Legacy Planning Checklist for Advisors & Insurance Agents

Legacy planning checklist

We recently discussed how COVID -19 has shifted focus toward legacy planning ventures for many individuals. From business owners to families, people have started taking estate planning much more seriously. We made a checklist for individuals [h1] that included the number of actionable tips to enact as soon as possible, and we are going to do the same here for insurance agents.

So, without further delays, here is a checklist that you should keep with you when helping any client with their legacy and financial planning ventures.

A Checklist for Insurance Advisors for Legacy Planning

Step 1.              Explain the Difference Between Estate & Legacy Planning

Address the needs of your clients by discussing both options with them before you embark on the long journey ahead. This is where you start building trust.

Step 2.              Consider Client’s Vision for Their Family’s Future

Discuss the following to get a better understanding of what exactly they are looking to accomplish.

  1. What do they want to pass down to their children/grandchildren
  2. Any short, medium and long term goals
  3. Whether the current financial position of the client is sufficient to meet said goals
  4. Consider any unique circumstances such as disabilities, multiple marriages, liabilities and more
  5. Whether the heirs are of sound mind and of age

Step 3.              Gather Client’s Documents

Once the vision is clear, it is time to start implementing it. Start collecting documents necessary for smooth transition after the client’s death. This can include numerous documents, some of which include:

  1. Wills,
  2. Trusts,
  3. List of beneficiaries,
  4. Certificates (including birth certificate),
  5. Retirement plan information,
  6. Deeds,
  7. Tax information, and more.

Step 4.              Discuss Who Gets the Power of Attorney

Ask your client who they trust with your legacy as a whole and would be responsible for making decisions about your legacy. This will include:

  1. Assigning financial power of attorney
  2. Creating a living will
  3. Long-term care insurance and beneficiaries
  4. Healthcare power of attorney and more

Step 5.              Create a Succession Plan for the Client

Next, discuss who will take over the client’s business and ask for any specific instructions to be followed. Two main considerations here include:

  1. Who will take your place in the business
  2. Who will take your place in the business
  3. Who will take your place in the business

Step 6.              Take Inventory

In this step, you will have to create a list of all the assets your client has – not just physical, but digital as well. Create a schedule to update the collected documents, inventory and legacy plan as a whole.

Step 7.              Store Documents & the “Legacy Plan” Safely

Once you have all the necessary documents collected, it is time to store them safely for the client and their family to find. There are digital vaults that you can store such information in and give access only to the clients themselves, and their family after the client has passed.

Legacy Armour can help you here with our secure vaults designed specifically to protect legacies until the time comes. If you would like to learn more about how we can help you create bullet-proof legacies, get in touch with us at 844-875-3422 or email us at info@legacyarmour.com.

Getting Your Affairs in Order – Legacy Planning Checklist

Financial Planning for the future

The Coronavirus pandemic was a shock for many and an eye-opener to say the least. Many are returning to their wills and getting their affairs in order, ranging from business succession to portfolio management, financial planning, and more. Legacy and estate planning has become a concern throughout the world.

Many are having trouble understanding what they need to do and the factors that need to be considered. Here, we will discuss a basic checklist that you need to keep in mind to protect your family and business after you pass away.

Legacy Planning Checklist – 9 Steps to a Secure Legacy

Step 1. Gather Documents

It all starts with gathering the right documents at the right place. This may include property deeds, share certificates (in your portfolio), titles, certificates (including marriage and birth certificates), and more. Try to include contact information of your personal doctor, attorney and brokers as well. Make sure you place these documents in a place where your family can find them easily.

Step 2. Make a Will

A will is perhaps one of the most important documents that you can include in your legacy plan. Click here to learn more about the importance of a will.

Step 3. Give Someone the Power of Attorney

By giving someone the power of attorney, you are basically allowing them to make important decisions on your behalf, should something happen to you. This also includes if you’re alive but are no longer of sound mind, i.e., aren’t able to make sound decisions.

Step 4. Living Trust

A living trust is a great way to make sure your estate planning ventures remain smooth. Trusts don’t need to go to court to be distributed, but wills may, should anyone contest them. Furthermore, via a living trust, your family doesn’t have to pay estate taxes either, not to mention your affairs remain private.

