Action Steps
The best contacts and resources to help you get it done

Use trade groups to get standard life insurance training

Advanced degrees in life insurance will help you go further in your firm. If you have to take night classes or take a hiatus to get a degree, it will pay off in the long run. The investment in your education is worth the time and the money because it is required to move up in the industry. With additional training in a life insurance plan you can bring more resources to your next employer.

I recommend: Find a variety of courses and certification classes at Insurance Schools. The Agent Broker Training Center offers many different courses that you can take in a number of different forms, through online seminars, self-paced books or in-house training programs.

Take classes to give life insurance quotes

Licensing classes and specific product courses are readily available through online courses that you can take in your spare time. Financial aid is often available for continuing education and many employers will pay part or all of your education if you plan to use it for the organization. Apply for small business life insurance training to make yourself more marketable.

I recommend: The National Underwriter Company provides pre-certification classes to help you earn your license, as well as other life insurance courses for professionals. The Life Insurance Training Center can help you get a license and find other courses for insurance products.

Consult life insurance company executives

As a student, a working professional or an interested student, you should consider membership in at least one trade association with a local and national presence. Get involved with a committee to make relationships that can help you in your career and with sales leads. Take the professional development courses and seminars that are offered by the group as well.

I recommend: Get connected at the National Association of Insurance and Financial Advisors. Take Professional development courses and find other training opportunities through the National Associations of Insurance Women.

Helpful advice for making the most of this Guide

• •  Add the certificates that you earn in life insurance to your resume when you receive them.

1. Your age and overall physical condition at the time you apply for the life insurance;
2. The occupation that’s considered the main function of your business, and the danger rating of the occupation; and
3. The benefit amount and type of insurance you choose, the payment selected and the base rate of the insurance company.

Action Steps
The best contacts and resources to help you get it done

Determine how much life insurance you need

Make a list of your business expenses that must be paid off in the event of your death. Include mortgages, property taxes, liens, business loans and vendors owed. Make a list of the minimum amount of money needed, then include your annual salary from the business. Calculating this life insurance information helps you determine the amount you need.

I recommend: Use the Metlife human value calculator, which helps determine how much life insurance you need. SmartMoney also offers an interactive survey for your life insurance needs.

Choose the type of life insurance you need

Term life insurance is the type of life insurance most small business owners buy. Term life insurance offers good value for the money but doesn't have any cash value other than the death benefit. Key Man insurance is used to insure the life of a key employee whose death would cause financial hardship to the small business. Whole life insurance is more costly but it does have cash value that you can use while you own the policy.Universal and variable life insurance policies are investment driven. Premium payments can be made from interest earned on the investments, but remember these types of life insurance policies can also lose investment money. If you are considering this type of life insurance, make sure the actual face value of the policy isn't affected by investments.

I recommend: The Insurance Information Institute provides in-depth life insurance information and a of the different types of life insurance policies available for small business owners.

Compare prices and get life insurance quotes online to save time

Check the rating of the insurance company you are considering. Life insurance companies are rated by their financial stability, as well as their credit and debt rating. A sound insurance company is a sound investment for your life insurance premiums. Compare apples to apples. If you are considering straight term life insurance, make sure the insurance company comparisons also compare straight term life insurance, while others provide you with life insurance rates and quotes for whole life insurance.Get online life insurance quotes from several companies at once. There are several insurance companies that offer a multiple quote service. You save time by using a multiple quote service because all your information is only entered once.

I recommend: Use Accuquote, IntelliQuote or Insure.com to receive life insurance quotes online from several companies at the same time.

Helpful advice for making the most of this Guide

• •  Check with the Insurance Commissioner of your state to verify the company is licensed to sell insurance in your state.

Action Steps
The best contacts and resources to help you get it done

Share information with other life annuity executives

Blogs and online newsletters are replacing print magazines in droves and they can be a very efficient means of communication. Find an Internet blog or website that provides trust-worthy information and attracts reliable posting participants.

I recommend: Find the latest news that you’ll need to keep up at Insurance News. Get involved in blogs and online forums as well as articles that keep you up to date on industry trends at Insurance Broadcasting.

Read up on changes in life insurance rates

Browse the news affecting your industry, or an industry with which you'd like to business. You'll be better served by knowing about any big changes when you go onto client meetings or bid on contracts armed with the latest updates and aware of what the competition is offering.

I recommend: Go to Life and Health Insurance News for a long list of recent articles, blogs and industry forums. Insurance News and Views will keep you posted about the trends you need to follow to stay competitive.

Receive life insurance information email alerts

Look for information sources that will send you updates as they occur so that you will be on the alert for emerging issues that will affect your business. Assign employees to check with important sources throughout the day and report any significant news to you.

I recommend: Members of the American Council of Life Insurers keep up with the industry news and trends through association publications. The National Association for Insurance Retirement Solutions gives members and associates up to date information on the news that’s going on in the industry.

Helpful advice for making the most of this Guide

• •  Stay active in networking and life insurance trade associations that keep their members apprised of the news as it affects their businesses to develop relationships that can share news with you that you might overlook.

Action Steps
The best contacts and resources to help you get it done

Accelerated death benefits

Accelerated death benefits is an option on many life insurance policies that gives proceeds to the insured individuals listed on the policy over their lifetimes, especially used in the event that an individual has an illness that has been deemed terminal. It is in lieu of traditional life insurance policies that will pay out the money to the policy's beneficiaries after the individual has passed away. If the insured becomes terminally ill, in need of extreme medical intervention or must be placed in a nursing home for care after creating his or her policy, the accelerated death benefits may kick in.

I recommend: LifeInsuranceHub.net explores the details of accelerated death benefits as a part of life insurance policies.

Variable life insurance

Variable life insurancecombines a mortality charge with a vehicle of savings. This takes place when policy holders choose from a number of alternatives that may be offered by insurance companies and policy brokers. In many cases, the savings vehicle that's offered to policy holders is a type of investment portfolio, such as a mutual fund. Many insurance companies will offer at least 10 different portfolio options and will manage the funds themselves within the company.

I recommend: The pros and cons of variable life insurance can be read about at LifeInsurance.net.

Contestability period

The contestability period is a duration of time during which the insurance company is not under any type of obligation to pay claims to its insured parties. In most instances, the contestability period is two years. The contestability period is often put in place because of material misrepresentation that was found in the application for the life insurance policy. When this period of time is over, the policy becomes incontestable.

I recommend: For more information on the contestability period of a life insurance policy, visit MickelsonLife.com.

Mortality charge

The mortality charge is the cost of the insurance protection that is applicable to the whole life product of a policy holder. Some mortality charges are referred to as current, and these are not guaranteed. Meanwhile, maximum mortality charges are the contract guarantees.

I recommend: The mortality charge as a part of a life insurance policy is explored at W-B-A.com.

Single premium life insurance

Single premium life insurance requires of applicants and approved policy holders a single lump-sum, up-front premium payment. Often, these premiums will be paid up throughout the lifetime of the individual who is insured under the policy. However, sometimes these policies do not guarantee that all future payments will be paid, so policies of this type need to be read over or written carefully.

I recommend: For an overview of a single premium life insurance policy, consider Investopedia.com.