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The DOL 84-24 disclosure statement covers issues such as:
Product Recommended
Relationship with Carrier
Compensation Received
Conflicts of Interest (failure to disclose a material conflict of interest is considered a misleading statement)
Product fees, charges, discounts, penalties or adjustments
Disclosure Statements must be retained in your client records for six years. Some carriers may require the statement be attached to the application.
You must complete a Professional Report/Producers Report (Each carrier will have their own specific form)

  • Sales Idea 74 – How Do I Value My Client’s Business? (5/20/2019)- How Do I Value My Client’s Business? We know that life insurance to fund a buy/sell agreement is one of the largest premium sales we can make as insurance producers. One major hurdle often involves producing an accurate valuation of the business. Multiple owners may give you different figures, or the business might not have [...]
  • IRA to IUL Conversion (5/13/2019)- IRA to IUL Conversion Converting retirement funds from tax-deferred to tax-free status isn’t new. Over the past decade, more and more Americans – helped by financial advisors- have realized that deferring taxes may not be in their best financial interest. In the past, Traditional IRAs were converted to tax-free Roth IRAs. Today, funds from IRAs [...]
  • Sales Idea – Six Ways to Get Cash from a UL (5/6/2019)- Six Ways to Get Cash from a UL Did you know there are six ways your clients can get money from a universal life insurance contract? To demonstrate this, I’ve re-worked the classic bucket illustration that we’ve all seen to help explain cash value life insurance. It shows the money going into the contract at [...]
  • Is there client risk in a GUL? (4/29/2019)- Is there client risk in a GUL? Nearly 20 years ago, the insurance industry responded to consumer problems with old fashioned universal life contracts by creating the no-lapse guarantee UL. Rather than a policy based on the concept of maintaining cash value in the contract, a no-lapse UL gives the client another method to keep [...]