E-Journal-May 2021

E-Journal

(May 2021)

In This Issue:

Sales Idea
NAIFA’s Virtual Congressional Conference Set for May 25-26.
Social Media Misinformation Regarding Covid and Life Insurance Claims
New Insurance Laws - Passed by the 2021 Florida Legislature
Save the Date: Virtual Sales Symposium is July 12-16
Join Leadership in Life Institute (LILI) Class in 2021
NAIFA-Florida Member Mike Peters Elected to New Port Richey City Council
Message from Barry Gilway, Citizens CEO: What's Happened to the Fla. Property Insurance Market?
1-Hour CE-May 20-Help Protect Business Owners
Upcoming Sales Classes, Events on Zoom
NAIFA-Florida CE Opportunities
New Members

SALES IDEA

Sales Idea of the Month

10 STEPS TO RETIRE HAPPY!

By: Michael Aun, President, NAIFA- Central Florida

http://www.aunline.com/blog

If you are already retired, you either have my congratulations or sincerest condolences on your circumstances. If you have not, here are the “Cliff Notes” version of what to do… or wish you had done.

Step one - plan. The three most important aspects of retirement are income, income and income… GUARANTEED INCOME! You must have enough guaranteed income from Social Security, pensions, annuities and other guaranteed income that will increase over time to cover inflation.

Step two - Social Security options. There are over 1,500 ways for a couple to take Social Security. Bottom line, the longer you wait the more you will get. The key is to study SSI before choosing exactly how and when you should take yours. Read More

NAIFA’s Virtual Congressional Conference Set for May 25-26.

This year’s NAIFA Congressional Congress, May 25-26, will be a virtual event featuring targeted advocacy training with briefings on legislative issues that affect members’ businesses, best practices for conducting congressional meetings, and tips for developing impactful long-term relationships with legislators.

Featured presenters for the May 25 session include Sen. Tim Scott (R-SC), a former insurance professional prior to his service as a federal lawmaker; Rep. Stephanie Murphy (D-FL), a member of the House Ways and Means Committee; American Council of Life Insurers President and CEO Susan Neely; NAIFA’s Government Relations team; and other influential industry representatives. More information on the schedule is on NAIFA’s web site – www.naifa.org.

On May 26, attendees will participate in virtual meetings with their members of the Senate and congressional staff. They will discuss legislative issues important to their businesses and clients and tell their stories that show the important work they do providing Main Street USA consumers with opportunities to achieve financial security and prosperity.

Members and non-members alike are invited to register for this year’s Congressional Conference. To register, click here: https://web.cvent.com/event/a3377dce-7326-4ee9-84b2-37ddd2a00335/summary

Click here for Flyer

Social Media Misinformation Regarding Covid and Life Insurance Claims

Recently, the American Council of Life Insurance (ACLI) responded to social media misinformation by issuing a public statement regarding life insurance claims from Covid-related deaths being denied by carriers.

ACLI Sr. VP of Policy Development Paul Graham said, “A social media post appears to be behind the spread of entirely false information, suggesting a Covid-19 vaccine could be a factor a life insurer considers in the claims-paying process.

“The fact is that life insurers do not consider whether or not a policyholder has received a Covid vaccine when deciding whether to pay a claim. Life insurance policy contracts are very clear on how policies work, and what cause, if any, might lead to the denial of a benefit. A vaccine for Covid-19 is not one of them,” said Graham.

“Policyholders should rest assured that nothing has changed in the claims-paying process as a result of Covid-19 vaccinations. Policyholders should reach out to their life insurers, agents or financial professionals for their Covid-related questions. They will be happy to help.”

New Insurance Laws - Passed by the 2021 Florida Legislature

The 2021 Florida Legislature adjourned on time April 30^th, but not before passing a budget as well as many insurance-related bills which are headed to the Governor’s desk for signature.

NAIFA-Florida Lobbyist Tim Meenan and his team did their usual outstanding job of representing our members regarding the many, many bills and issues related to insurance. Below is Tim’s final report and incudes bills which passed and bills which failed. This list is comprehensive but is categorized for your convenience.

Session Dispatch

By Tim Meenan, NAIFA-Florida Lobbyist

Week 9 - Sine Die

The 2021 regular Florida Legislative Session kicked off on Tuesday, March 2 ^nd . Week 9 looked a little different this year looked with only members of the legislature being in the Capitol. The week was very busy as the Speaker of the House and Senate President wrapped up their legislative priorities and the budget ending on time on Friday, April 30 ^th . The official sine die occurred at 2:40 pm as the legislature passed over 275 bills this year.

