position as an agent at one of these companies if the best fit for you.  

One of the best ways to ensure your future career goals and your clients’ needs is to become an advisor with an MGA insurance agency that is the right size and offers the best resources and compensation. An MGA insurance agency that is too big may not offer you the support you need because they are too busy to return your calls, while an MGA that is too small may not offer you the support you need because they simply don’t have the resources to. 

Working with a mid-sized and well reputed MGA insurance agency has many perks. These can include company sponsored events, team building, and training. Moving your insurance license from one insurance company or MGA to another can be quite simple, so there’s nothing to worry about. Just like with insurance rates, time is not on your side. If you are unhappy now, chances are you will be unhappy in the future. The longer you continue to build your portfolio under a particular company, the more complex it can become to switch.   

Working with an MGA that is large enough to offer all insurance products from all companies, while attending to your needs and professional development, will lead to increased success in the long run. It will mean greater success because you will be more agile, will be able to work your files faster and more efficiently, and most importantly you will be able to provide your clients with all of the insurance products offered by all companies to get them the most competitive deal. 

Because an MGA that vests your clients to you immediately means that you are able to begin building a strong portfolio that is yours right away, instead of dealing with the restrictions that come with working directly for an insurance company. This puts time back on your side because every client you develop is a building block in your empire.  

When making the difficult decision to move your license to a new company, and if you think that an MGA insurance agency is the right choice for you, there are some further things that you may want to consider:

1.       Do they employ the necessary tools to allow you to profit from continued learning and best business practices?

2.       Do they offer the types of products that you favour?

3.       Do they offer training and support?

4.       Do they offer a good compensation package?

5.       Do they offer a commitment on turnaround time for both applications and call backs?

6.       What is the culture like? Does the MGA insurance agency feel right for you?

Do your due diligence and you will quickly be able to determine the right fit for you. If you are ready to make the switch to becoming an advisor with the right MGA insurance agency, you know that that is a smart choice. Not only will you be able to encourage a stronger clientele base, but you will be able to provide the best services to keep them happy, while still beefing up your bottom line. 

To find out more about becoming an MGA insurance advisor, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

How to Increase Your Insurance Agent Salary: Why Working with a Managing General Agency Provides Far More Benefits

If you are currently working for an insurance company but have contemplated switching to work with a managing general agency, you may be thinking about what a managing general agency can offer you, especially where your income is concerned. Those who are new to the insurance business may think that working for an insurance company as an insurance advisor will guarantee them a large insurance agent salary, which is generally not the case. 

As you know managing general agencies and insurance companies alike do not typically offer insurance agents a fixed agent salary and much of an insurance agent’s income is based on commission. The more you sell, the more you make – the sky truly is the limit.

Working for a managing general agency offers one major perk, and that is that your clients are your own. Many insurance companies will provide you with a contract that will mean that you will have to be with them for many years before you will have any interest in your client base, and even after years pass, the insurance company will still retain the first right to purchase your client base if you want to change agencies or pursue other career opportunities for a period of time. The longer you work for an insurance company, the deeper the hold they will have on you, and as years pass it will be more and more difficult to move if they stop offering competitive products, training or remuneration.

With an MGA, you have the ability to provide a far better service that ensures that your clients are happy. Furthermore, by providing you with the tools that allow you to attract and retain customers quickly, your MGA can increase your profitability. Who wants a basic life insurance salary when you can be accumulating renewals with each new policy that you add to your portfolio of clients? In the insurance industry an insurance agent salary system doesn’t work because insurance agents deserve to have a piece of the pie for every policy that they put on the books and expect to be compensated for their good performance.

A good managing general agency will provide you with the tools to achieve your career goals:

·         Structured training program – by providing ongoing, consistent, and proven effective training, your managing general agency can increase your earning potential through professional development.

·         Mentoring program for newer agents - by allowing you to learn strategies from those who have had years of experience in the industry, those who know how to increase income, you can implement their trade secrets.

·         Lead generation – an established lead generation program means easy client building.

The right managing general agency should also provide resources such as a professional website with no upkeep for you but full access for yourself and your clients, access to the newest technology in the industry (and training on it), and referral sources. 