Step 5. Revisit Your Beneficiary List

From life insurance to retirement accounts, pension or even property, revisit these affairs to see who you’ve listed as a beneficiary and make sure the list is up to date. Remember, just because you mentioned their name in your will doesn’t mean companies will follow the same unless specifically mentioned.

Step 6. Make a List of Your Digital Assets & Secure Them

Your online bank, any cryptocurrency you’ve bought, investments, shopping accounts and more should be revisited. Make a list of all your accounts and upload/store it in a secure place for your family to find.

Step 7. Make Final Arrangements

This aspect can include what happens to your body, e.g., organ donation and funeral plans, all the way to any pay-on-death bank accounts. We recommend you not include this in your will.

Step 8. Have a Little Chat With Your Loved Ones

This might not be the easiest conversation to have, but it is essential none the less. Make sure you tell them where you’ve stored everything and clear any confusion they may have.

Step 9. Storing Everything Safely

There’s an option of keeping your documents safe under your mattress or in a cupboard, but we recommend storing it online. Legacy Armour vaults are a great way to ensure your legacy remains secure while you live and is passed on to the right person(s) when you pass away.

To learn more about our vaults, get in touch with us at 844-875-3422 or email us at info@legacyarmour.com to learn more about the legacy planning checklist!

Business Resilience & Continuity – Legacy Protection for the Protectors

Protection for the protectors

The harsh realities of work from home are catching up to everyone as the whole world relies on it more and more. People are getting grumpier, businesses are getting beaten and battered, and most are failing to hold their own and ensure continuity.

Insurance agencies are no different. If you failed to embrace the cloud or foresee the impacts of COVID-19 on the insurance sector, chances are that you are having some trouble right now.

Here, we’ll discuss how you can poise your business to become more resilient and ensure the business secession planning you had in place remains valid once things come back to normal.

Supporting Remote Work 

We’ve discussed this several times in our past blogs, as much of a shock working from home was for the insurance sector, making sure you have the right systems to accommodate employees and clients from a distance is one of the most important things you need to focus on right now.

A report by KPMG (TH & Co.) suggests that insurance agencies put in just 2-3 weeks instead of 2-3 years to upgrade their systems – and those that did it beforehand are poised as the next market leaders now.

Hiring & Retirements – During & Post-COVID

The medium-term future holds a huge shift in workforce. Not only are employees bound to get frustrated and resign, but clients’ needs are also going to change. When hiring new staff or letting some go, make sure you keep new requirements in mind.

Update your job descriptions, ask employees to be realistic about their performances and what you’re expecting, reevaluate your agency’s directions as an agency, and consider the immediate and longer-term future. Your main concern here should be staffing the right individuals for your clients.

Encouraging Word of Mouth 

If your clients are in recession, chances are that you’re going to be in the same boat too, struggling for a way out to improve your and their investment portfolio and stay afloat. When that happens, it’s time to be compassionate and flexible.

Digital marketing has changed quite a bit because of the coronavirus as business flock towards it left and right. One surefire way of helping you stand out of the crowd is to make sure people remember you for your service and let others know of what you’re offering.

Word of mouth is the best form of marketing and clients who are spreading the word about you are perhaps your biggest assets.

A Business Resilience Plan

And finally, developing a resilience and a business succession plan. To do so, you need to consider the following aspects:

  • Do you have the right tools for the market’s shifting demand?
  • Are you future-proof? Is there anything that could render you outdated? If so, what’s stopping you from getting those updates?
  • Are you primed for remote work?
  • Is your workload manageable or is it overwhelming?
  • How can you ensure maximum availability and training of these tools?
  • Do you have the right tools to help you support workers as well as clients?
  • Do you have a rainy-day fund or a rainy-day plan?
  • Do you have an insurance plan, should the day come when you need to wind up?

If you find yourself answering negatively to any of these questions, you might be in trouble in the near future. Going online is perhaps one of the best things you can do for your clients – and even for the workers. At Legacy Armour, we can help you manage your clients and ensure their peace of mind, starting today.

Any tool you need, we’ve got your back – from legacy planning storage all the way to customer and their family facilitation. Get in touch today to learn how!

Cryptocurrency Insurance Coverage – Can I Rely on My Insurance Provider to Protect Me?

Litecoin, Bitcoin, and Ethereum

Cryptocurrency and bitcoin security has always been a fickle thing in terms of insurance. With more than 7% of Americans owning cryptocurrency, the demand for this relatively secure asset is still on the rise. As the global interest in cryptocurrency increases, governments are also looking at the asset closely now.