As session moved through, the significant budget issues relating to COVID-19 that were the main concern during committee weeks and early in session became a distant memory. When it was all said and done the budget ended at an all-time high of $101.5 Billion. This includes spending $6.7 billion in federal COVID-19 relief money. This total ended up a whopping $5 over the Governor’s proposed $96.6 billion budget and is a significant increase of our current year $92 billion budget. The increases include raising minimum wage to $13 for state employees, also raises were made for state attorneys, public defenders and district court judges. First responders, teachers and early learning instructors will get $1000 bonuses and the legislature provided additional funds to schools to raise the minimum teacher salaries.

In the HHS budget, both chambers agreed to draw down $240 million in stimulus funds to cover maternal care for 1 year postpartum in the Medicaid program.

Earlier in session the Governor signed the COVID-19 legislation that is addressing COVID-19 liability for business entities and COVID-19 liability for health care providers. In addition to addressing COVID-19 related items, the legislature continues moving along with a number of bills focused on property insurance, health insurance, telehealth, consumer data privacy and a ban on state contracts and investments with tech companies hosting cloud servers.

Below is a summary of the legislation of interest that we have been tracking during the 2021 session: Read More

Save the Date: Virtual Sales Symposium is July 12-16

The NAIFA-Florida annual Financial Advisors Sales Symposium will be held virtually again in 2021 – July 12-16. Members are encouraged to save the dates as each day (Monday thru Friday, Noon to 1:15 p.m. ET) top speakers will offer sales ideas and motivation to help advisors be more successful!

Last year’s event, also held virtually due to the pandemic, drew nearly 200 members each day on the Zoom platform with each speaker drawing high ratings in the evaluations. So, watch for complete registration information coming soon – as details become finalized.

Join Leadership in Life Institute (LILI) Class in 2021

Have You Scheduled Time To Develop Your Leadership Skills?

NOW is the time and we have an exclusive program just for NAIFA members! If you think you might be interested in this life-changing program – to advance your career and enhance your personal life – NAIFA-Florida would like to hear from you!

Space is limited so RSVP today!

What is LILI?

The NAIFA Leadership in Life Institute is a six-month program offered exclusively to NAIFA members who are committed to growing intellectually and professionally through deep introspection and discussion. The intense curriculum creates a unique learning environment that encourages participants to bring out the best in themselves and apply what is learned across every aspect of their lives.

Mission

The NAIFA Leadership in Life Institute (LILI) develops leaders by fostering personal growth, enhancing business practices and developing skills necessary for effective leadership.

The Course Offers:

The best in leadership and personal-development thinking
Tools to improve your practice and create a business plan
Increased understanding of self and improved interpersonal relationships
Expanded professional network and opportunities for growth through LILI alumni programs
Leadership opportunities in NAIFA
The One Page Business Plan® by Jim Horan
The Kolb Learning Style Inventory
Emotional Intelligence (EQ) – the #1 predictor of success in business and leadership. Learn what your EQ is and how to increase it.
Credibility by James Kouzes and Barry Posner – all new and revised edition with sharpened focus on how leaders earn and sustain credibility
Study of Jim Collins’ entire body of work on Good to Great companies, what drove some to fail, and others to thrive in uncertain times

Taking the course is an investment in oneself and the returns on the investment can be infinite. Graduates consistently report that LILI gives them the tools to succeed and 70% report a measurable increase in the growth of their business since graduating. The LILI program is only available for NAIFA members.

The Leadership in Life Institute’s curriculum is based on the leadership writings of Stephen Covey, John Maxwell, Jim Collins and Kouzes & Posner. Each of the six sessions involves interactive learning in a small group setting.

REQUIREMENTS FOR LILI

To be considered for an upcoming LILI class, potential students must:

Complete the application
Meet the eligibility requirements
Be approved by NAIFA-Florida
Be a NAIFA member in good standing
Commit to attending all 6 sessions
Complete required assignments
Pay student tuition

NAIFA members must first apply to participate in LILI.

Once approved students have two tuition options. Print materials: $900 and Digital materials: $800

Visit tdc.naifa.org/lili for additional information and to apply. tdc.naifa.org/lili

For more information or to apply, call NAIFA-Florida LILI Chair: Kelli Keith 352-361-1420 or NAIFA Florida 850-422-1701

NAIFA-Florida Member Mike Peters Elected to New Port Richey City Council

NAIFA-Florida Member Mike Peters Elected to New Port Richey City Council

NAIFA-Florida Member Mike Peters was recently elected to the New Port Richey City Council. After being appointed to the City Council in November 2020 to fill a vacancy, Peters was the top vote-getter among the four candidates in April with 30% of the vote.