There are also huge incentive perks to working with the right managing general agency, those that accompany a commission compensation system as opposed to an insurance agent salary system. Recognition and rewards are an important part of a managing general agency’s commitment, and perks should include things like reward programs to recognize not only your own commitment to your clients but also to your managing general agency, as well as social activities to keep you abreast of changes within the agency and to help network.  Access to and funding for annual conventions are also things that a good managing general agency may provide in order to help with personal development and fostering smart business strategies. 

Leaving your career system and moving on to greener pastures is easy when you find the right managing general agency. There are so many different benefits that can come from switching to a managing general agency, including increasing your earning potential. 

For more information on how to increase your insurance agent salary and the benefits of choosing the right managing general agency, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Life Insurance in Canada – Why Going to An Ontario Insurance Broker is a Smart Idea

If you are thinking about purchasing life insurance in Canada to help protect you and your family in the future, it may seem like a cheaper idea to go right to the source, sort of like purchasing direct from the manufacturer. But life insurance is not the same as a television, and purchasing life insurance in Canada directly through the insurance company can be a bad idea. Instead, obtaining life insurance through an Ontario insurance broker is a much better idea.

First of all, going directly to the source and purchasing life insurance in Canada directly from an insurance company means that you are getting the rate from that company and no other companies. The company is interested in getting you as a client, and can tell you all about the benefits of their policies, their rates, etc., without giving you access to any other insurance company rates. Instead, by purchasing life insurance through an Ontario insurance broker, you get to know all of the perks offered by all of the different companies that brokerage works with. A good Ontario life insurance broker will have a portfolio of several different companies, thus allowing you to choose from the different plans and policies to find the life insurance plan that best suits your needs.

Going directly to an insurance company means service with their best interests in mind. As an alternative, going to an Ontario insurance broker to obtain life insurance in Canada means that you are dealing with an insurance broker who is interested in making and keeping you happy. Their goal is not to make the insurance company money by selling you life insurance in Canada, but to make sure that you will continue to get the best services and policies. You are not just a number or dollar sign.

Those Ontario insurance brokers that choose to work with an insurance brokerage have done so because they feel that they can give their clients the best rates and services only by working with an insurance brokerage, not by working directly for an insurance company. They know the benefits that can be garnered for their clients, and if you are looking for the best deal on life insurance in Canada, it pays to seek them out rather than going directly to the insurance company.

For more information about life insurance in Canada, or how an Ontario insurance broker can get you the best rates, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Insurance Advisors in Ontario Should Expect a Lead Generation System to Help Boost Sales

Whether you work for an MGA or an insurance company it is crucial that you have the tools to be successful. One of the most important things to look for in a good managing general agency is a lead generation system that will get you referrals. 

What is a lead generation system? A lead generation system is a program that will assist you in finding new clients through different means. We all know that, as an insurance broker, it is essential to continually work on growing your client base. A lead generation system is essential in this, and a good managing general agent should provide you with access to a lead generation program that can promise definite results. 

These are all techniques that a good managing general agency should employ in their lead generation arsenal. It is easy to try lead generation on your own – it does not mean though that it will be effective. These methods that have already been developed for you  mean less work for you – all with the same, or better, advantages.

How can an effective lead generation system entice clients and get you the base you need to be successful? By offering the best, most attractive services out there.  For example, offering the same bread and butter services as any other insurance company won’t get you very far with regard to appealing to people and peaking their interest. Instead, offering an exceptional, unique service,

such as a Medical Expense Reimbursement Plan (MERP), will allow you to easily garner the results you need to be successful.

A lead generation system established by an experienced managing general agent should not only provide you with the tools to find and attract clients, but also the training to make it possible for you to take advantage of those different lead generation strategies. Being able to learn from those who have taken advantage of and benefited from these same strategies in the past allows you to learn the best ways to use lead generation to grow your profits.

Working with a managing general agent with a tried and tested lead generation system means that you can take advantage of an established lead generation plan that will help you grow your client base quickly. Rather than sticking with that insurance company that keeps you dependent, switching to an MGA that provides you with the tools necessary to make your career successful gives you what you need to reach your own goals.

For more information about switching to an MGA or to discuss the benefits of an effective lead generation system, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

In a Turbulent Economy will Your Employer Provided Long Term Disability Insurance Really Protect You???

