An Interview With Our Own Insurance Goddess

From time to time I like to talk with someone I know and admire, hoping that they will instill some wisdom that can help me succeed. So last week I talked with my good friend and colleague, Jeanne Doran aka The Insurance Goddess. We discussed how she and I met and I asked for her permission to use some of her sage advice in the blog. As a gracious lady, she said yes. 

I met Jeanne about 10 years ago when I was selling health insurance (pre-Obamacare). She was working for the Gilston Agency in Charleston, SC and I was contracted through them to sell a major medical coverage. I'm not sure if she was a CSR but she helped me over the phone and email with some issues occasionally. Always helpful and a bit sarcastic (like me!), I kept in contact with her, even after she had moved on from Gilston and had become an independent agent. I had a life insurance carrier that I liked to use and got Jeanne contracted with them. 

More importantly though, I would call Jeanne when I had questions about health insurance. She was, and still is, a great resource when an answer is needed quickly. Over the years we have remained friends and I was enthused when she finally accepted my offer to work with Surf Financial Brokers. She even let me put her picture on the website! 

Without further ado, here is a snippet of our conversation.

Me: I know you told me this before, but it wasn't your idea to go into the insurance business, was it?

Jeanne: Honesty, my husband recommended I work in the insurance business. He thinks I'm good with people.

Me: Well, you are. How do you find your prospective clients?

Jeanne: My business primarily referral based. Once I have assisted a client with their insurance needs we look at other options to round them out.

Me: That makes sense. How do you prepare for a client meeting?

Jeanne: Typically I cross evaluate types of plans within the product line they are looking for.   For instance, if it's a health case I look at BCBSSC (Blue Cross), United, and Aetna, then look at the costs versus the benefits and share those details at the "meeting". And I always keep in mind there may be something more for them to round them out.

Me: Do you attend any kinds of networking groups?

Jeanne: I only am in one networking group at this time and it's industry based.

Me: Not counting my book, do you recommend any good books on sales? 

Jeanne: The Tipping Point. Seven Habits of Highly Effective People. The Power of Positive Thinking

Me: Malcolm Gladwell is a favorite of mine too.  Do you have a mentor?  

Jeanne: My first Mentor was David Gilston.  He is a broker who has stood the test of time. He'd say, "when the rules change, teach me the rules, and I will win every time."

Me: How have you become a mentor for others?

Jeanne: I have a circle of fellow agents who are part of my "team" and we bounce ideas off each other!  I like to think I am their mentor!!

Me: Well, you are the Insurance Goddess! On a different note, has Covid affected your practice?  

Jeanne: Yes, I rarely meet prospects in person any more.  I am learning to be effective with Zoom and am always looking for the best ways to connect.

Me: What did you do with your first commission check?  

Jeanne: Now that was a long time ago, so I must have used it to pay household bills!!!

Me: We have all dealt with strange people from time to time. Have you ever had a strange or unusual encounter with a client?

Jeanne: Have I EVER! I was assisting one lady with her health benefits and her husband, who had a type of early onset Alzheimer's, strode by the table several times, pacing back and forth. Finally he went upstairs and when he came back down, he did not have anything on but his shirt. 

Me: I hope you got them both "covered". 

I hope you learned a little about Jeanne as we pull back the curtain to take a peek at a day in the life of an insurance agent.  And in the meantime, please stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

What's The Deal With State Insurance Licenses?

If you have a driver's license in one state, you can still drive legally in other states. The same holds true with marriage. If you are married in one state, the other states will recognize your marital status. 

This isn't true if you have an insurance license, which makes selling insurance in the United States a tricky affair. As a licensed insurance agent, I have to hold a "residence" license, which as the name implies, is from South Carolina, where I reside. However, if I want to sell a policy to someone from a different state, I have to pay that state a separate fee for a "non-resident" license. Imagine having to get a new driver's license in every state you drive through.

The basic rule that is taught to insurance agents is that you should have a license in the state where the client's feet are in at the time of the application. If I am in South Carolina but I'm taking an application on someone who is in Tennessee, I have to hold a valid non-resident license for the Volunteer State. 

As an agent who markets on the internet, I have to be cognizant of where clients are calling from. I am licensed in three states currently (South Carolina, North Carolina and Virginia), and hope to get some paperwork finished with Tennessee soon. 

For an independent agent like myself, this can create a lot of problems that can be very expensive. Each state has its own fees, which come due every two years or so. One solution that I devised is to have other agents on hand who have licenses in other states. For example, my great colleague Jeanne Doran, is licensed in the state of Maine. We also have another agent, Travis Burt, who is licensed in 12 states. This helps us tremendously when clients contact us from out of state. 

But from a insurance company perspective, dealing with all of the state insurance departments can be a logistical nightmare. Let's assume that the ABC Insurance company has a life insurance product, a whole life policy. ABC takes that policy to the insurance commissioner of Virginia, for example, and has to get it approved. The insurance department must also approve the brochures, applications and any other applicable forms. 

Now let's assume that ABC is wanting the same policy approved in Texas. No problem, except they would like to have a section of the brochure printed in red ink instead of black. 

Imagine having to do that with a couple dozen products in all 50 states. Each state would have their own version of the necessary forms and applications. And some of the states may not approve of the insurance product at all. 

All of this costs companies and agents a lot of money each year. As the world gets smaller through the world wide web, the insurance industry needs to work with insurance commissioners to make sure that the residents of a state have access to the latest and most innovative products. As Surf Financial Brokers grows its network of agents we hope to be able to provide great life, disability, long term care and short term home health care insurance polices, as well as our super line-up of cancer, accident and critical illness plans.

Please check out our website and let us know if we can help you. And please, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

What Is Mortgage Protection Life Insurance?

As a general agent for a life insurance company, I work with and recruit, agents from all over the country. Some sell life and health insurance products exclusively, while others also work in the property and casualty market as well. Discussing their insurance practices and learning what they do for their clients is always interesting to me. So you will understand why I wanted to do some asking when I kept hearing about "mortgage protection life". 

The problem was that every time I asked an agent about it, I would get a different answer, mostly because there are a few different kinds of policies. Some were actually selling "mortgage protection" insurance, which compensates the lender if the loan defaults. Not life insurance, but confusing because of the name. 

Next is Private Mortgage Insurance (PMI) which is a type of life insurance for conventional loans and arranged with a private company. It can increase your loan and is typically included in your total monthly payment. Typically it is required when someone purchasing a home puts down less than 20% of the home's purchase price. This policy protects the lender but you pay for it. The only real advantage to it is that it will allow you to make that home purchase if you don't have the 20% down payment.

