Jim Kelly, 1936-2010
Jim Kelly, principal of MCC Life Brokerage, Inc., Tampa, FL, passed away June 1, 2010.
Born in Covington, VA, Jim moved from Memphis, TN, to Tampa in 1991. That was also the year he founded MCC Life Brokerage, Inc.
An avid sportsman and outdoorsman, Jim always had a big smile and great stories to tell. He loved spending time with family and friends and living life to the fullest. He is survived by his wife, Macklin, who is a principal of MCC Life Brokerage; three sons; one daughter; 14 grandchildren; and one great grandchild.
Individual life insurance sales showed an increase in the first three months of 2010 when compared to a year ago, according to LIMRA’s U.S. Individual Life Insurance Sales survey.
LIMRA Senior Analyst Ashley Durham said, “While the increase is encouraging, it is important to remember that in the first quarter of 2009, new individual life annualized premium dropped 26 percent—the sharpest decline since 1943. To put it into perspective, sales in the first three months of 2010 are back to the level measured during the third quarter of 2003.”
The following chart from LIMRA breaks down individual product growth rates.
First Quarter 2010
Product Growth Rates
(Percent of Change 2009-2010)
Life Annualized Face Number
Product Premium Amount of Policies
UL 17% 25% 21%
Variable UL 10 -21 -15
Term -4 -7 -5
WL 15 10 1
Average 10 -1 0
So it is up to those of you “on the front lines” to continue this upward sales trend. To assist you in achieving that goal, go to page 10, where this month’s focus begins and you will find some first-rate sales applications for life insurance.
The long term care insurance marketplace showed a decline in sales during the last year, according to the authors of Broker World’s 2010 Individual Long Term Care Survey.
Twenty percent fewer policies and 21 percent less annualized premium was sold in 2009, compared to 2008.
With the exception of 2007, sales of individual LTCI have been in a slump for several years. However, on a more positive note, the authors say, “The Pension Protection Act of 2006 ushered in some potentially key changes as of January 1, 2010…which may also spur the funding of inforce and new LTCI policies with payouts from existing or new immediate and deferred annuities.”
Good news: The 2010 Individual Long Term Care Survey will be available to subscribers who have set up their online accounts. See the details in the right column of this page.
Speaking of online, this month’s exclusive online articles will continue the life insurance theme with “A Life Insurance Love Letter,” by Jack Dewald, 2010 board chairman for the LIFE Foundation, and an advanced underwriting article from frequent author John Budihas, The Hartford. In addition, an exceptional marketing article by Barbara Kay, Advantage Coaching & Training, will also be available.
Broker World is a great summer reading opportunity—don’t miss it. [SAC]