When you are working and your employee insurance plan provides long term disability insurance, you may feel protected in the case of an injury or illness that requires you to be off work for a significant period of time. However, what happens if your company is downsized and you are laid off, or if you lose your job? Although the Canadian economy does seem to be rebounding, it is still in a very precarious position. If you have long term disability insurance through your job you are protected now – but if you lose your job, you also lose your long term disability insurance. 

First of all, what is long term disability insurance and why do you need it? Well, long term disability insurance is a type of insurance plan that protects you if you are injured or suffer from an illness and need to take a significant amount of time off work. Long term disability insurance will provide you with a monthly income that you can use to pay for and support yourself and your family while you are off work. Since it is estimated that 30% of working individuals between 25 and 65 will get into an accident or contract an illness that requires long term recuperation (3 months or more), with nearly 60% of these injuries occurring on personal time, it is clear that long term disability insurance is incredibly important. 

As mentioned, if you lose your job, your employer provided long term disability insurance ends. Your job may be secure right now, but with an economy that is continually perched precariously on the edge, there is no guarantee that it will remain secure.

Are you asking yourself what will happen if you purchase this private long term disability insurance and then lose your job? That is understandable. The good news is that, if you take the time and obtain a long term disability insurance plan through an insurance broker, it is likely that you will have chosen a coverage plan that could be anywhere from  2 to 5 years or to age 65. This means that even though you are no longer working, you are covered for the length of your term. Rather than losing the long term disability insurance coverage provided by your employer, this insurance coverage does not end until the policy term ends – meaning you are protected no matter what happens with your job.

Protecting yourself and your family is critical if you want your future to be stable and secure. Relying solely on the long term disability insurance coverage provided by your employer can leave you in a lurch if you ever find yourself out of a job. Most importantly, your health could change at any time and you may be offered restrictions on your coverage when you apply or even worse, you may not qualify at all for any type of coverage.

To find out more about long term disability insurance and the benefits of obtaining a long term disability insurance policy, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

What is Mortgage Life Insurance?

When you are purchasing a home, there are many different things that need to be considered – most of which are very important.  Protecting yourself and your family is crucial for the future. One of the things that you absolutely need to think about is mortgage life insurance – but what is mortgage life insurance?

When you purchase a home, often one of the first things that you will have to think about is how to protect your mortgage. There are many different types of mortgage life insurance out there that will protect you or your loved ones in the event that someone passes away.

So, what is mortgage life insurance? Mortgage life insurance is sold by different types of companies. Many times your bank (or the insurance division of your bank) will offer you mortgage life insurance when they offer you mortgage financing or will market these products to you once you are a client.

This is sometimes referred to as mortgage life insurance, mortgage protection insurance or mortgage insurance. It is important to know that there are key differences when it comes to obtaining mortgage insurance through the lender who holds your mortgage vs. seeking out the insurance yourself, through a trusted insurance broker.

Let’s look at some of the key differences:

When will the policy be underwritten? When you obtain mortgage life insurance through a good insurance broker, the policy will be underwritten at the time that you obtain the insurance. This means that you will have to complete an in-depth medical questionnaire. This ensures that if something does happen in the future that the insurance company will have difficulty getting out of paying your claim. When you take out insurance through your mortgage lender, in most cases your policy is not underwritten until something happens. When you obtain the insurance, very little information will be asked of you, but in the future if you end up having to claim, the insurance company will ask questions then and will raise reasons to deny your claim.

Who does the policy protect? When you obtain mortgage life insurance through an insurance broker they represent you, not your mortgage lender. When you arrange your mortgage life insurance through your mortgage lender they will list themselves as the beneficiary on your policy. Your insurance broker will provide you with the option of listing your loved ones, allowing your loved ones to determine how the proceeds of your mortgage life insurance will be distributed.