Kimmelman v. Wayne Insurance Group is a prime example of what we just discussed.

The asset has also found its way into many a financial and legacy planning discussions as people continue to consider it a viable option for their investment portfolio.

However, the question remains; can you rely on your insurance agents to protect you or your family in case of unexpected loss of cryptocurrency?

Answer to this lies in the case we mentioned above. To put it simply, it depends on whether your cryptocurrency is held in the capacity of property or money.

Bitcoin Security From Insurance Agencies

In the case above, Kimmelman sought coverage for his bitcoin portfolio that amounted to roughly $16,000, which was recently stolen.

The insurer’s policy claimed that they cover “personal property owned or used by an insured anywhere in the world.”Furthermore, the liability would be limited to $200 on money, bank notes, gold, silver, value cards and more according to the same document.

Insurance agent’s investigators concluded that the bitcoin was money, and therefore a compensation of only $200 was sanctioned.

Soon after, the two found themselves in court, one claiming that it was money and the other simply claiming compensation. The Ohio state court determined that the insurer would make the insured whole since virtual currency was not considered money, but property.

This was solely based on IRS Notice 2014-21 which treated cryptocurrency as property for tax purposes, not money. From then onwards, any unexpected loss on ‘virtual currency’ – including bitcoin – is considered to be a loss of property.

Cryptocurrency Finding Its Way Into Legacy Planning

The rise of virtual currency began in 2015 and gradually found its way to where it is now, the peak point being in 2017. Although the currency’s value keeps fluctuating every now and then, people who purchased the currency back when it was cheap have gained immensely from it.

So, it’s natural for them to want to pass it on to their loved ones after their death. We have had many clients who are including cryptocurrency in legacy planning with a prime focus on bitcoin security.

Armour Legacy offers you a safe place to get a will made and store information about how to access your assets after you’ve passed on. Our vaults are secure and flexible, meaning you can give access to people you trust, be it family, your health executives, financial advisors and more.

The idea is to make sure your family doesn’t have to go through any sort of hassle after you pass on and get what you want them to have seamlessly! Let us help you understand how this works in more detail. Write to us and we’ll call you right back!

Creating a Financial Legacy That Lasts

Bullet Proof Estate Planning

There is an inevitable truth that hangs above all our heads – the fact that one day we might not be around to enjoy the fruits we bore in our life. Right now, you might be taking care of your family, but what about when you’re gone? How will your property be distributed and your legacy continued? The answer is simple; legacy planning.

Creating a financial legacy that lasts Is a dream for many – and a very realizable dream at that. Whether the goal is business succession, estate planning or simply financial planning for your children, grandchildren and spouse, it’s all possible by making sure you have an iron-clad legacy planning.

Creating a financial legacy that lasts isn’t just about one that is secure and extensive anymore; but also one that is accessible by family once the person has passed away. Here is a quick overview on what you can do in order to make your legacy iron-clad and accessible.

Outlining Objectives

Before you create your legacy, insurance agents will tell you that you should have action items in mind. These include the objectives you wish to accomplish with your legacy. The idea is clear; to help family. But the main question is how?

Do you want to create a trust [KH1] for them? Regular income streams? Or just want to give them a lump sum amount? Medicare? Education funds? Life insurance policy? The possibilities are endless!

Documenting Assets

Insurtech and fintech has improved significantly over the past decade, and the leaps toward technological progress and digitization of the insurance sector in 2020 alone have meant that legacy and financial planning have taken a whole new turn.

You should document all your assets online, and with the help of Legacy Armour portal, upload everything you have in one place. The portal is accessible by whoever you authorize, meaning your wills and documents will all be in one, convenient place.

The paperwork will remain secure, thus leaving no room for uncertainty after you’re gone. Some documents you should collect include:

  • Property, mortgages, liens or debts
  • Vehicles
  • Loans (taken or given)
  • Business paperwork
  • Retirement account paperwork, as well as IRA, 401(k), 403(b), ESOP and pension plans
  • [KH2] 
  • All bank account details
  • Detailed investment portfolio
  • List of any and all valuable property and assets

This list isn’t exhaustive. Any other item you want your family to take after you’ve passed away should be included herein.

