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Understanding the Value of Financial Literacy

Do you understand the difference between a MYGA and a FIA? What is the difference between a point-to-point annual reset vs. a monthly annual reset for an annuity? What do the participation rate, spread, and cap mean? Which type of life insurance is better – permanent or term? What in the heck are IUL, GIUL, UL, WL, and CAUL?

If some of the content above is unfamiliar to you, then AIP Marketing Alliance wonders how it sounds to prospects and clients! 😉

Keeping your clients and prospects informed on products and their differences is so important especially when today’s consumers try to plan their retirement strategy during inflation, fluctuating economic conditions, bank bankruptcies, and every other challenge in today’s world. Sometimes, they can get wrapped up in searching these products online, which could cause more problems based on where and what they are reading.

With that in mind, National Financial Literacy Month is recognized each year in April to raise public awareness of the importance of financial literacy and maintaining smart money management habits. This period also was renamed for 2023 by President Joe Biden’s administration to National Financial Capability Month.

AIP Marketing Alliance wants to share the knowledge before second quarter 2023 starts by sharing some consumer-focused materials via website links to pass along to your consumer clients and prospects. Our team also recommends checking out your contracted carriers’ websites as they have consumer-approved content available to you.

One major platform leveraging insurance carriers and LIMRA is the website, Life Happens. This consumer-approved site has many free resources including 101 sections on life insurance, annuities, LTC, and disability insurance. Life Happens is a non-profit organization founded in 1994 by industry leaders who recognized the need to provide more people with educational information about life insurance and related products. Their mission is to educate consumers.

A secondary site designed to promote the value of annuities is AnnuRetirement created by the Coalition for Annuity Awareness and comprised of multiple industry associations who serve consumers by helping them understand annuity products. Some of these supporting companies include the Alliance for Lifetime Income, Finseca, Indexed Annuity Leadership Council, and the National Association of Fixed Annuities (NAFA). AIPMA has included links to these sites as they also offer compliant, consumer-approved educational materials.

Throughout the consumer section of the AnnuRetirement website, you can download a lot of free content to educate your clients and prospects plus promote the value of annuities on social media. Multiple insurance carriers have provided brochures that are free to download on the site. You also can review the industry professionals section of AnnuRetirement and download financial professional-approved flyers and content.

AIPMA hopes we have provided some financial literacy on our part with these consumer- and agent-approved resources available for your use at no cost. We believe in a philosophy of “Your Growth is Our Commitment,” and leverage a lot of carrier and association resources to keep everyone informed about the insurance industry and product options.

Are you looking for some more consumer-approved marketing materials to share with your clients on annuities, life insurance, long-term care insurance, or disability insurance? Contact AIPMA’s Business Development team at (800) 783-5206 Press #2 or as we have materials to help you educate your clients on these products.

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2041 E. Square Lake Road, Suite 100, Troy, Michigan 48085-3897

About Us

For more than 40 years, AIP Marketing Alliance (AIPMA) serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. Copyright 2023