How much coverage will I have? In many cases, when your mortgage lender arranges your insurance, your policy will state that the balance of your mortgage will be paid off upon death. While your monthly mortgage life insurance premiums will stay the same for the life of the mortgage, over time your mortgage balance will decrease as will the amount that will have to be paid out on a claim in the event that there is a death. For example, say you have a mortgage for $200,000 and your mortgage life insurance payment is $22 per/mo. 5 Years into your mortgage your balance is $170,000, your spouse passes away, the insurance company will pay your bank the $170,000. When you obtain mortgage life insurance through your insurance broker, the face value of the policy will remain the same for the duration of your policy term.  So, if you have a mortgage for $200,000, you arrange mortgage life insurance in the amount of your mortgage and your mortgage life insurance payment is $22 per/mo. 5 years into your mortgage your balance is $170,000, your spouse passes away, the insurance company will pay you the full $200,000.

What happens when you renew? As you know, your mortgage is likely to renew every 1 to 5 years. Every time you refinance your home, if you have obtained mortgage life insurance through your mortgage lender, you will be quoted on a new policy. This could change your rates exponentially because, as we age, insurance becomes more expensive. When your mortgage life insurance term policy is arranged through a mortgage broker it doesn’t matter if you sell, buy another property, or refinance, because your mortgage life insurance is not directly tied to your mortgage.

If you have just purchased a home or are thinking about getting insurance to protect your mortgage, mortgage life insurance arranged through a trusted insurance broker who deals with all of the life insurance companies is the way to go. Don’t get sucked into the convenience of obtaining life insurance through your mortgage lender without first knowing all about it. Instead, consider a mortgage life insurance policy that truly protects you and your family.

For more information about mortgage life insurance, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

How Much Bonus Commission is Enough? What Else is Your MGA Doing to Support You?

When you are thinking about switching to working with an MGA, calculating your bonus commission is an important consideration. Knowing what your first year commission is going to look like is crucial. However, it isn’t the only thing that is important – and there are several other things to investigate before making the decision to switch.

Most MGA’s employ a relatively standard format for calculating bonus commission. As an advisor you need to get paid, and you want to make sure that you are receiving fair compensation for all of your hard work. After all, you are the one that put all of the time and energy into finding those clients that have put their trust in your ability to provide them the best services possible.

Although the percentages of the first year’s premium paid to you is what ultimately puts money in your pocket, knowing when the bonus commission should be higher or lower can be tricky. Although your bonus commission is an important consideration, it can’t be the only one.

If the MGA that you are working with gives you the backing necessary to make your job easier, providing incentives and training to allow you to be the best at your job, a small variation in your first year commission may not make a big difference at all. Garnering a substantial number of new clients each year thanks to the support provided by a good MGA is what will make your bottom line grow.

As mentioned, although the bonus on your first year commission is an important consideration, it can’t be the only one. If you end up working with an MGA who ultimately doesn’t provide the support and resources that are necessary for you to thrive, your bonus commission really is not going to matter. If you can’t get new clients, making money will be impossible. Having the support of a good MGA means a lot more than just the bonus commission.

Working with an MGA that allows you access to a plethora of different companies will give you the chance to generate the best possible rates and plans for your clients. Since clients nowadays can easily find out different companies’ rates, it is important to be able to go through the various companies to find the best deal. Since your bonus commission is based on new clients only, being able to find the most attractive deal is essential.

Finding the right MGA can mean more money in your pocket, and not just based solely on your bonus commission. If you are working with an MGA that provides you with support and motivation that allows you to be the best that you can be, you will have the opportunity to make way more money. Using your skills as an advisor while still being able to access all of the different resources being offered by your MGA is what, in the end, makes all of the difference.

For more information about switching to an MGA or to find out about bonus commission rates, please contact Gary Mandel at Independent Financial Concepts Group at by calling 416-849-1653 or visit www.joinifcg.com  

Baby Boomers – Is Your Pension Plan Really Going to be Enough?

With a rapidly aging demographic in Canada, preparations for your financial future should be a no-brainer. But, like everything else, some things take a backseat to current needs, and unfortunately it seems as though retirement savings is one of those things. Too many people see their pension plan as an appropriate financial tool that will provide for them in the future – but with so many different financial retirement products out there, it is questionable as to whether that pension plan is really enough to support you.

Recent census data has shown that, in Canada, the number of people over age 65 has grown exponentially – which should not come as a surprise to anyone – and that these boomers will quickly outnumber those who are under 15. More surprising though is the fact that, even though the life expectancy rate has risen significantly over the last few decades, many people planning for retirement rely solely on a pension plan without looking at the other retirement products that will undoubtedly protect them in the future.