Creating a Legacy

Now that you have everything in place, it’s time to get in touch with an insurance agent to help you sort out your legacy. If you are using our vaults to securely store your information, you can get in touch with us with a push of a button, and be on your way to creating the perfect legacy.

We’ll start by:

  • Evaluating your portfolio and the documents you send us
  • Reassessing loans, debts and interest payable and attempting to eliminate liabilities as soon as possible
  • Sitting down with your spouse, children and other beneficiaries to streamline the process and explain what to do and how to do it when the day comes

Having an iron-clad legacy plan isn’t just to make sure that your family members will live peacefully after you’re gone, but also that you’ll spend your days without worrying about the future! We’re here to help if you’re looking for a reliable insurance provider. Just give us a call, write to us or visit us with your concerns. Coffee’s on us!


 [KH1]Link to “Revocable living trust” article

 [KH2]Link to cross-selling article

Legacy Planning & Life Insurance – How Well Do They Sit Together?

Life Insurance & Legacy Planning

Taking the current financial situation into account, there is no telling when your investment portfolio may improve or face a downfall similar to that of the 2008 recession. Today, when it comes to legacy and financial planning, wealth preservation is at the top of any financial advisor’s list, telling clients to manage their assets and ‘brace for impact’.

The current volatility faced by the economy has changed how insurance policies work, bringing legacy planning and life insurance much closer to each other. Transferring wealth to the next generation has become simple and complicated at the same time.

Do Legacy Planning & Life Insurance Actually Go Together?

If you asked a financial advisor about life insurance and business succession planning, most would have told you, about a year ago, that legacy planning is a way to transfer funds and your business to your family. Life insurance, on the other hand, would be defined as a way of securing your financial obligations or family’s income.

However, today, they are both considered very closely since life insurance is also a legacy and the whole idea behind legacy planning is to leave behind something for your family after you’re gone. This is what we call “Legacy Protection.

Life Insurance

When considering family legacy protection plans, you can use your funds from a 401(k) account or IRA to fulfill your life insurance policies just as well, not just for your own children, but also your grandchildren, thus providing financial security to even more lives.

While you or your parents might be receiving Social Security, you might be well aware of the uncertainty that revolves around the prospect. Our younger generations may not be as lucky if they decide to half or all-out finish the social security system. Pension options are also being taken away by most employers nowadays in attempts to tackle the COVID-19 economic downfall.

Legacy Planning

People who usually include their whole investment portfolio in their wills or trusts often forget about the insurance policies they buy. You as a family man shouldn’t have to worry about it, since this is an insurance agent’s responsibility. A good insurance agent or financial advisor will regularly remind you about the face value of your investment portfolio and the benefits offered by your insurance plan.

The idea is that once you pass away, your family should be aware of the funds to claim and how. Legacy planning is what comes to the rescue here. From life insurance to business succession plans, trusts and more, everything is listed in your legacy plan.

Legacy Armor to Help You Make Things Easier

Paper wills and legacy plans have a way of either being mismanaged or ‘forgotten’ about. The world has seen a rather drastic shift and reliance on the internet due to the COVID-19 lockdowns and the insurance sector is no different.

For that, we offer an online portal where you can manage your legacy and access it anywhere, anytime. The idea is to help you take your legacy mobile and explain to people close to you – your family – what they should be looking for and where. To learn more about it, we urge you to get in touch with one of our insurance agents today!

Recession-Proofing Your Insurance Agency – Legacy Protection for the Protectors

Photo of a DOW J index in a bearish economy

With the COVID-19 pandemic not seeming to end anytime soon and its effects seeming to have an impact even long after the economy restarts, recession seems to be a shiny sword of uncertainty hanging on everyone’s head. From a simple family-man all the way to insurance agencies, legacy protection and recession-proofing is something that can set you on the right track.

Here, we shall discuss how insurance agencies can safeguard themselves from a recession in the economy, whether it’s coming or not. Better safe than sorry, right?

Recession-Proofing Insurance Agencies – A Financial Advisor’s View

Diversify Your Investment Portfolio – Preparing for the Worst & Making Good Better

What do insurance companies do very well? What would you say that you as an insurance agent have that no one else can beat you at?

Analyzing risk and taking preemptive action.

And that is exactly what comes into play when investing; analyzing the stock market for risks and taking action accordingly. Or the company as a whole could also invest and earn dividends. The key idea here is to broaden your line-up and not put all your eggs in one basket. And that means not relying on yourself completely as well.