Before the great recession of 2008, I considered selling PMI as part of my portfolio of products and asked a few agents I knew if it was worth their time. The answer was a resounding "no". Apparently people didn't like having to pay the premiums on a policy that would not benefit them. As home values were steadily increasing, the new homeowners would wait six months and having a new appraisal done on their houses. The values had increased in that short time and all of a sudden they had enough equity to drop the PMI coverage. 

Then there is "mortgage protection life insurance", which is designed to pay off the remainder of your mortgage if you were to die. Now this one actually is life insurance. In a nutshell, this is a decreasing term policy, which means the face amount of the policy decreases as the principle of decreases. 

You would think that a policy with a decreasing face amount would be a bargain. Unfortunately it isn't always. One of the problems is that these policies are not usually fully underwritten. There may be a minimal amount of health questions but for the most part you can be fairly unhealthy and still have a policy. This puts additional risk on the insurance company and they put that risk in your higher premiums.

Yet another problem is that the face amount decreases. And it won't coincide with in sync with the principle owed. Who wants that? Also, what if you refinance your policy and have to start another 20 or 30 mortgage? What a mess!

If you are a healthy person who does not use tobacco you are more than likely to be better off by purchasing a traditional life insurance policy to cover your mortgage. Because it is fully underwritten, your rate can be much lower. Who doesn't like lower premiums?

But the better part is that the face amount is level, which means you don't have to worry about getting less coverage as your policy continues. So if you were to die in year 3 or year 18 of a 20-year term policy, your family would receive the same amount. That extra money (assuming your family uses the bulk of the proceeds to pay off the note) could go for education costs or just replacing your lost income.

It took me several months to get this through the head of a new agent I met from Nashville. He had been working getting referrals from a local mortgage brokerage company and was afraid he would upset them if he didn't sell the decreasing term. Eventually he came around and found out that most of his clients would get a better deal with a traditional term life insurance policy. 

In the next post I'll go over some of the non-traditional policy terms we now offer. In the meantime, please stay healthy. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Leave A Gift To Your Favorite Charity With Life Insurance

Every year people all across the country donate millions of dollars to their favorite charities, churches and non-profit organizations. Many of these folks are not too concerned about having their names put on a plaque or other accolades. Their motives may be different from one another, such as a tax write off or just wanting to know that they are making a difference somehow. A few dollars here and there can add up for a charity, but what if you could leave a sizable amount to your favorite non-profit? What if that amount is more than you had ever considered giving away?

You can donate tens of thousands of dollars through the use of a life insurance policy by naming a charity as a beneficiary. It isn't a new concept but it is underutilized. And there are a few ways to do this.

There are some life insurance policies that have a "charitable giving" rider. It allows you to name a non-profit to receive a percentage of your death benefit. The one issue is that there may be limits in place that have to coincide with the IRS's maximum gift giving amounts. The advantage is that these riders eliminate having to create a charitable trust and usually don't cost any extra. The charity does have to be a legitimate 501(c)(3) entity in the eyes of the Internal Revenue Service.

For those who would like to donate higher amounts of money without worrying about IRS limits, the best option is to take out a policy and then donate it to the charity. By transferring ownership of the policy, the charity can control the proceeds. 

For instance, let's assume you donate a policy to your church. Given that the policy will accumulate some cash value (I wouldn't suggest a term policy in this instance) the church can access that money for small emergencies, like a new refrigerator when one dies, rather than wait for someone to donate a fridge.

And since the church is the owner of the policy, they will be receiving the bill for the premium payments. As the donor, you can just write a check for the premium amount to the church and write it off your taxes.

When you do pass on to your great reward, the church, or whatever charity you choose, can receive the death benefit and use it at their discretion. I typically throw out examples like naming a Sunday school classroom after you or a scholarship fund.

Naming the charity of your choice is the simplest way of making sure a non-profit receives the death benefit from your policy. It doesn't offer with the tax advantages that come with donating your policy, but it still reduces the donor's estate by the amount of the death benefit.

If you aren't completely sure how you want to distribute your death proceeds you can name the charity as a revocable beneficiary. This gives you some flexibility in case your financial situation changes, or if you decide to no longer fund that charity. For example, a few years ago, a large non-profit was in the news because their board members were using funds to take expensive vacations. I don't think any of us would want to know that if we died we would be paying for a nice trip to the Bahamas for someone else. If that is the case, you can always change your beneficiary.

If you have a charity or non-profit that is important to you, give us a call and let us help you find a way to endow them through a life insurance policy. In the meantime, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Thoughts On Supplemental Insurance

Part of my work is helping people with supplemental insurance benefits. A large percentage of this work is done in a worksite setting, which means that I help people at their place of work and the premiums are deducted from their paychecks. There are several carriers out there offering insurance products like disability, cancer, accident and critical illness plans, along with other insurance products. 

When I speak to other insurance agents who sell these products there is always a debate about which company has the best products. "Our cancer plan pays more than their cancer plan" or something along those lines is usually the way the conversation goes. Some of these agents work exclusively with one carrier so they can get a bit tribal when it comes to who has the superior products.

The truth is that the client really doesn't seem to get to concerned over these details. They basically just want to know if they have a disability plan if they get sick or hurt and can't work, or if the Hospital Indemnity plan will work if they are confined to a hospital. 

But many people do not have access to these plans because they are not part of a group that offers worksite benefits. With that in mind we have looked for some of the best carriers that take those of us who are self-employed or business owners into consideration. If you are a contract employee or just work from home, you can purchase a great cancer plan, disability insurance or other plan. 

I really appreciate hearing people tell me how these supplemental insurance products helped out when the client was in a time of need. One story involved a young boy, around 10 years old, who had cancer and was receiving treatments at a hospital about two hours away from his home. His father was having to take time off from work to travel back and forth and it was severely impacting his paycheck in a negative way. They were literally days away from having the power cut off at their home. 

The father's employer, who for some reason had no clue what was situation was, quickly realized that there was a cancer plan in place that the covered the child as well. They contacted the agent who sent in paperwork on a Thursday afternoon. By Monday, the family received a check for over $15,000. As the boy went on to continue treatments, the family continued to receive benefits from their policy. 

The best part of all this was that the boy's cancer went into remission and he is healthy. And so are the family's finances.   

One of my favorite stories involved a special education teacher at a middle school in North Carolina. She had taken some kids out to the schoolyard for some exercise and one child, who apparently was just a big as her, decided to make a dash for the exit and ran toward the adjoining property off of the campus grounds. This teacher, who I would guess was in her mid to late 50's, tried to get in front of the student, blocking his way. He ran her over like a football player would run into a linebacker, knocking her to the ground and breaking her arm. 

