Boston Mutual Life Insurance Company Launches Individual Solutions Program

Canton-based national life insurance provider to provide simple, affordable whole life and accident insurance to underinsured markets

CANTON, Mass., Nov. 29, 2022 /PRNewswire/ — Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, announced today the launch of its Individual Solutions Program. This new program was created to provide accessible whole life and accident insurance options to underserved markets across Massachusetts.

Boston Mutual Life Insurance Company recently announced the launch of its Individual Solutions Program. Members of the team include Sharon Canty Porter, Individual Solutions’ Senior Insurance Professional; Rosalind Gonzalez, Director of Individual Solutions; and Paul DelMastro, Insurance Professional.

Boston Mutual Life expands its insurance offerings to families in Massachusetts with a new Individual Solutions Program.

“We are eager to further our insurance offerings with the Individual Solutions Program, so more individuals and families across Massachusetts have access to the coverage they need,” said Joshua Police, Executive Vice President – Distribution and Business Development at Boston Mutual Life Insurance Company. “This program offers insurance solutions for those who otherwise would not have access, ensuring local community members throughout the Greater Boston area and across Massachusetts can have the peace of mind they deserve.”

According to the 2021 LIMRA Life Happens Insurance Barometer Study, only 52% of American adults have some type of life insurance coverage. The Individual Solutions Program offers the opportunity to purchase affordable coverage that’s easy to understand, and the opportunity to connect directly with Boston Mutual’s insurance professionals for a personalized customer experience. This ensures policies are based on the individual’s and family’s needs and preferences, so consumers are making informed decisions for their families and clients.

“With the launch, we’ll be focusing on community engagement,” said Nicholas Barishian, Vice President of Individual Solutions at Boston Mutual Life Insurance Company, who will be leading this program. “The community insights from focus groups we coordinated last year in partnership with LIMRA in Massachusetts indicated that consumers want a facilitated experience. We are

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How Life Insurance Pros Can Screen Estate Planners for Networking

In recent articles, including “The No-Sunset Life Insurance Paradigm Shift Could be Accelerating,” I’ve recommended that life insurance professionals take a hard look at their networking with professional advisors, whom I’ll refer to as “centers of influence” (COIs). Networking, of course, isn’t just about cultivating relationships for the purpose of getting referrals. It’s also about identifying advisors whom life insurance professionals can refer their clients to for estate planning, tax compliance and planning, fiduciary services and more.

I base my recommendation on my view that as the market for estate tax planning and the associated liquidity wanes due to legislative, economic and societal forces, the influence and referral-generating capacity of some of the COIs traditionally cultivated by life insurance professionals will also wane. Life insurance professionals impacted by those forces will either have to cultivate a new and more productive crop of COIs or, shall we say, broaden the perspective of some of their COIs about the roles that life insurance can play in a comprehensive plan.

Three Preliminary Thoughts

First, whether looking for new COIs or reassessing existing relationships, life insurance professionals should be ready to know the “right” COI when they see one. With respect to seeking referrals, the right COI is one who’s technically capable, strategically positioned and philosophically inclined to bring a life insurance professional into the conversation as early as it’s appropriate to do so. With respect to making referrals, the right COI is the one who has the experience, skills and inclination to give comprehensive assistance and advice to clients in the life insurance professional’s market. I’d define “comprehensive” to mean well beyond wills, trusts, probate and taxes.

Second, I can understand that life insurance professionals might say, “Screening a prospective COI is one thing, but re-screening an existing COI is another. It could

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Tread Lightly When Adding Life Insurance to Your Repertoire

I’ve recently noticed an uptick in chatter, both in print and conversation, advancing the point of view that investment advisors who don’t offer cash value life insurance to their clients are missing the boat. In some cases, the boat is revenue from the sale of products. In other cases, the boat is a shortfall in an advisors’ obligation to bring their clients such a fundamental tax planning tool. In some cases, it’s both.

The source of the chatter is most often those who would, in whole or in part, facilitate or somehow be involved in the expansion of the advisors’ practices to include life insurance. There are variations on the theme of expansion. At one end of the spectrum, advisors would gear up, get licensed, sell the insurance themselves and keep the revenue. At or near the other end of the spectrum, advisors would call in the cavalry and let them sell it. The revenue will sort itself out in one way or another. In either case, advisors are being told that clients who are looking for ways to take what the lax law legitimately gives them will be happy to find it in the advisors’ shops!

There’s an important and, I think, sensible contextual component to the suggested expansion. Advisors should offer life insurance primarily in the context of tax-efficient investment planning for or in retirement, which is where they focus today. It shouldn’t be done in the context of tax-oriented estate or wealth transfer planning, which is probably not where they focus today. So, in that context, advisors would just be rounding out their current service offerings to include life insurance as another investment vehicle. For a broader discussion on this topic, see my recent article.

Robust Infrastructure

I understand the expansion point of view. At first

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