Free Write-September 21st- Life Insurance

Life Insurance:

Following my last post, I briefly discussed some information regarding annuities, what they are, and how they work.  My focus of this post is to briefly discuss the same topics but with life insurance.

A life insurance policy insures that at the time of death of the policy holder's beneficiaries are paid out form the funds that were invested in the policy.  There is also two different types of life insurance: term life and permanent life.

Permanent Life is a policy that can last an entire lifetime while gaining cash value and not being subject to a market value assessment (MVA)- aka taxes.  <----Yes this is legal.  This is something you would want to discuss with your financial planner or insurance agent for more information.

Term Life can be applied for a "term" such as 10, 15, or 20 years.  This still carries the same affordable protection, but allows for more flexibility with accessing/withdrawing the funds.  This plan relies heavily on activities of daily living (ADL's) to determine eligibility.

There usually is no premium limit on life insurance.  Smaller companies will require home office approval on anything over $750,000, but most cases are approved.

As this is a complicated subject with an array of policies and options! Throughout this course, I will break down the different options in more detail!


Have a great day!

-Brady

Free Write Sept. 21st- Annuities

Why do people purchase annuities?  What is the benefit?

Annuities are financial products for individuals seeking secure and guaranteed retirement income. 

Annuities usually have penalties on withdrawing money from them, so its recommended people more stable in their careers and finances purchase them.  On most annuities, the principal is guaranteed, so you do not have to worry about losing your initial investment.  Annuities pay out a cash sum based on the given cash flow schedule associated with that annuity. In the case one needs to withdraw money from the annuity, they are subject to the surrender schedule (a chart based on the percentage penalty one must pay if withdrawing the funds early) and the schedule usually goes about 10 years before the penalty fee is 0. 

Most carriers will allow policies as low as $2000 and up to $200,000.  If one is looking to invest a larger sum of money than this, they usually would invest in a life insurance policy which I will discuss in my next post! Have a great day everyone!

-Brady

A Day In The Life

Business Development Intern: A day in the life of a busy student

A typical day for me is coming into work around 8 or 10 (depending on the day) and usually starts with sharing stories of the weekend and the fun we got into outside of work hours.  It is a casual, yet professional environment which makes it comfortable working with everyone.  

After we get this first hour down, then we start going through emails and phone calls we may have missed while we were out of the office or in meetings.  A lot of this internship requires communication with co-workers, agents, and the carrier companies we work with.  During this time, we usually research some new products and make sure we are up to date and as knowledgable as we can be with the current products we are selling.

We have been working on email marketing campaigns to bring in some new agents as well.  This involves us calling and following up with their email responses to go over the products we offer and how they can use them to write new business and work with their existing clients. We are also in the middle of a huge product update so we have been studying up and rolling out the updates and presentations to our current agents.  

We stay very busy throughout the entire day and the 5 hour shift seems to fly by.  There are a lot of moving parts to some of the stuff we do, so it pays off being able to multi-task and stay on point. Some people may find this boring, but I am loving this internship and glad I found it! 

-Brady

SilverSide Insurance Marketing

Where I am working and what I will be doing

Hope everyone is enjoying their weekend!

I wanted to introduce the company I am interning for, SilverSide Insurance Marketing.  SilverSide works to contract carriers for life insurance and annuities.  We then market these products to agents and financial advisors who sell the product for them to use in their client services.

As a Business Development Intern, I will be working directly with the agents and the carriers.  On the carrier end, I will be marketing their product to our agents and keeping them informed with the latest trainings and requirements to keep them eligible to sell the product.  On the agent end, I will be assisting them with questions regarding the product, emailing and communicating with them about open cases, and assisting with finding the products that are the right fit for their clients.

I look forward to all the new skills I will learn from this internship and hopefully will make a career out of it.

-Brady

Introduction

Hello,

My name is Brady Madden and I am a senior studying Public Service and Public Policy (Business) at Arizona State University.  This semester I will be working for SilverSide Insurance Marketing as a Business Development Intern.  I have been very active in the ASU community most notable serving as the Executive Director of MU After Dark my junior year and as the Executive Director of the Well Devil Coalition this year.  I love being busy and active, but I am looking forward to graduating in May.  I plan to pursue a career in the Business Development or Human Resource field.  I look forward to the experience of my internship and interacting with my peers through PAF 484!


My 3 Goals are:

1.  Have a better understanding of maintaining clients and best practices in the private sector.
2.  Understand concepts of business development and retention.
3.  Interact and build better communication skills through networking with clients and agents.



Brady Madden 9/14/15