We Need Help Growing Life Insurance Distribution: REPRINT #LIAM2019
September 17, 2019 by Sheryl J. Moore
Originally posted February 5, 2011 by Sheryl J. Moore
Most of you know that I am passionate about indexed life insurance and indexed annuities. However, I am passionate about insurance products in general.
In fact, one of the things that I am MOST passionate about is growing our distribution!
Not so long ago, life insurance and annuities were distributed via a career agent distribution. Although these agents were captive and unable to sell more than one company’s products (with few exceptions), they received a tremendous amount of training, support, and benefits while learning their trade.
Today, life insurance and annuities are largely distributed via an independent agent distribution. Despite having the freedom to sell dozens of insurance companies’ products, these independent agents do not have the safety-nets provided to their captive brethren. How can you incent a novice to learn a new trade on a commission-only paycheck with no benefits to boot? Sadly, this has resulted in a catch-22 where it is difficult to attract new recruits into this business, as a result of our quest for cost efficiencies.
So, I want to hear from you! What would you do to revitalize our dying trade? Life insurance coverage and annuity benefits are very important. I want your input on how you would grow our distribution, within the confines of the independent agent structure.
Let me hear from you. sjm