Videos on managing COVID-19 in the life insurance industry.
Fear, Innovation, and Long Term Care. The topics Mitch Long talks about in the videos below that address managing COVID-19 in the Life Insurance Industry. It all starts with activity. COVID-19 has impacted all industries and individuals. And in these videos, we hear from KazSource Insurance Broker, Mitch Long, about how COVID-19 has impacted the industry Mitch Long has been a part of for multiple decades.
With Mitch’s experience and knowledge of the insurance industry, his understanding of planning strategies, and his ability to help advisors and consumers navigate the process of acquiring life insurance, we just had to highlight what he is seeing during these unprecedented times.
We hope you find ideas, opportunity, and motivation in these thoughts from Mitch on how it’s critical to manage COVID-19 in the life insurance industry. (transcripts at the bottom of this page)
Despite the negatives that COVID-19 has brought to all of us, there are ways to find the positives. One of those positives is innovation. In this clip, Mitch discusses the innovation that has occurred in this industry since the pandemic has started and a real example of innovation. Specifically, it’s about a recent case he managed for a client.
Fear is a great motivator. During this pandemic, it is important to keep going and keep communicating with your customers. If you can stay motivated and moving, this pandemic can prove to be good for business. Mitch discusses this topic in the video below.
In this video, Mitch Long discusses how being prepared with Long Term Care (LTC) helped his late sister and their family when they needed it most. Thankfully, there are many solutions to long term care needs.
Do you have questions on any of these insurance topics? Connect with Mitch Long.
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Video Transcripts on Managing COVID-19 in the Life Insurance Industry:
Right as the whole thing started I had a really big case we were working on that was like a $3,000/month premium. And the guy was trying to get doctors records from his doctor and the doctor said, I don’t know when we’re going to get you the records–we had a COVID case in the office and we had to shut our office down.
So we actually have the client go to his portal and pull off everything that he could get off the portal. The company actually accepted that and we actually got the approval on that case with stuff off the portal which most companies had not necessarily been willing to do prior to that.
The other thing that was an issue was some of the people didn’t feel comfortable with examiners coming in their house and doing exams and so then all of a sudden some of our companies said, well, you know, if you’ve had an exam within the last year and your doctor’s records, we can use that and so companies have started to adapt and then the proliferation of DocuSign where companies will accept DocuSign signatures.
There were some companies that wouldn’t do that and all the sudden they’re willing to do it.
So in a way, it has forced the industry to move forward because it is sort of an archaic industry everything’s done the old-fashioned way.
So this experience has forced them to figure out ways to do their business without some of the traditional ways of getting documents and so forth.
Fear Is a Great Motivator
My attitude to start and everybody had that feeling when the whole thing started of what’s going to happen.
And of course, fear is a great motivator.
So I’ve always felt like I just sold my last case and I’ll never sell another one.
But what I think is happening is if you stay active and that’s what I decided to do.
I said I’m going to call people if I can’t see them. I’m going to call them. I’m going to talk to people on the phone.
I’m going to be positive. I sent out a lot of positive emails about, you got to keep going and in tough times you just have to keep doing your business. So that’s what I would tell agents right now is, you just got to keep talking to your customer and people are sort of used to the thing now, everybody’s wearing masks when they go places.
It’s sort of getting to where it’s just kind of a routine thing and people are getting back to business.
In fact, the last four months for me have been the best four months I’ve had in about 10 years.
So it’s kind of weird to say that in an unsettling time but at the same time it’s been great for business and that’s what I would tell agents. The agents that kept working and are the ones still doing business.
Long Term Care Needs
I want to mention long-term care insurance. My sister passed away in June. She spent some time in a nursing home at the end of her life.
It was $8,000 in Charlotte per month for her to be in a nursing home and it was not the Taj Mahal, it wasn’t a bad place, but it was $8,000 a month.
And I think that’s something that people really need to be addressing is their long-term care needs down the road.
And the neat thing is we have so many creative ways to address that issue.
And so clients really have an option whether it’s life insurance, whether it’s an annuity, or whether it’s a traditional long-term care policy.
We’ve got a lot of solutions to that issue. So we’ve been talking to a lot of people about all those topics and I just think people just have to keep going and I don’t know what normal will be down the road. Everybody says I hope things get back to normal.
I don’t know what normal would be–things change and yet people still have needs for what we do and I think we need to tell that story.
Here’s a Money.com resource for you: Money’s 9 Best Life Insurance Companies in 2021