It was all the talk that afternoon among the rest of the staff. I mentioned that she had an accident plan that covered her, even while at work, and that she would likely receive a nice payout from the insurance carrier. The other teachers began asking for an accident plan for themselves. They realized that they could also be hurt at work and began to see the value of such a policy. 

If you are interested in our supplemental plans, please check out our products page on our website. And please stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Is Life Insurance Taxable?

About once a year or so I will have someone ask if they have to pay taxes on life insurance proceeds. It's an interesting question, but generally speaking most life insurance benefits are not taxed, but there are a few exceptions. Here are a couple of things to look for.

Most of the time an insurance company will pay a death benefit in one lump sum. However there are times when the policy pays out in installments. The principal is held in an interest-bearing account and pays the benefit over a series of years, like an annuity. The original death benefit is tax free but the interest is taxable. 

Another way it can be taxable is if your life insurance is part of your estate, but this is only a problem if  your estate value is above the estate tax limit, which is over $11million this year. Not a problem for most of us, but one way to avoid this is to make sure your beneficiaries are updated. For instance, if your beneficiaries have died already, the company will generally pay the estate instead of surviving heirs. 

An exception is if the surviving spouse is the beneficiary, as spouses are generally exempt to estate taxes, even if they exceed the estate tax limit.

Generally speaking, life insurance involves two people - the insured, who is also the owner (and payor) of the policy, and the beneficiary. However there are times when there is a third person in the mix. This happens when the insured and the owner are two separate people. When this happens the IRS considers the benefits to be a "gift" from the owner to the beneficiary. 

The good news is that because of the way the gift tax works, you probably wouldn't have to pay it anyway. The tax wouldn't be due until your death and unless your estate is over that $11million threshold.This being said, you should still report any sizable gifts to keep track and stay honest with the IRS.

There is also the issue of "cashing out" permanent life insurance policies, like whole life or universal life. These policies build cash value internally and feature the option of letting you take out some or all of the proceeds if needed. A rule of thumb is that if you don't take out more than you have put in, you should be fine. 

The other option is to take out the funds as a loan. I know of clients who use this option instead of getting a loan from the bank, mostly for the convenience and not having to fill out a lot of paperwork. They will repay the loan and sometimes then repeat the process, as they "warehouse" their money in the life insurance policy. Be aware that if you "cash out" part of the face amount or take it as a loan, when you die, the insurance carrier will pay the benefits minus the amount you borrowed or cashed out.

One thing to keep in mind is that permanent cash value life insurance policies have the possibility of becoming a Modified Endowment Contract (MEC) by the IRS guidelines if you overpay your premiums. With life insurance having a special status, some people will take advantage of paying in more than the stated premiums and the IRS will allow this up to a limit, but beyond that limit your proceeds could be taxable.  

As I stated earlier, the tax liability of life insurance proceeds rarely is an issue, but for those clients who have in depth questions I always suggest they talk to a CPA or even check the IRS website. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Advancements In Cancer Treatments and Cancer Policies

As new advancements in cancer treatments develop, many of these innovations are not covered by traditional health insurance or even Medicare, or they can require strict adherence to Medicare guidelines. Additionally, increasing out-of-pocket medical expenses such as health insurance co-payments and deductibles can leave many unprepared for the high costs associated with a cancer diagnosis.

One of our carriers, GTL, has formed a partnership with TGen, one of the leading nonprofit medical research institutes in the world. The result is a policy* that gives you and your family access to revolutionary genome sequencing technology and consultative services from TGen's expert cancer ace of mind in knowing you have access to one of the most advanced medical technologies which may give you your best shot to beat cancer.

• Confidence that his insurance coverage can help give access to a highly precise and individualized plan of care based upon ground-breaking research.
• Consultations for you and your doctor with a TGen oncology expert to explain your sequencing results and treatment recommendation. 
• Cash to cover the high out-of -pocket costs associated with cancer and comfort knowing your bills can be paid. 

Your uniqueness plays an integral role in how you develop and react to cancer and even how you react to treatments. So if cancer is as unique to a person as their DNA, why would cancer treatments be the same for everyone?

Your genome is the complete set of your DNA. It is your blueprint. It's your personal set of instructions for what makes you unique. Genomic sequencing provides TGen's experts your complete genetic code which is sorted and studied. Sequencing can be used as a medical tool that unlocks the power of your genome to help create treatment plans that are more precise and individualized.

Genomic sequencing:

• Analyzes a patient's tumor "fingerprint" to see if there are therapies that have worked well before.
• Allows the oncologist to match each patient with the best treatment based upon the underlying biology of your specific cancer. 
• Makes medicine more rational, personal and precise by identifying molecular targets before treating the cancer
• Identifies whether targeted drugs that support your own immune system's ability to fight cancer could be beneficial to you. 

So how does all this work? When a patient is diagnosed with cancer and files a claim with GTL, the patient informs the doctor that they have access to genome sequencing through TGen. The biopsy is taken and sent to TGen. GTL then pays the benefits for the testing and any consultative services. The patient and doctor get one-on-one consultations with a TGen oncology expert to explain sequencing results and treatment options. 

All of this sounds very technical, but the bottom line is that cancer research has advanced tremendously over the last few years and cancer policies have had to keep up. This policy will not only pay benefits for those very high out-of-pocket expenses that can be incurred when one has cancer, but can also give you a better shot at recovery. 

And we make it easy to apply for coverage, as it can be done completely over the phone. During these days of Covid-19 most people don't want an agent visiting them in person. You can even set your own appointment with us and let us know when to call. Our goal is to make the whole process of getting a cancer plan as easy and convenient as possible. 

For a short video on this awesome plan, click here. And please stay safe and healthy!

*This policy is not available in all states. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

4 Reasons To Buy Life Insurance?

When I give sales seminars I discuss how some things are easier to sell than others. For example, people want phones or cars or homes, but no one wants life insurance. One of the ways to test this out is by filling in the blank in the following sentence. "I am saving up for ______." A product that people will put in that blank are going to be markedly easier to sell because it is implied that someone is willing to put money aside for that item. 

Needless to say, I don't think I have ever met anyone who said they were saving up for a life, disability or long term care policy. The reasons for this could be that insurance is an intangible product. You can't touch it (you can touch a policy, but does it give you any satisfactions?), drive it or eat it. And most importantly, insurance is the one thing we purchase hoping to never use. 