Peters, a State Farm agent, has been a member of NAIFA-Florida since 1988 and has more recently served the association as a member of the NAIFA-Florida Board of Directors and as Political Involvement Committee (PIC) Chair. In addition, Mike previously served as a local association leader, including President, of the NAIFA-North Suncoast (New Port Richey) local association.

His election to the City Council post is Peters’ first foray into elected political office. NAIFA-Florida extends its congratulations!

Message from Barry Gilway, Citizens CEO: What’s Happened to the Fla. Property Insurance Market?

What Has Happened to the Florida Property Insurance Market?

by Barry Gilway, Citizens CEO

April 15, 2021

How did we move - in just five years - from a vibrant market where financially solid companies competed for business to an unhealthy environment where policyholders who have never filed a claim are being dropped or see their premiums jump by 30, 40, 70 percent in a year?

Last week, we got an answer.

The Florida Office of Insurance Regulation reviewed 750 insurance companies from around the country. It found that Florida accounted for only 8 percent of all claims filed nationwide in 2019, but nearly 76 percent of all lawsuits. That number, taken from data gathered by the National Association of Insurance Commissioners, is not only mind-blowing but clearly unsustainable unless Floridians accept the level of rate increase we are seeing today.

While the NAIC data is incredible, it is not unexpected. Florida domestic insurance companies posted a $1.6 billion operating loss in 2020, the latest of four progressively unprofitable years. While storm activity played a part in last year’s losses, remember that no major storms hit Florida in 2020. Instead, the major reason for these unsustainable losses is excessive and abusive litigation on a scale that exists nowhere else in the country.

Citizens alone last year received 7,599 new litigated claims. During the first quarter of 2021, we received 2,506 new claims. Data shows more than 85,000 new litigated property claims were filed against insurance companies last year.

Besides raising rates, some companies have stopped writing new business, while others restrict what they write, or reduce coverage on the policies they renew. In response, Citizens is writing close to 5,000 new policies per week. After reaching a low point of around 420,000 customers just a year and a half ago, we expect to end 2021 with close to 750,000 customers.

Citizens is financially sound, but its surplus could be depleted quickly as our policy count grows. Once surplus is exhausted, Citizens could be forced to assess its policyholders up to 45% of their policy premium. Additionally, millions of non-Citizens policyholders could be forced to pay assessments, if needed.

Critics say the rapid rise in litigation is the fault of insurance companies for underpaying claims. But it defies common sense to think that Florida insurance companies are so out of whack with insurers in every other state. Florida’s unique legal landscape, which includes one-way attorney fees – is largely to blame.

Every day, more Floridians see the impact of this litigation explosion and are calling for action. I urge the Florida Legislature to pass meaningful litigation reforms that will help to stop runaway legal costs that impact policyholders across the state who are being cancelled, forced to find new coverage or pay higher premiums to protect their most valuable investment – their homes.

(Barry Gilway is the President/CEO and Executive Director of Citizens Property Insurance Corporation, Florida’s non-profit insurer of last resort.)

1-Hour CE-May 20-Help Protect Business Owners

“Draft a Plan to Help Protect Business Owners”

(CE – 1 Hour – Health)

Thursday, May 20 – Noon to 1:00 p.m. ET

by Steve Saladino

This one-hour course examines the different solutions business owners can use to protect themselves and their business from the threat of a disability. Health insurance advisers will learn the objectives and benefits of each of the solutions (Individual Disability Income, Overhead Expense, Business Loan Protection, Disability Buy-Out and Key Person) and how they may be able to work together to help give the business owner a greater level of protection. (This course is approved by the Florida Department of Financial Services for one (1) hour of Continuing Education credit for 2-40 health licensees. Intermediate level. Florida DFS Course #114614, Offering 72269. Provider #415, Principal Mutual Life Insurance Company.)

Members: No charge

Non-Members: $15.

To register, click here: https://naifacf.wufoo.com/forms/za1ih2d0vejxo6/

Upcoming Sales Classes, Events on Zoom

Members Only: NAIFA Live – How to Build a Location Independent Practice that Attracts Dream Clients Like Clockwork with More Free Time

May 12 @ 2:00 pm - 3:00 pm

ZOOM

NAIFA Live How to Build a Location Independent Practice that Attracts Dream Clients Like Clockwork with More Free Time Wednesday, May 12th | 2 pm eastern Being able to market effectively online is a simple but different process that hinges on credibility, shifts, and simple structure that Terrance will cover in this presentation, giving advisors the steps to have a recession- and pandemic-proof process to be happier, healthier, and more successful.