Last month we celebrated our independence going back to July 4, 1776. This was a historic time in our great nation’s history and we continue to celebrate our freedom.
Now, in 2021, we have several other vitally important items to celebrate. These include our closer approach to independence from the COVID-19 virus that has tried to put our world at a complete standstill–we should and need to be grateful for the great science and vaccination strides the U.S. and the World have made.
As a brokerage general agency in the independent field of life insurance distribution, we are also grateful for the many amazing strides our end of the business has made over the last 40+ years.
The difference between an independent advisor or agency versus an agent or agency for a career carrier is simple—the independent advisor or broker clearly represents the ultimate client with Best Interests of the client as the background, where the agent who represents the carrier therefore has, in some cases, less choice to offer his or her clients.
Twenty-plus years ago there were 1,200 or more life insurance carriers manufacturing and distributing products. As a result of pure financials, demutualization, mergers and acquisitions, and running after stock prices, the number is greatly reduced. Furthermore, many of the old traditional life insurance companies have merged, sold old blocks of business or just left the business completely.
And while the products being sold have shifted on a cyclical basis, most recently with the low interest rates and move away from GUL, whole life, IUL, VUL and term insurance have taken the lead. The industry is seeing growth in all of these areas of products as well as a clearly defined market for linked benefit long term care planning.
The point here is simple:
We all must continue to celebrate Independence Day, July 4th, but we must also celebrate our great accomplishments as independent life insurance advisors as well as celebrate what we are all hoping will be the end of COVID-19.
Our industry has made great strides in these areas and we all need to stand up tall and remind the world and our clients that independent life insurance brokerage can change someone’s life—forever—and we need to be grateful for all that we have and that we have accomplished.