By: Mark D. Milbrod, CLU, CLTC
Vice President, ASG
As another year comes to a close, we have a chance to look in the rear view mirror and reflect on what happened with our personal business and on a wider scale, our industry.
Everyone has their own way of measuring success. Some measure goals based solely on how much revenue they generated while others measure their success by how many new families they helped protect or by the number of new applications taken. Regardless of how you measure it, did you meet, fall short or exceed your goals for the year? Whatever the outcome, we must assess our results and have a plan in place for the coming year.
Speaking from the position of the industry, 2024 was certainly a tumultuous year. Things took place that had a direct impact on achieving our goals. We saw the Supreme Court chime in on Business Insurance Planning, namely Stock Redemption Buy-Sell Arrangements. We went through an election cycle that will have a profound impact on the upcoming Estate Tax Sunset Provisions scheduled to reset at the end of this year. Regarding that, we still do not know what the end result will be.
We also witnessed continued chatter about taxation of the inside build-up of cash value with permanent life insurance products. And lastly, the industry has endured a “broad stroke” legislative threat of a fiduciary rule that would severely limit the delivery system of bringing a wide range of insurance products and solutions to an already underserved market. Thanks to the relentless efforts of FINSECA, and their mantra of “Financial Security For All,” this threat to our industry (and the public at large), has been lessened.
No one else can do what we all can do. As an industry, we continue to move forward and provide a much needed service to the countless families we serve. We provide an array of products and services that are used to change people’s lives.
Whether it’s Life Insurance, Disability Income, Long Term Care or Annuity products, we provide that financial security despite the outside attacks on our livelihood and industry.
On a personal level, I witnessed the power of what it is we do for a living. I lost my father in May of 2024. My brothers and I put a plan in motion many years ago. We had a life insurance and long term care policy in place for my dad. To keep it short, the life insurance policy, albeit a small one, provided funds for his final expenses. But of more importance was the long-term care policy that he had. It paid for ALL of his expenses at the Assisted Living Facility where he spent his last 3+ years. Seeing what we do first hand and affording my father the dignity he deserved, I was truly humbled being on the “other side” as a client rather than the agent.
With the stroke of a pen, we have the power to change lives. At ASG, we are dedicated in assisting you by bringing unique planning solutions to the clients that you serve and continue to be your partner in 2025 and beyond.