Look at Your Cash Flow Under a Microscope

As an insurance agency, just pick up your cashflow statement, or even the income statement for that matter, and you’ll see the myriad of expenses you make as a company. Some of those expenses you might not even understand unless you’re an accountant.

We’re not asking that you start studying up on them; just that you know where they originate from and make financial scenarios for such expenses. These might be running expenses, but you should have a plan for how you’ll reduce them if recession hits; or is about to.

The most recent example of this was how insurance agencies had to take their businesses online due to the lockdowns. You can also make contingencies for what you’ll do in case you have to tackle numerous claims at once, closing up shop for a while, or more.

Ideal Clients & Their Road Through the Recession

Keeping tabs on your revenue stream and making sure they stay afloat is one of the most important steps you can take when recession-proofing your insurance agency. Easiest and most lucrative way of doing so is by differentiating between regular clients, high-paying clients and riskier clients.

Here is a table to help you understand this point better:

Client TypePriority
High-paying, less-claiming clientsAverage
High-paying, high-claiming clientsHigh
Low-paying, high-claiming clientsLow
Low-paying, low-claiming clientsVery low

Remember, this chart is only for emergencies, not during the normal course of business.

Spreading the Word Without Marketing Expenditure

Word of mouth is a powerful marketing tool; not just because it’s free or brings you new customers ready to convert, but also because it pushes you to give the best possible service to every client. This way, you not only reduce inefficiencies in your workflow, but also generate a new revenue stream for yourself that remains strong long after other avenues have failed; such as when in recession.

Getting ready for what’s next might be more challenging than it may seem; even for the most veteran insurance agents out there. If you’re looking to protect your legacy, either by formulating a well-thought-out legacy plan or by recession-proofing your insurance agency, Legacy Armour can help you take the right steps at the right time. Contact us today via call or mail to learn more. 

Coronavirus & Estate Uncertainty – Effects on Legacy Planning & Impending Future Prospects

Future prospects of the industry

There has been a 143% week-on-week increase in the number of wills since the lockdown started, a figure that is predicted to go up to 220% soon. Before 2019, people believed that legacy planning and creating a will was only for the rich; but that trend is changing. It is now understood that anyone wanting to secure their assets and protect their family needs to have a will.

The lockdowns have resulted in heavy reliance on the internet, taking even estate planning online; something for which presence of all parties was crucial. These impacts might seem to be short-lived, or perhaps until the COVID-19 lockdowns remain, but there are chances that they might also stick around, impacting the future of the insurance industry altogether.

From financial planning to business succession and legacy planning, everything might find itself online.

Potential Future Impacts on Legacy Planning

Insurance companies that already had online systems in place faced a certain setback when they upgraded their systems, since the transition took a little while not only to get implemented but also to get used to.

However, this small setback at the time was well worth it, as those who had optimized their online infrastructure fared much better once the lockdowns began, reaping the rewards of a less-competed market. To add fuel to the fire, the market wasn’t just less-competed,but also more demanding than ever!

At the start, the market saw almost a 40% increase in demand immediately. As insurance companies took on more and more clients, the demand only increased. Financial advisors played a major role in this as well, as they asked clients with a diverse investment portfolio to create wills.

This was followed by the drops in share prices, even of shares belonging to market leaders. Case in point; Vermillion Energy Inc. (NYSE:VET).

Legacy Planning And Force Majeure – How Insurance Claims Are Being Treated During COVID-19

Force majeure means “superior force,” and is a major part of many a contract. It includes a set of events that are out of either party’s control, such as war, acts of terrorism, natural disasters, epidemics, or restraints set forth my governing authorities that may result in a claimable loss.

In the case of COVID-19, force majeure is applicable wherever government restrictions (the lockdowns) are preventing, restricting or delaying performance of any clause included within the will.

However, if the clause isn’t included in the will itself, force majeure isn’t applicable. You should advise your clients about any force majeure clauses before letting them sign a contract.

It is important to note that most insurance companies are including the clause within their contracts because of the COVID-19 situation.

The Change in Estate Planning: Helping Clients Protect Their Family & Businesses

legacy planning, insurance, financial planning, protect family, business succession planning, insurance agent, financial advisor, investment portfolio

It is no secret that people yearn to make lives for their children and spouses easier after they’re gone. While wills are a great way of doing that, clients are shifting towards trusts as well now, seeing as how it can be the perfect way to support them financially.