Since the life expectancy rate has risen, it is essential to recognize that most of us are likely to live well past the 65 mark – meaning that money put aside for retirement is going to have to stretch pretty far. So what retirement products are out there that you can take advantage of to supplement your pension plan? There are many.

The two main categories of retirement products are retirement savings plans and investments – although the two can often work in tandem. Putting away some money on a monthly basis, into a registered retirement savings plan for example, means that you are making a significant contribution to your retirement income. Investments are also an important retirement product option to consider outside of your pension plan as taking some risks can mean big rewards. Even if you are a bit nervous about the risk, working with a financial expert can help lower the risk and help you maintain a sound financial investment profile for retirement.

These statistics are not just important for boomers or those looking to retire in the next few years. Since it is clear that income from your pension plan is not likely to sustain you for the years following retirement, why not start early and build up as much savings as possible. There are various retirement products offered out there that it is not difficult for members of generation x and y to begin a smart retirement savings plan to prepare for the future. Being smart about it now means not having to worry about it down the road.

If you have been working and contributing to a pension plan for most of your adult life, you will have access to some money to support yourself – but is that pension plan enough? Not likely. Investing in the various retirement products available out there is so important, and in order to ease the stress of growing older, supplementing your pension plan funds is critical – and easy!

To find out more about how to supplement your pension plan and to learn about all of the different retirement products and options available to you, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

How Social Media is Changing the Way Insurance Advisors Engage Their Clients

Social Media Marketing has proven to be a game changer across literally every industry. It is unlike any other conventional form of marketing and it can sometimes be hard to put our fingers on how it can be used to attract more business. 

To truly engage in Social Media Marketing you have to set aside any pre-conceived notions that you may apply to conventional marketing because ROI from Social Media Marketing is more than just dollars and cents. 

In the insurance industry there are two primary ways to get business. Let’s discuss how Social Media Marketing would apply to these methods.

The first is through referrals from professional sources and existing clients. Through Social Media you can leverage sites like Facebook and LinkedIn to source, connect and market to referral sources and existing clients. Prospecting on LinkedIn for example takes professional networking to a whole new level. You can find the most professionals faster than ever before through LinkedIn Groups and advanced search.

Once connected, you can establish relationships with prospective clients by inviting them to meet or through messaging them about updates with your programs from time to time. This keeps professional connections and existing contacts connected and engaged. Through posting useful and relevant content you can benefit immensely if an existing client for example decides to share your content. When an individual shares your content, your content is now viewable to that person’s network. This is amazing because by a mutual connection sharing your content they essentially endorse and influence the people they have shared the content with. Studies have showing that 1 out of 3 people are influenced when someone else they know “likes” something that they were considering purchasing.

The second way that insurance advisors get business is through repeat business. Your existing client base is valuable. As life changes, so do your clients’ insurance needs. It is so important to stay fresh and current in the minds of your clients. By connecting to your clients using Social Media you are able to keep them up to date with new products and information. You increase your accessibility to them because now if they need to change their insurance, or require additional insurance or new insurance, you are only a click away.

If you have never engaged in Social Media Marketing, you may be confused about how to get started. The best thing you can do if you don’t have Social Media Marketing experience is get training and get your feet wet by beginning with one presence. For example, LinkedIn is a great way to source referrals so you may first want to focus on establishing your presence on LinkedIn. Facebook is also a great way to stay connected to your existing client base, so you may want to first consider establishing a presence on Facebook by creating an insurance group and inviting your clients to join.

Where training is a concern, this is one area where you should have support from your MGA. Because Social Media Marketing can be self-administered with the right training it is an affordable way that most insurance agents can market themselves. Social Media Marketing training will make you more efficient and productive and your MGA should be committed to your success, and that includes seeing that you understand and have access to the latest and greatest cutting edge marketing mediums.