Why do we buy insurance? Here are a few reasons.

1. It gives us peace of mind. As we tell our clients, you can lay your head on your pillow and sleep knowing that if something bad happens, you have mitigated the damage as much as you can. 
2. It provides security for you and your family. Life insurance means that you have loved ones that will still need financial help if you were to die suddenly. This is also true of a disability policy,which is just insurance on your paycheck to keep the family afloat if you are sick or hurt and unable to provide the income needed to pay the bills. Again, when I talk to groups I mention that those bills are going to keep coming.
3. Cash accumulations can provide down the road. Yes, life insurance can be a great way to take care of multiple concerns in the future. A permanent life insurance policy, if purchased early enough and structured properly by good agent, can also be used as a "retirement supplement" by providing a secondary income stream. 
4. You can fund a cause with someone else's money. One of the most interesting ways to give to a charity, non-profit or religious organization is to make them the beneficiary of a life insurance policy. Most people do not have $100,000 to give to their church or favorite charity, but they can afford the premiums for such a policy. And when they pass away and the organization receives the funds, it can be used for a variety of needs, from scholarship funds to building a much needed community center. (I know of one client who wanted a small plaque mentioning the donation was in the memory of his departed wife.)
   
   

There will always be those people who say things like, "I don't need insurance because I won't be able to use it." I don't want to call these people selfish, but if they were to die too soon, someone else is going to be stuck with paying those bills. Do you really want your loved ones to have to pay for your funeral costs? From personal experience, it is bad enough when you're grieving for a loved one and then have to give a credit card to the funeral home. 

In these days of Covid-19 one should seriously consider purchasing a policy. If you would like, go to our website and book an appointment for a "no pressure" conversation. And in the meantime, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

6 Questions You Should Ask About Life Insurance Through Work

Quite often I will be discussing life insurance with someone and they will tell me that they don't need any because they have coverage through work. Given that everyone has a different situation, I ask some questions to find out how much they have and if it's enough to cover their needs.

The discussion usually turns to "Do I need to get life insurance through work?" or "Is it any good?" My general answer is that I don't know unless I take a look at it. DISCLOSURE: The information below is not specific to any industry or employer. There are too many plans out there to discuss each one in detail.

Here are some questions to ask your Human Resources person about your life insurance through work.

1. What's the face amount? It can vary,with the lower end being as small as $1000 to upwards of $20,000. Or the employer may just offer the equivalent of one year's salary.
2. Is it "basic" or "supplemental"? Most of the time, a "basic" policy is no charge or just very inexpensive. 
3. How much am I paying for it? If your policy is "supplemental", you may be paying more. One thing to be aware of is when the sales rep quotes you a price based on the frequency of your paycheck. $8 a week sounds good until you do the math and realize you are paying around $35 each month.  
4. Is my policy "guaranteed issue"? This means that there are no health questions. Most basic policies fall into this category.
5. Is my policy "simplified issue"? This means that your policy will ask a few health questions. These may be regarded as "knockout questions", which means if you answer "yes" to one, you will be disqualified from getting the coverage. 
6. Is it portable? What you are trying to find out is if you can take this with you if you leave your employer. And if you can, ask if the rate will go up.

Years ago I was selling "supplemental" life insurance on the coast of South Carolina. Our polices were simplified issue and I felt that they were a bit pricey. That higher price is reflected in the minimal amount of underwriting done, giving the company a higher risk. 

A young couple in Florence, SC asked me about life insurance on the husband. He was an exterminator for a local "bug company" and was being offered supplemental life insurance through his employer. The amount he wanted to purchase was going to cost him $75 each month, where I had a comparable plan for around $40. The difference in his head was that the premiums from my policy were going to be drafted from his bank account each month while the other was going to be deducted from his paycheck. He was willing to pay nearly double for the convenience of not having to worry about the money being in his account. His wife and I argued with him that he was wasting money. About a year later they split up, and she said it was because he was a "hard headed man". 

Most of the time I suggest that if you can get some "basic" coverage through work, go for it. It's cheap and your family can more than likely use it if you die. With that being said, I would treat it as a secondary policy and have a primary policy outside of work. As mentioned earlier, your policy through work may or may not be portable and if you're in poor health when you leave your job, you may not qualify for another plan.

If you have questions, feel free to leave a comment or drop by our website and book an appointment for a free consultation over the phone. And as always, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast. And please subscribe to this blog!

Should I Buy Life Insurance For My Child?

Many times when I speak to parents of young kids I ask if they have life insurance in place for the children. While there are a few who do or are willing to consider it, the majority of these parents look at me as if I'm the most morbid person they have ever met. The thought of their child dying is something most won't even consider. 

As a parent I don't want to think about my child dying either. I have seen the pain on a parent's face that never seems to go away and as much as I grieve for their loss, I can not imagine how painful it is. With that said, however, I also know that things can happen. Children are prone to accidents and illness just like the rest of us and we should still prepare for the worst. 

As an insurance agent I have seen too many parents spend thousands of dollars on funerals for their kids, then have to hold a fish fry fundraiser to cover the costs. Or they resort to having to ask their friends and family to donate to their GoFundMe page. As if the pain of losing a child wasn't enough, now they have to solicit donations.

This can be avoided, of course, by making sure you have a life insurance policy in place for your child. Most of the objections from parents consists of statements like, "I could never profit off the death of my child" or "That's just morbid". When I mention that the average cost of a funeral is in the $8000 to $9000 range, they look at me like I'm insane. 

There are some very legitimate reasons why parents should consider life insurance for their kids and some are:

• It's affordable. Kid's are typically healthy and their young age makes coverage pretty cheap. 
• You don't have to "profit" off the death of your child. Parents can pay off funeral expenses and any other related expenses (like if the child was in the hospital prior to dying), and donate the remainder of the life insurance proceeds to a charity. Or they can start a scholarship fund. Nothing says they have to keep the money.
• Buying life insurance at an early age helps if the child is diagnosed with something later. I know parents who bought life insurance when the child was a toddler, only to have the child diagnosed as autistic a few years later, thus making the child uninsurable. 
• The child may need you to co-sign a loan. Whether buying a car or getting student loans for college, you may be on the hook for those loans if your child dies unexpectedly. 
• The child can keep the policy. When your child grows up and becomes responsible, you can transfer ownership of the policy. The rate stays the same if the child decides to keep it and they will think you were a smart parent.