A trust is like a gift from the person who passed away to those they left behind, as it takes effect immediately. It is in an intended beneficiary’s name, reducing the amount of paperwork and procedures that one needs to go through.

Furthermore, trusts can also reduce the estate tax implications and isn’t subject to challenges in probate courts as wills are, further reducing the hassle for whomever the trust is founded. Recommending a trust to your clients can go a long way towards furthering their legacy planning ventures.

However, trusts and wills are entirely different things; so make sure you have the requisite knowledge before recommending it.

As the insurance industry goes into a ‘digital’ state, there is a certain uncertainty revolving the matter of estates. Existing clients are getting antsier and new ones are also equally troubled. We recommend using online tools for now, as there are chances (because of the reduced operating costs they offer) that they are going to stick around even after the lockdown.

Legacy Armour offers a tool for insurance agents to make the most out of this online shift in the industry, offering a streamlined way of handling clients and their real estate planning. Get in touch today to learn more!

How COVID-19 Affects My Legacy Planning – Should I Revisit My Will?

Making an informed decision about your will

The COVID-19 pandemic has had deep impacts on every element of our daily lives – our insurance policies and legacy planning being no exception. Many people, be it businessmen or families, have been forced to consider ‘what ifs’ that were previously a non-issue.

As estate planning sees a surge in interest rates, words like family protection and business succession planning are being thrown around judiciously by financial advisors and insurance agents. But a question arises; is this just people being people or are these concerns actually well-founded? Should I really revisit my will?

Here, we shall explain the effects of COVID-19 on legacy planning and try to present the situation as is to help you make an informed decision.

Should I Revisit My Legacy Planning – Getting Down to Brass Tacks

A straightforward answer is “yes.” However, it’s slightly more complicated than just saying that.

Insurance companies across the globe are looking for governments and regulatory bodies for aid in these trying times, but haven’t imposed any extra costs or expenses to your estate or its planning yet. However, the “all-online” structure that the pandemic is promoting might mean that it would be smart to update your will, even if you have a solid will in place.

This might include taking it online. There are chances that the SOPs set in place during the lockdown might stick around even after the pandemic is over.

Effects of COVID-19 on Wills

As of the time of writing this, the standard rules of insurance claims in the case of someone passing away will be applicable. If you don’t have a will, an administrator will be assigned to your estate and who it is passed on to, including business succession.

However, having a will that reflects your wishes will mean that, although the process might be slightly slower, it will be the same. Since face-to-face interactions are very limited, liquidating the estate might be more hectic than normal.

It is important to note here that while nothing in terms of wills has changed, the overall value of the assets you have left for your family’s protection might not be the same. This is especially true if you wish to transfer shares to your children or spouse.

This presents an ‘unfairness’ issue, that while some might inherit more, others might end up getting less. One would think that this problem would go away once the COVID-19 situation has reverted. However, several companies are facing bankruptcy right now or are about to, which would end up rendering those shares or even your whole investment portfolio useless.

Challenges Presented by COVID-19 When It Comes to Preparing New Wills

Since the presence of lawyers, insurance agents and you yourself (depending on the situation) is necessary for the preparation of a will, the social distancing aspect has halted this process almost completely.

While governments have been called upon for a remediation of this issue, the problem is that allowing either party to not be present during the signing of the will may present a significant risk of fraud. Yet, this has resulted in the Executive Order 2020-14.

This legislation dictates that documents such as Wills, Powers of Attorney and Appointments of Enduring Guardian can be witnessed and notarized online until the pandemic ensues. Following are some requirements to keep in mind:

  • The audio-video connection must not be interrupted at any time. Both parties must be able to properly see, hear and communicate.
  • The call should be recorded and saved for up to 3 years after it takes place.
  • Signatory must state and agree to the name of the document being signed on the call.
  • Each page signed or initialed must be presented clearly on the video so as to be legible.
  • The signing act must be captured on video.
  • A legible copy signed document in its entirety should be sent to witness(es) no later than one day after signing.

The notarization should include at least:

  • Signature of the notary, their seal, title, commission and expiry.
  • Any information required by law in regards to the date and place of the notarization process.
  • Conform to the Notary Public Act of the state.
  • There must be a clear indication of the fact that the signing and acknowledgement was done remotely.

