Message From the CEO

Graduates of NAIFA’s Leadership in Life Institute have a deep appreciation for The 7 Habits of Highly Effective People by renowned leadership authority Stephen Covey. They may be familiar with Covey’s quote, “If there’s one thing that’s certain in business, it’s uncertainty.” The same principle applies to life.

Transitions often amplify uncertainty, and among the most uncertain times for many is the transition into retirement. It has been widely reported that 2024 is the year of “peak 65” in the United States, as an average of 11,000 people reach the traditional retirement age of 65 each day. With more than half of peak 65ers owning investable assets of less than $100,000, according to the 2024 Protected Retirement Income and Planning (PRIP) by the Alliance for Lifetime Income (ALI), the unlikelihood of enjoying lasting financial wellbeing is a real concern for many. The 2024 Insurance Barometer Study by LIMRA and Life Happens, NAIFA’s consumer-education arm, confirms this conclusion, revealing that “having enough money for a comfortable retirement” is U.S. consumers’ leading financial concern, ranking even above worries about paying monthly bills and reducing debt.

In the complex world of financial planning, life insurance remains fundamental. However, the traditional view of life insurance as merely a safety net is evolving, especially when it comes to enhancing charitable giving strategies. We invite you to join our us on Tuesday, June 4, 2024, from 12:00 pm to 1:00 pm Eastern. This webinar is made available at no cost to both NAIFA members and non-members, thanks to the generous sponsorship by the American Cancer Society.

Message From the CEO

Life Happens, NAIFA’s consumer-education arm, has collaborated for the 14th year with LIMRA to conduct the 2024 Insurance Barometer Study. The findings reveal a great opportunity for financial professionals to educate Americans about the importance of life insurance and dispel some of the myths and misunderstandings that contribute to a life insurance need-gap in the United States. As we wrap up April, National Financial Literacy Month, it’s a great time to remember that an important part of being a financial professional involves improving the financial literacy of clients and consumers.

February, the month of love, brings with it a unique opportunity to express our deepest affections in the most meaningful way possible. Life Happens, a devoted advocate for financial protection and security and NAIFA's consumer outreach arm, spearheads Insure Your Love Month every February.

This initiative serves as a reminder that one of the most profound demonstrations of love is ensuring the financial safety of our loved ones. The message is clear and powerful: acquiring life insurance is not just a financial decision; it's an act of love.

Are your small and mid-size business clients having trouble attracting and keeping key employees? Jordan Skog, J.D., CLU, ChFC, CFP, Senior Advanced Market Consultant at Allianz Life, has some great ideas for using Indexed Universal Life products in compensation strategies that are uniquely appealing to highly sought key employees.

September is Life Insurance Awareness Month, a 20-year tradition created and coordinated by NAIFA partner Life Happens and commemorated by the entire life insurance industry, elected officials, and consumers across the country. The goal of LIAM is to put the importance of life insurance front-of-mind for a greater number of Americans and help more people get the coverage they need so their loved ones are protected financially.

Two weeks ago, I had the privilege of spending time with Nick Bowman, CFP, MS, CEP, in New York City at the Insurtech Insights Conference. Previously associated with Lion Street as an Advanced Sales Professional, Nick now serves as the CEO of Motif Insurance, a company that is revolutionizing the future of in-force life insurance. Motif's primary objective is to empower advisors in managing their portfolios by harnessing the potential of data. Nick possesses exceptional expertise in in-force life insurance policies, making him not only a valuable contributor to this article but also the initiator of an important survey. The survey/questionnaire, consisting of just a couple of questions, can be accessed by clicking the link provided at the end of this article.

The end of June brings a close to this year's National Annuity Awareness Month, but the work NAIFA has done has raised awareness that will last yearlong. We hope you saw our videos on social media featuring NAIFA CEO Kevin Mayeux and ACLI President and CEO Susan Neely. 

NAIFA President Bryon Holz understands as well as anyone how annuity products can fit in holistic financial plans for many of his clients. They are the only product that can provide guaranteed income for life and are often the perfect complement to other planning products.

The life insurance industry has been slow to adopt digital solutions, but recently I was introduced to a new company working to change that. Plum Life, founded by former executives in the life insurance industry, was created after they recognized a shift towards digitization was coming quickly and created a 100% digital platform exclusively for agents.