Now that we have determined that you should purchase life insurance for your child, we should consider what type of policy you may need. The most common scenario is the purchase of a whole life policy. This is because the rate is guaranteed to lock in for the life of the child, or in some cases, to a certain age. For example, I purchased a plan for my daughter which is paid up when she is 65 years old. After that she will have no more payments. And being a whole life plan, it will have some cash accumulation that she can borrow against or cash out if she needs to.

I am not a proponent of term life coverage on children for the most part. The coverage is only for a specified "term", usually 10 or 20 years. One exception is if your employer is offering a very inexpensive term policy through work. I've seen $10,000 policies that cost less than a dollar per paycheck, but be aware that if you leave that job, you probably will lose that coverage too. In these cases many parents will have both a whole life policy outside of work as well as the cheap one through work. "A couple of dollars won't break me," is a common refrain. 

Some people have begun using Indexed Universal Life (IUL) policies for their kids coverage. These are usually less expensive than whole life but offer cash value accumulation not available in a term policy. As long as it's structured properly from the beginning, an IUL can be a great alternative and have some money to use later on down the road. 

One last thing to be aware of is that most insurance carriers have limits on how much coverage you can put on a child. In many instances, a child can not have more than half of the coverage that a parent has. For example, if a parent only has $100,000 of life insurance, the child could only have $50,000. This rarely is an issue but does send up red flags when the parents want more. 

If you would like more information on insuring your kids, set up a time to discuss with us over the phone. And in the meantime, stay healthy.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.

Do I Need Disability Insurance? Pt 2

On my previous post we discussed some general information about disability insurance (DI). I mentioned that if you are sick or hurt and unable to work nothing happens to your bills. They just keep coming. This is how we need to regard DI. Yes, it's to help you if you are disabled, but more importantly, it's an insurance policy for your paycheck.

Consider for a moment your annual income. Now imagine that you have a magical money machine in your home and once a year when you turn it on it prints the same amount of money as your income. The question is this: Would you insure that machine? Of course you would!

That machine is YOU! You are the one making the money and you need to insure your income. As I wrote in the last post, your greatest asset is your ability to earn a living. 

There is another part of this that rarely gets mentioned and that is that no one wants to be a burden on their family. Short term or long term, having to depend on others for your care can make a bad situation worse. Not only can you not work to provide for your family, but you may have amassed some medical bills on top of the bills you already have. 

Then there is the issue of the loss of independence. Not yours, but your family's. Someone may have to take care of you while you are healing, assuming that you will get better. Non-professional caregivers, such as your spouse or adult children will now be charged with preparing your meals, bathing you and taking you to physical therapy. Even though they love you and will feel obligated, eventually a bit of resentment will set in. 

All of the above nightmare scenarios can be avoided with the purchase of a DI policy. For many people the cost is reasonable and is worth the peace of mind that it provides. I have placed polices on school teachers, attorneys, realtors, cosmetologists and many other professions. A few years back we had an unusual case in which the client was a mechanic on a tug boat. After a few days of waiting the underwriter, who apparently spent many hours trying to find a suitable occupation class, finally gave us a verdict. The client gladly accepted the offer. 

We have one insurance carrier who will take on occupations that other companies will refuse. Farmers are especially difficult to insure, but this company will. But my favorite occupation they insure isn't an "occupation" in the sense of the word.

Stay-at-home spouses typically have no income, but if something were to happen to them, there would be a financial burden on the family. The kids may have to start going to daycare or have someone come to the home to "babysit". Either way, that can cost a lot of money. Our carrier will insure a stay-at-home spouse if they get sick or hurt, as long as the working spouse has a policy with the company. 

One of the features of a DI policy is the "elimination period". Think of this as your deductible, but instead of dollars it's measured in time. A typical group short term disability policy may offer a 0/7 elimination period. This means that the policy benefits will begin on the first day after an accident and the eighth day after a sickness. If you want to save money on your premium, you can purchase a policy with a longer elimination period, like 7/7 or 7/14. 

When we talk to folks who are self-employed or business owners about our individual policies, they are usually offered a 30, 60, or 90 day elimination period. Even though it may sound scary to have to "self-insure" for a longer amount of time, most of these people have some money stashed away in savings just for this reason. 

Take a minute and try out our DI quote tool in the upper right corner of this blog. It will ask you a few questions and give you a pretty good estimate of how much coverage you can get on your budget. 

A large majority of DI claims are for illnesses, and with the pandemic upon us now is a great time to look into getting a DI policy for yourself. Stay healthy and please subscribe. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.

Do I Need Disability Insurance? Pt 1

In the world of life and health insurance sales, one product is considered to "undersold" more than others, and that product is disability insurance (DI). Sometimes known as "disability income" coverage, DI is usually sold by agents who work in the worksite or payroll deduction market, such as Aflac, Colonial Life and others who sell benefits in the workplace. These companies typically have a participation minimum, such as 3 or 5 employees having to buy the product, as well as caps as to how much they will pay out.

Then there are agents like myself who work with individual clients, mostly business owners, contract employees or otherwise self-employed people, who don't have access to the previously mentioned companies. Also, many of these people actually have an income that is above average and need higher benefit amounts.

Whether you have access to DI through an employer or not, the question remains: Do you need it? To answer that, we need to ask one more question: Do others depend on your income? Is your income needed to pay the bills, pay off debt, pay for utilities or groceries? Is your family dependent on your income to provide for educational expenses or transportation? 

When I talk to prospective clients I always ask what their number one asset is. They usually say something along the lines of their home, their business or even their car. (One lady told me it was her sparkling personality.) None of those answers was correct. Their number one asset was their ability to earn a living. Without that, they could not pay for the house, or the car or fund their business. 

Our income provides us with the ability to eat, enjoy TV and generally live indoors. I don't know about you, but I enjoy my air conditioning and hot water. 

The premise of DI is clear, but getting a policy can be a little more difficult than life insurance. Both are underwritten on the basis of your age and health, but DI is also underwritten on the basis of the type of work you do and your income. The safer your job, the lower your premium. A real estate agent will generally have a lower rate than a welder. Certain professions are very difficult if not impossible to insure, such as roofers. 

On a sidenote, I once had a client apply for a policy who liked to fly small airplanes. The insurance carrier actually had me complete an additional form for this avocation as I was a bit concerned. After not hearing back for a few days I called the underwriter to get a decision on whether or not the policy would be issued. The nice lady said, "If we were selling life insurance to this guy, I'd be concerned, but with the kind of plane he's flying, I'm not too worried about it." I asked if she thought it was a safe plane and she said, "No, but if he crashes he won't survive to be disabled." 

Sometimes income is verified when the application is taken but I have had occasions when it was verified during a claim. Either way, the insurance carrier will usually ask for a copy of tax returns. This can vary depending on the insurance company. 

