Annuities advertised on television?

[shooter]

I have noticed a trend with annuities being advertised on television and being sold via phone
or facetime to the consumer.
Is this the next trend in insurance?
First, we had term insurance being marketed through radio, and television followed by Medicare
Advantage, then Final Expense.

I know stockbrokers have sold over the phone for years, but will senior citizens buy this way,
in most cases with their life savings?
If so, how long before all insurance products will be sold direct, by the companies to consumers?

Side note, I have also noticed a lot of ads for part time agents on Facebook.
Most stating insurance, a great part time gig. Then listing groups such as
teachers, fireman, veterans, etc. to apply.
I believe all this will combine for one large mess, and more calls for government to
do something to protect consumers.

Shooter

 

[HlthLfeMdcrSales]

First of all, you can’t sell someone an annuity with their “life savings “ because it wouldn’t meet the suitability requirements. Second they’re not sold via phone. They’re sold via zoom and many agents are having extremely high success rates doing business this way. Youre speaking as though the internet and platforms like zoom are a new invention. Instead of being so intimidated maybe you should learn to use technology.

 

[shooter]

First of all, you can’t sell someone an annuity with their “life savings “ because it wouldn’t meet the suitability requirements. Second they’re not sold via phone. They’re sold via zoom and many agents are having extremely high success rates doing business this way. Youre speaking as though the internet and platforms like zoom are a new invention. Instead of being so intimidated maybe you should learn to use technology.

Definition (Life Savings) -Money are assets accumulated for future use.
I believe most money for annuities has been accumulated over a lifetime seeing how most annuities, are sold to 60–70-year-olds.

Suitability- The Model Annuity Suitability Regulation have been put in place by NAIC and consist of four basic parts.
Care-Disclosure-Conflict of Interest-Documentation.
Know them by heart.

In the 90's when I worked for an Investment Brokerage firm
in Nashville, 70% of transaction were done over the phone.
Think Wolf of Wall Street.
The phone was a communication device that sat on a desk and had a cord plugged into an outlet.
So, your correct communication has improved.

Just this week I was on a (ZOOM) meeting with the DIG Agency
discussing ways to cross-sale annuities to final expense clients.
On my IPHONE!
I was so intimidated.
If you would like, I can send you the YouTube video, and you can have
Zoom on your phone as well.

I would love to get to the point where all my business was done via phone.
Similar to Stan the Annuity Man, or Annuity Gator.
If only they had the internet for computers.
Shooter

 

[theinsuranceman]

Hey Shooter what part of Al are you in? I used to ive in Florence/Muscle Shoals area many, many moons ago.

 

[HlthLfeMdcrSales]

Definition (Life Savings) -Money are assets accumulated for future use.
I believe most money for annuities has been accumulated over a lifetime seeing how most annuities, are sold to 60–70-year-olds.

Suitability- The Model Annuity Suitability Regulation have been put in place by NAIC and consist of four basic parts.
Care-Disclosure-Conflict of Interest-Documentation.
Know them by heart.

In the 90's when I worked for an Investment Brokerage firm
in Nashville, 70% of transaction were done over the phone.
Think Wolf of Wall Street.
The phone was a communication device that sat on a desk and had a cord plugged into an outlet.
So, your correct communication has improved.

Just this week I was on a (ZOOM) meeting with the DIG Agency
discussing ways to cross-sale annuities to final expense clients.
On my IPHONE!
I was so intimidated.
If you would like, I can send you the YouTube video, and you can have
Zoom on your phone as well.

I would love to get to the point where all my business was done via phone.
Similar to Stan the Annuity Man, or Annuity Gator.
If only they had the internet for computers.
Shooter

Okay so what the *** is your problem? You’re whining and crying about this like you don’t already know it’s happening and like it’s some kinda scary distorted version of the reality you expected. It’s happening. It’s the norm not the exception. Get with it and stop crying like a little girl in your 1st week with an iPhone who can’t figure out how all the magic buttons work.

 

[Jason T Brown]

I have noticed a trend with annuities being advertised on television and being sold via phone
or facetime to the consumer.
Is this the next trend in insurance?
First, we had term insurance being marketed through radio, and television followed by Medicare
Advantage, then Final Expense.

I know stockbrokers have sold over the phone for years, but will senior citizens buy this way,
in most cases with their life savings?
If so, how long before all insurance products will be sold direct, by the companies to consumers?

Side note, I have also noticed a lot of ads for part time agents on Facebook.
Most stating insurance, a great part time gig. Then listing groups such as
teachers, fireman, veterans, etc. to apply.
I believe all this will combine for one large mess, and more calls for government to
do something to protect consumers.

Shooter

Great question, Shooter! I wouldn't necessarily say TV advertising for annuities is going to be the next big trend, but annuities are a HUGE market and opportunity and that's nothing new!! I've worked with annuities for 25 years, along with life insurance, LTC, and some other ancillary products.

Last year our industry saw over $300+ Billion (with a B) in new annuity flow (premium), which was another banner year! It's hard to say or track how much was done by TV advertising, but if you pay special attention, that advertising is the same usual suspects (trust me, I follow it very closely).

I currently (personally) support dozens of producers that sell annuities face-to-face and virtually. Again, that isn't anything new, but Covid-19 certainly increased virtual sales activity. Most of the agents/advisors I work with have added additional non-resident licenses, too.

In personal experience training & supporting independent agents/advisors selling annuities virtually, I'd say you must have some "key" items figured out and thought through before you attempt to do this. I have a basic checklist for the agents I work with etc. ~ JB