Legacy Armour in Times of COVID-19

As a rough timeline comes into view about when all of this will be over (year-end or early 2021, based on the progress of COVID-19 vaccine), the curve is starting to rise. This means that the insurance sector as a whole has a while before it recovers from the state this pandemic has put it in.

However, Legacy Armour continues to operate online and offers quick, easy solutions to your legacy and estate planning worries. From online meetings to signing and will delivery, everything is done in a manner so as to minimize the spread of COVID-19.

Furthermore, with Legacy Armour’s vaults and planning templates, your will is not only more secure and thorough but also more accessible to your family to provide you with peace of mind when it comes to family protection or business succession planning. For assistance or more on the subject, we recommend you get in touch today via call or email!

The Efficiency of Remote Insurance Agents During COVID-19 Lockdown

Remote insurance agents

The COVID-19 situation has taken everyone by surprise; from the healthcare highly pressurized medical industry to the oil and gas industry, and everything in between. With everything that’s going on, it is no wonder that the insurance sector has also seen its share of uncertainties and problems.

Regarded as a non-essential service, the lockdown that ensued after coronavirus posed numerous challenges for insurance providers across the globe as they struggled to maintain operational capacity. Until March, 2020, most insurance providers only relied on working on-site, not remote.

As agents started working from home, there were numerous challenges individuals faced, but the industry as a whole somewhat prospered[Mac191] .

Shifting to Work From Home

Digitization of the Insurance Sector

Insurers only spoke over the phone and focused on face-to-face meetings to sell plans and investigate. However, as more than 90% staff across the globe is working from home, the initial feedback wasn’t so great – especially in the insurance sector. Most agents found digitization difficult at the start, but the idea is now working well.

With hardware devices such as laptops and mobile devices being provided by companies themselves along with remote connectivity systems and of course, extensive video conferencing facilities, the industry has seen a long-awaited digitization revolution.

In many ways, this lockdown has been in the favor of many companies who couldn’t spare the time to undergo drastic reforms and perhaps disrupt operations. Thanks to the reduced activity and low competition during the initial phases, the systems have been put in place in just 2-3 weeks, where it would have taken 2-3 years.

Digitized Means Optimized

The companies that underwent the same digitization process before the COVID-19 outbreak forced their hand, fared much better thanks to their advanced digital underwriting, claims and administrative processes, especially in the first month.

Where other companies struggled to set their work from home systems, these companies reaped the rewards. There was a 40% increase in online insurance sales over the first month alone – most of them being life insurance policies.

Fraud Risk Stacking Up

COVID-19 has been a backdoor for many insurance scammers, reaching out to customers over the phone and selling them fake insurance policies, among other insurance frauds.

Some examples include travel claims, where customers who got their tickets canceled fabricated an illness, specially the novel coronavirus, to secure compensation from their insurer. Fake insurers have also told travelers who travelled anywhere starting January, suggesting that they are entitled to a settlement by the travel company or agent for endangering their lives.

This risk has increased threefold due to the remote activity of the insurance sector as a whole.

Distribution Channel Disruptions

Insurers’ interactions with their brokers, investigation agents, and other intermediaries have also suffered because of the pandemic. Brokers usually lack a widespread IT infrastructure and are thus prone to administrative problems.

For example, call centers all over the UK and US are having difficulty operating due to short staff. Customers have complained about long waiting periods and sometimes their calls don’t get forwarded to Customer Service Representatives. This has made getting support or Certificates of Insurance issued very difficult.

Claim Resolution Amidst Social Distancing

All the above-mentioned issues come together to become the beast that is social distancing for insurance agents. This has made getting claim resolutions rather difficult as that is relying mostly on digital technologies, such as photo evidence and estimating tools.

There are many precise tools out there but they aren’t available to the normal citizen, which means the photos, most of the times, offer only limited insights, unable to capture the requisite details.

With so much going on for the insurance sector, only those companies fared well who had already digitized their complete supply chain. Although others have adopted to the situation, they aren’t performing at full capacity, thus are bound to face losses.

Employees working from home, on the other hand, are facing long working hours at homes due to the distractions and the lack of a working environment. A task that would normally take an hour is taking more than two, meaning that work is more taxing now than ever.


 [Mac191]Link to “Understanding the Impact on Insurance Sector of COVID-19 & the Lockdown”