In the next post we will look at how much coverage you should look into applying for and a few other nuances of DI. In the meantime, run a quote for yourself. In the upper right corner of this blog is a calculator that will give you a ballpark estimate of what a policy may cost for you. All rates are subject to underwriting, but at least you'll have an idea. Stay healthy and I hope you subscribe and share with your friends. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.

Do I Need Life Insurance? 4 Reasons You Do

When speaking to prospective clients I hear the same set of objections. Most fall into the group of "I can't afford it" or "the price is too high". As an insurance agent who got into the business in 1985 I've heard this more than I should. And the most aggravating part about it is after they tell me they "can't afford it" I see pictures on social media of the family at Disneyworld or a vacation in the islands. 

Of course they can afford it, but they just don't see the value of life insurance. That is where I have not done my job right. I have to do better at convincing the prospect that if the bread earner dies suddenly, there are no more family vacations. 

Another objection I get, especially from younger people, is "I don't need life insurance". These people are falsely under the impression that they won't die, or at least not very soon. Odds are they won't, but accidents happen all the time. 

And these same people, mostly single and unattached, feel that they don't need life insurance because they don't have families of their own. When I ask, "Are you planning on getting married and/or having kids some day?" the answer is yes. If you can start a plan while you are younger and it costs less than waiting five years, why not go for it? 

Life insurance premiums are based on a variety of factors, including your age, your health status, if you use tobacco or not, etc. Men have higher rates than women because statistically, they die sooner. (Speaking on behalf of men, we tend to not go to the doctor as much and we are more prone to do dumb stuff like stand a ladder on the back of another ladder, etc.) But putting off the purchase of life insurance will end up costing more in the long run.

Forgoing life insurance purchases at a young age can be costly. As an example, the average cost of a 20-year level term policy with a $250,000 face amount is about $214 per year for a healthy 30-year-old male. In contrast, the annual premium for a 40-year-old male is about $486. The overall cost of delaying the purchase for 10 years is $2,720 over the life of the policy, according to Policygenius "Life Insurance Statistics in 2020"

But the real question is do you need life insurance? More than likely the answer is "of course you do". Whether or not you have a family of your own, there are still reasons why you should look into some coverage that fits into your budget. Here are a few:

1. Funerals aren't cheap. You can save money by pre-planning, but that includes pre-paying. The average funeral costs is between $7000 and $9000. My father, whom I have mentioned in previous posts, pre-planned but didn't put any money down. Between the time he picked out his casket and other accouterments and the time he passed away, the prices of the item went up a bit, forcing my sister and I to pony up around $13,000. 
2. There are costs associated with dying. When I mention this to a client they look at me like I am speaking a foreign language. For the majority of us who will die, we may be sick or in the hospital for a few days prior. And you can linger in the a medical facility after an accident. Yes, there are exceptions, but death is not always quick or cheap.
3. You may have debt. Being young doesn't mean you don't (or won't) have debt. Student loans, credit cards, and car payments may not be forgiven if you die. And older people have plenty of debts, like mortgages. Paying off the house means your family can still live there, instead of having to move to another home or town or school district.
4. Replacing your income. I like to share the story of the couple who had no kids but loved to go on cruises and buy cars. When I spoke to the husband about life insurance and the loss of income if he was to die too soon, he said his wife could "cut back on that stuff". But when I mentioned everyday expenses like car repairs or having to get a new refrigerator suddenly he said, "She can find a new husband. She's hot." (Sidenote: She didn't like this plan and insisted he purchase a policy)

Given that we are in the midst of a pandemic, I highly suggest giving us a call and finding out what we can do that fits into your budget. If you want, you can schedule your own appointment. And as always, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.

Insurance News and Updates

With Covid looming over us, there have been a spate of changes in the life insurance business. Some companies are suspending sales of certain products while others are thriving. We recently got word of two changes that probably won't affect a lot of consumers but from an agency point of view, we hope it's not a trend.

First, we learned last week that Prudential has decided to suspend the sales of their PruLife UL Protector product. This was a universal life policy with growth based on interest rates, and with rates so low the company states that "we have decided that we can no longer offer UL Protector in a way that provides strong consumer value and prudently supports our business objectives." 

Translated to English, that means that the low interest rates were not sustaining the policy enough, which would have probably led to premium increases that would have made the policy less competitive price wise. Given that there are still potential claims to be paid on "in force" policies, Prudential decided to cut their losses. 

Another recent victim in the insurance industry isn't an insurance carrier, but an ancillary paramed exam business, EMSI. One of the major players in home health exams for insurance companies, the downturn in volume has forced them to shutter their doors, and their website. 

According to a press release, they ceased operations on July 3, 2020 and stated that "COVID-19 has disrupted families, communities, and businesses in our country and around the world. EMSI has become a casualty of these unprecedented times, as the pandemic has severely depressed service volumes. As a result, all company operations ceased on Friday July 3, 2020. We are thankful for all our customers and to EMSI staff and partners for their service to EMSI and its clients."

In recent years, several insurance companies have used less paramed exams due to the cost and have made changes in their underwriting requirements. One of our carriers doesn't require an exam for any of their policies with a face value of under $250,000 for younger applicants. They have also put in a limit for their disability plans. This eliminates a lot of exams, and in turn, overhead. The nurses who work for these companies are usually freelancers and get paid only when they do the tests. Luckily for a few of them, they can contract with various companies at once.

Like I mentioned earlier, in the short term neither of these changes will have an impact on you as a potential buyer. You can still apply great life insurance plans and go through the normal underwriting processes. However, if the current situation with Covid-19 persists, and if economic conditions continue as they are, we will see more changes like these in the insurance business, as well as in the other businesses that are connected. 

One of our jobs at Surf Financial Brokers is to stay on top of these changes so you don't have to. Just as you would want your doctor to stay up-to-date on medical issues, you would want us to be informed as much as possible when it comes to your "financial wellness". We do our homework and know that you want to deal with a professional organization.

If you find this blog helpful, please subscribe and send the link to a friend. And as always, please stay healthy.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.

The Ever Changing Covid Landscape

A couple of weeks ago I had a routine follow up visit with my family doctor. Everything was good (thanks for asking!) and our conversation eventually got to Covid. She mentioned that her medical practice had expanded their office hours and was now doing drive up testing on the weekends. "But we can do one on you right now if you want," she said. "I'm pretty sure your insurance will cover it if we do it here in the office."

