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Hiring Insurance Agents
From: About.com Financial Careers
Looks like, after years of decline, there is a bull market in insurance agent jobs, especially with the major mutual life insurance companies like Northwestern Mutual and New York Life. See "A Hot Job for Hard Times: The Life-Insurance Agent," The Wall Street Journal, 3/19/10. This article notes that the aforementioned companies hired 2,340 and 3,618 agents, respectively, in 2009. A Texas-based startup named Insphere Insurance Solutions open up shop in January with 2,00 agents and expects to double that number over the next 3 years. What's driving this course reversal? Many investors who were burned or spooked in the recent bear market are fueling a resurgence in sales of whole life policies, which had been in longterm decline. The complexities of these products tend to require dedicated...
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Insurance Sales Opportunities
Considering a career in insurance sales? Northwestern Mutual has been growing its sales force by leaps and bounds since the end of 2006. Recently-announced plans for 2010 call for 2,300 new financial representatives (as their salespeople are called) to be added this year, along with 2,500 financial representative interns. In addition to insurance, these folks are involved in financial planning and in the sale of certain investment products, such as mutual funds and retirement plans. Achievement of this ambitious goal for growth would give Northwestern Mutual more than double the sales force that it had at the end of 2006. Whether it is saturating its sales territories or stretching its internal support systems for financial representatives too thin are questions that the prospective appli...
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Culture of Death
Want to turn a death watch into a profit opportunity? Stranger originated life insurance is where a lot of this questionable action is these days. It has some affinities with the life settlement business, but some key differences. See "Investors Recruit Terminally Ill To Outwit Insurers on Annuities," The Wall Street Journal, 2/16/10. Insurers are fighting back, while state and federal regulators are getting involved in a big way to clamp down on abuses. Meanwhile, the article notes that a major player in this ethically and legally dubious netherworld of finance has been honored by various philanthropic organizations, some with religious ties, for his huge donations. Apparently, they asked no questions. Or didn't want to, when $100,000 or so was on offer. For shame.Culture of Death origin...
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Life Settlement Woes
Tying in with our recent mention of longevity risk and longevity swaps is a recent Wall Street Journal article ("Grim Risks of Reaping Death's Rewards," 2/6/10) about individual investors who have gotten burned by investing in life settlements. Some life settlement companies offload their risk to individual investors, many of whom have been inadequately informed of the risks. As the anecdotes in the WSJ article illustrate, if the named insured on a policy lives just a few years longer than the actuarial tables suggested, an investor can incur a significant loss on the transaction. Some might find this a gruesome variety of zero-sum game. Even if you do not, look closely at any given firm's compliance history before accepting a job, or doing business, with it. If there are recurrent compla...
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The Health Insurance Bill and The US Music Industry - Your Thoughts
Like it or lump it, health insurance reform has arrived in the US. Reaction to the bill is, shall we say, unsurprisingly passionate on both sides. But forget all of the predictable partisan stuff (I swear, people roots for their political teams like this is a sporting event these days) - what does this all mean for the music industry in the US? The independent music industry is under-insured. The Future of Music Coalition does an absolutely fantastic job with helping musicians navigate insurance with their HINT program (check it out here, especially if you are a musician in need of health coverage). That's excellent for musicians, but remember of course that musicians are not the only ones in the music industry without health insurance. For all of the vitriol heaped on the big bad labels ...
More | About.com Music Careers
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