IFCG is hosting a FREE seminar, “Making Social Media Marketing Translate into ROI,” on October 12^th from 12pm – 2pm. Courtney McElroy, CEO of Marketing Force, will be there to teach you how you can use Social Media to expand your networks and grow your portfolio. This session is open to all advisors no matter which company you work for and is intended to provide you with the basic tools and skill sets that will be needed to self-maintain your own Social Media Marketing campaign. You can register for the free seminar here http://joinifcg.com/seminar-schedule and don’t forget to bring your laptop.

Your MGA Must Keep You on Top of Current Marketing Trends Like Social Media Marketing or You Could be Left Behind

In the past ten years we have seen significant changes to the way that people communicate. This is true across every industry, the insurance industry included. Digital marketing has created the ability to network with others like never before, and it is crucial that the company you work for is ahead of digital marketing trends and that they are keeping you in the loop, especially given the competitive nature of the insurance industry. 

Digital marketing is essentially online marketing and is one of the most affordable and effective ways that an insurance advisor can market themselves in this day and age. Some forms of digital marketing are more expensive and complicated than others. Social Media Marketing is an example of digital marketing that is both affordable and easy to grasp, whether it is something that you do yourself or something that you hire a company to administer.

Social Media Marketing is not just about putting out content through blogs or tweeting or posting to your social media presence. Social Media represents significant benefits outside of the obvious goal to get your phone to ring. Some of these benefits include:

1.       Increasing online brand (you) awareness, credibility and authority - If you are constantly releasing strong content then those individuals in the networks where you post will begin to recognize you and your authority on the subject matter you release.

2.       Increased customer retention – In the insurance industry it is vital that you keep connected to your clients so that if life changes, you are only a click away. Because Social Media involves connecting to prospects or referral sources, once connected you can continue to market to them and remind them that you are there for them if they need you.

Well this all sounds great, but many insurance advisors still struggle with the learning curve associated with Social Media Marketing and that is why it is crucial to work with an MGA that is on top of emerging digital marketing trends and one who can give you the necessary insight.

The biggest problem that insurance advisors run into when trying to use this powerful networking medium is not knowing how to use it properly. Engaging in Social Media is about give and take. Some advisors use Social Media only to blast out self-promotion. This is one of the quickest ways to alienate an online community. Others have accounts but are not sure how to leverage them or find coming up with content to share challenging. Some advisors have no experience with Social Media at all and have not even gotten started.

If you are an insurance advisor who wants to engage in Social Media Marketing, your MGA should be equipped to provide you with training in this regard. In addition, your MGA should be engaging in Social Media Marketing themselves because this adds to your credibility. It is so affordable for your MGA to do so that you should expect it. Your MGA should have presences on the major social platforms and should be releasing blog content on their Social Media that you can in turn discuss within your own social networks.

Social Media Marketing is not like conventional marketing where you post an ad in the newspaper and then your phone rings. Engaging in Social Media Marketing takes time because it involves building up a vast network of prospects and referral sources. With good support from your MGA and a solid and consistent effort, you will find that Social Media Marketing will reduce your overall expenses and connect you to far more prospects and referral sources than ever before.

IFCG is hosting a FREE seminar, “Making Social Media Marketing Translate into ROI,” on October 12^th from 12pm – 2pm. Courtney McElroy, CEO of Marketing Force, will be there to teach you how you can use Social Media to expand your networks and grow your portfolio. This session is open to all advisors no matter which company you work for and is intended to provide you with the basic tools and skill sets that will be needed to self-maintain your own Social Media Marketing campaign. You can register for the free seminar here http://joinifcg.com/seminar-schedule and don’t forget to bring your laptop.

 

Long Term Care Insurance: What is it and How Will it Benefit You in the Future?

Planning for the future, whether by putting away savings for retirement or purchasing life insurance to help protect your loved ones, is incredibly important. Knowing what you will need for the future can be difficult, but proper and effective planning will allow you to relieve some of the stress that comes with getting older. One of the things that you can’t ignore when planning for the future is long term care and long term care insurance.

Once you have retired, you hope that your savings will be able to last and provide for you for as long as you need them to. However, this sometimes is not the case. What if your retirement planning did not plan for necessities such as long term care, either at home or, even more costly, in a long term care facility? How can you prepare for things such as this?

What is long term care insurance? Long term care insurance is a type of insurance that protects you in the case that you are no longer able to perform the types of activities that you enjoy on a regular basis, or if you require continuing supervision and care from someone.