That sounded good to me and the next thing I know she has what looked like a long cotton swab inserted down my throat. After a slight gag (apparently the sign that I'd had enough) she told me that the results may take a few days. A few days almost turned into a couple of weeks but I eventually found out that I was not infected. 

I was doubly fortunate. First, my results were negative, and given that I live in a designated "hot spot", I had resigned myself to the possibility that I could get the virus. But I was also grateful to have insurance cover the cost of the exam.

Getting a phone call through to this doctor was nearly impossible, so I had to physically drive to their office and ask someone in person for my test results. While there, I asked about the anti-body test that was available at a local blood drive. I had received an email from a local professional organization to come down and donate blood, at which time they would be conducting the anti-body test.

The nice lady, who wasn't my doctor but had access to all of my information, let me know that the anti-body test was not as accurate as previously thought, but more importantly to me, my insurance may not cover the cost. I was under the impression that it would be part of my "donation" of blood, but she looked at me like I was naive. I get that a lot lately.

The second reason I was grateful was that I still have my insurance. Unfortunately, about 5.4 million Americans have lost their medical insurance coverage between February and May of 2020. The nonpartisan consumer advocacy group, Families USA, found that the estimated increase in uninsured workers was 40% higher than the highest previous increase, which occurred during the financial crisis of 2008-2009.  The bottom line of all this is that more people are lacking health insurance that ever before.

As less Americans have health insurance, more are applying for life insurance, especially younger people. Those under 44 years old have posted a 3.9% increase in applications, which may not sound like a lot, but it is when you consider the financial pressure everyone is under. 

Many carriers have tightened up their underwriting procedures during the pandemic, which may be keeping older people from applying for coverage. Or the disparity may be attributed to the way life insurance, as well as over types of coverage, is sold. With companies going to a more digital application process, older folks may not be applying with an agent as they usually would. 

Our agency, Surf Financial Brokers, has tried to make it as easy as possible for everyone to apply for life insurance. People can go to our website and book their own appointment, at which time we give them a call, usually scheduled for 30 minutes, to find out what their needs are and what the budget is.  And if we can find a policy that is a good fit, we can take their application right over the phone. 

Let us know if you need help with your life or disability insurance needs. And as always, stay healthy!

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.

Professionalism In Life Insurance

Selling insurance is a highly regulated affair. Agents have to go through a series of exams and ongoing training in many areas, such as our duties and responsibilities as fiduciaries. In my home state of South Carolina, for example, we are required to have a portion of our continuing education courses include an ethics class.

All of this revolves around the professionalism of agents selling life and disability insurance, as well as other types of coverage, such as cancer plans, Medicare supplements and more. When talking to clients, agents have to discern to the best of their ability, what is in the interest of the client. That means asking a lot of questions and learning what the client's needs and budget are. 

I have had people get mad at me as I questioned them on their debt, income, family dynamics and work life. It is a process we in the business call "fact finding", but it can be intrusive to some. At the end of the process I usually ask for some feedback like, "How do feel about the conversation we just had?" I get all kinds of responses, from "uncomfortable" to "good". But the most common remark I hear back is, "You made me think of things I hadn't considered before." 

Getting people out of their comfort zone is part of being an effective life insurance agent. But the key is to do it professionally and tactfully. I have witnessed agents berating clients and squirmed as they made comments like,"What were you thinking when you took on all that debt?" or "Why would you want such a small policy?" Not good.

One of the reasons it is legislated to take continuing education courses is because of these kinds of actions. On many occasions I have wanted to scream at someone for making a bad financial decision, but I don't. Clients usually are aware of their own bad choices and giving them a hard time about it doesn't make me a good agent. Instead, I try to bring up the subject and think of ways "we" can resolve it. 

Another part of this discussion is how we deal with our senior clients. As mentioned earlier, many agents work in the Medicare market, which also can lead to sales in final expense life insurance and products dealing with chronic illness, like Long Term Care and our newer Short Term Home Health Care policies. I have colleagues who love to work in the "senior market" and are very good at it. They are patient and very low-key, which is how it should be done. Many times they'll ask the client if there are any adult children who need to be involved in the process and invite them to participate in the discussions. Again, it is all about ethics and doing the right thing. This is also a great way to build trust and earn referrals.

I, on the other hand, prefer to work with business owners and self-employed individuals. Nothing against seniors, but as an entrepreneur, I appreciate that these people typically have no benefits through work and have to cobble together a "package" to protect themselves and their families. Again, I have a duty to find out what their pain points are and find the best way to help. 

One thing that can get people off track is the word "commission". Yes, I work on commission, as do countless others in the insurance industry, but that doesn't make us all sinister and greedy. Are there a few bad apples? Of course, but as I've stated in earlier posts, those agents usually don't last long in the business. As the president of Surf Financial Brokers, I am always on the lookout for good agents, but I usually will only take on an agent who has been in the industry for at least two years. It's not a very scientific approach but it let's me know that the agent will probably stick around for the right reasons.

If you need help with your life or disability insurance, please let us know. You can book a phone appointment here. And as always, stay healthy. 

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.  

Things You Probably Didn't Know About LIfe Insurance

Most of us know the basics when it comes to life insurance. We know, for example, that you pay a premium, and when you die, the insurance company pays your beneficiary. That's about as basic as it gets. But there is a lot of other information you can use when deciding how much you need, what fits into your budget and other considerations. 

Did you know that, according to Policy Genius, only 54% of adults even have life insurance? And 27% only have group coverage through their work, and sometimes that isn't portable, which means you can't take it with you if you leave your job. Generally, we as a society, just don't have enough life insurance. 

I met a nice lady recently who became a widow unexpectedly a year ago. Her husband was killed in an accident and she was left with three kids, his car payment, a mortgage and no life insurance to help pay for the funeral, much less the other bills . Luckily for her, she has a job that helps her "manage", but it's clearly not enough. Now she is considering getting a policy on herself because she understands how much of her stress could have been avoided.

One of the most prolific sales people in the history of the life insurance industry was Ben Feldman. When asked how he was able to sell so much of an intangible product he responded, "I do not sell life insurance. I sell money." When you think about it, that is exactly what life insurance is. You are buying money for the future, not for yourself, but for your loved ones at the time when they need it most.

Mr. Feldman was the epitome of a salesman who could find a great way to describe his product. While everyone else was talking about the features of life insurance, he was telling his prospective clients about the benefits. Like they say, "sell the sizzle, not the steak". 

But people still are put off at the prospect of buying an intangible product they can't use. Or can they?