What types of activities are included? Knowing how an insurance company assesses your ability/inability to perform your regular activities is important when contemplating purchasing long term care insurance. Things such as bathing, dressing and feeding are considered daily activities, and so if you are unable to complete these tasks without assistance, generally that is the point when an insurance company would begin to administer payments to you.

Long term care insurance plans cover all types of different services which you may require if you are no longer able to complete daily tasks on your own. These may include: in-home nursing care, therapy and rehabilitation, or personal and homecare services, such as assistance with bathing, dressing, cleaning and meal preparation.

If you and your family choose to have this care administered outside of the home, or if you choose to relocate to a live-in care facility, many of these services are also covered. This decision can be a costly one, so having long term care insurance can help alleviate many of these costs and get rid of some of the stress and tension that is unwanted in this situation.

What types of plans are offered? If you decide that long term care insurance is something that you feel is important for your future, it is a good idea to talk to an insurance advisor to discuss what options are available. Creating a customized plan allows you to take those things that are more important and leave out the things that are not.

When you plan for retirement you are often considering the costs associated with remaining in your own home and supporting yourself without the need for additional care. If however, you find yourself in a situation where these added costs are required, the impact to your retirement savings can be devastating, meaning financial strain for you and possibly your family. In order to protect those savings and have them stretch as far as you would like them to go, long term care insurance is an important consideration.

For more information on long term care insurance and its benefits, please contact Gary Mandel at Independent Financial Concepts Group at by calling 416-849-1653 or visit www.wecoveryou.ca

The Benefits of Personal Development: Does Your MGA Provide an Insurance Training Program?

Are you thinking about switching to an MGA but can’t decide what the real benefits are? Can’t decide whether or not to become an independent broker without the constricting ties of an insurance company? Although it may seem overwhelming, it doesn’t need to be! Switching to an MGA should be an easy decision. Knowing the benefits that come with working with an MGA can help.

What are you getting by remaining with an insurance company? Job security? Support and assistance? All of these things should be offered by a good MGA – plus more! Access to a much more diversified portfolio of insurance companies, your clients vested to you immediately, and the independence and ability to choose your own path for the future are all the things that come with working with the right MGA.

What else should your MGA be offering you? The right MGA should allow for personal development and growth to help you achieve your own goals and be able to offer the best services to your clients. An important question that needs to be asked before switching, therefore, needs to be whether or not your MGA provides an insurance training program.

What type of training should you expect from your MGA? A structured insurance training program has many benefits. Working with a team of experienced advisors, with both the background and knowledge that you can add to and gain from, you should have access to an insurance training program which offers information on such topics as:

·         Proprietary selling systems

·         Pre-approach and prospecting systems

·         Referral Generating Programs 

·         Client presentation tools

·         Daily activity accountability

·         Practice management

·         Production monitoring

A good insurance training program will also help you develop your skills and understanding of sales prospecting strategies, direct marketing, and modern sales techniques. It should also help you increase your goal setting and business planning skills, as well as your time management and work/life balance skills.

Working with an MGA can give you the chance to expand your client list and grow your bottom line. Working with the right MGA that provides an effective insurance training program that delivers consistent, ongoing training can help you achieve this. These benefits should include:

·         The convenience of CE credit qualifying hours at your own office

·         Regular weekly sales concept and product training

·         Information on case consultation, case packaging, joint field calls (no commission splitting)

·         Information on competition specialists – knowing / researching the best product solution for your client’s needs

·         Training on custom spreadsheets, reports, presentations

·         Retail client seminars

Staying with your current insurance company may seem like an easier option – but is it really? Switching to the right MGA doesn’t have to be difficult, and in the end it can mean much more for you. Gaining your independence and taking control of your clients is very important. Working with the right MGA should give you the ability to provide the best service to your clients as well as getting the most from all of the hard work that you do. Give yourself the opportunity to get the most from an MGA by choosing one that provides a consistent and effective insurance training program.

Switching to an MGA that provides a valuable insurance training program will allow you to reach your current and future goals. For more information, please contact Gary Mandel at Independent Financial Concepts Group at by calling 416-849-1653 or visit www.joinifcg.com