If you have read some of my recent blog posts, you will remember that life insurance can be used for several things while you are still living. We offer policies that can be used for expenses associated with being chronically ill, for critical illnesses like heart attacks and strokes, or for a retirement supplement. You can even use the money for helping fund your child's higher education costs. 

Products have evolved since the days of Ben Feldman and keeping up with many of the changes and new policy features can be too much for the average person who just wants to make sure their family can stay in their home if they die too soon. That's where my job is important. I rely on my carriers to keep me up to date on changes and new lines that may be a great fit for a client. 

Another great resource we use is our network of agents. Like medicine, one can "specialize" in a certain type of insurance, and we use that to our advantage. If I have a client who needs information on a policy that has been offered through their work, and I'm not familiar with it, I can pick up the phone and ask someone who may have the information I need. That gives Surf Financial a strong advantage when it comes to how we can help a client. 

Let us help you keep your family financially secure, and as always, stay healthy.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.  

4 Ways We Are Making Buying Insurance Easier

Buying insurance has always been a hassle for most people. I am fully aware that of the stereotype of the high pressure insurance salesman, pushing the client to spend more "for the family's sake". Life insurance agents are painted as cheesy villains, much like used car sales people. I remember commercials on TV that would mention "no salesman will call on you", which implied that you could get a policy without that horrible person coming to your home.

As an agent who has been in the business for years, I can attest that there are a few bad apples in the business. However, those people generally don't last long. Not working in the interest of the client (and only for a commission) eventually weeds them out. And the vast majority of us are generally doing what we think is in the client's interest. 

With all of that said, and against a backdrop of Covid-19, we at Surf Financial Brokers have taken measures to make purchasing life or disability insurance as easy as possible for you. Here are a few ways we have done this:

1. Our quoting engine in the top right corner of the page. Even though this is from just one of our carriers, it gives you a ballpark of what a policy may cost. You know your budget better than we do. Find out what you can afford and work from there. Whether you are seriously considering purchasing a life or disability policy, or just "kicking the tires", you can figure it out without an agent looking over your shoulder. 
2. Our scheduling calendar. Rather than trade emails back and forth to determine a time to discuss your insurance needs, you can now see what times we have available and schedule a time that works for you. We'll give you a call to discuss your needs and go from there. Our calls rarely last more than 30 minutes. 
3. Phone applications. As mentioned in an earlier post, we can take your application over the phone in most instances. Some of our carriers prefer to do a "drop ticket", in which we get your basic information and they have an underwriter take the rest of your information directly. Either way, you can be in the comfort of your own home or office without having to travel to an insurance office. 
4. Contactless delivery. Several of our insurance companies have now made necessary changes to get you your policy without having an agent have to be there to get signatures. 

One of the few good things the pandemic has brought about was much needed change to an industry that sorely needed it. And to honest, it's made our work easier too. Speaking for myself, I can now spend less time prospecting and more time helping the clients we have. As a result, our clients know that we will be available if needed. That gives them peace of mind knowing that their families' financial security is taken care of, and not wondering if the agent who sold them a policy is still in the business.

We realize that you can get a life or disability policy (we also offer a full line of ancillary products) anywhere, but we hope that by making these minor changes you will decide to give us an opportunity to help you secure your family's needs. 

And as always, stay healthy.

Chris Castanes is the president of Surf Financial Brokers, helping people find affordable life and disability insurance coverage. He's also is a professional speaker helping sales people be more productive and efficient and has spoken to professional and civic organizations throughout the Southeast.  

The "Why" of Insurance Sales

Last week I was listening to an life insurance selling podcast (yes, I'm a nerd) and the topic was on why people get into selling insurance and the motivation to stay in the business. In other words, if someone were to ask me why I sold insurance, what would my response be?

Naturally, the correct answer was that agents want to help people protect their families' financial security. They gave examples of handing claims checks to grieving widows who asked, "Am I going to be okay?" while small children played in the background. Knowing that this family could stay in their home while making a commission was their calling and these agents felt like they had accomplished something when they convinced the client to buy a policy.

On the other hand, agents who were in the business just for the money were the ones who never lasted long. Their intentions were short-sighted and self-centered. I began to ask myself questions. Was this me? Am I making this all about me? Am I a bad person?

I thought back to 1985 when I first got into the insurance business. At 23 years old I really didn't know what to do with my business degree from North Carolina State University. No one was beating down my door asking me to come work for them and my savings was starting to shrivel, so I answered a classified ad in the local newspaper. "Make $20k a year, no experience necessary". 

Not being jaded enough at the time, I believed everything that the recruiter said. The great pay and working for a top-notch company was going to be the answer to all of my dreams. Looking back though, he never mentioned anything about helping families out when their time of need came. And the accident plan we sold paid a whopping $37.50 each day someone was confined to the hospital. The plan was a loser and my co-workers and I probably knew it. 

I left that job and moved on. Eventually I worked for companies that I had actually heard of. Some of those companies had training programs and from time to time I would hear the old "why are you selling insurance" question posed again. 

My position had changed though. Now I had become a student of the game. I did enjoy helping families and the proof was in my first claim check delivery. The carrier I was working with would ask us to deliver smaller claims (under $10,000) in person. This was to accomplish two things: 1) We could express our sympathies in person for the loss of a loved one and 2) to get referrals. In regard to the latter, I could usually get a few names after handing someone a check for a few thousand dollars, so that was easy. 

My first claim check delivery was too an elderly gentleman in a small town. At first I thought he was the deceased and was a bit confused. The house was old and there was a wooden wheelchair ramp which had seen better days. When the gentleman came to the door he acknowledged who he was and clarified that his son had been the one that died. He told me how his son, a truck driver, had been found dead in the cab of his semi, which was now parked in front of the house. Apparently a heart attack was the cause.

At that moment I realized that this man was in emotional pain and I was doing something good by bringing him this check. He beamed as he mentioned that this was the first good news he had received in a while. On top of it all, I learned that I was his first visitor in a few days as well, and since he was wheelchair bound, he didn't get out much. We talked for over an hour as he told me about his son and his own career. I found my "why". That short amount of time with him had brightened his day as well as my own. 

Over the years my "why" changed for the better. Over the years I've delivered several checks (most companies mail them out nowadays) but I still think back to that gentleman who helped me understand that my real job isn't selling a policy, but convincing someone to let me help them secure their finances at a time of loss and sadness. 

If you need help finding a policy for you or your loved ones, let us know. You can book an appointment on our calendar and we'll help you over the phone. And as always, stay healthy.

Chris Castanes is the president of Surf Financial Brokers, as well as a professional speaker helping sales people be more productive and efficient.