The only thing that is constant is change…so said the 5th Century philosopher, Heraclitus. More recent titles on the same general subject include the best seller Who Moved My Cheese? by Spencer Johnson.
Recently, I helped my parents pack up their memories as they prepare to move from their home of 42 years into a newer, downsized home.
As we carefully sorted, wrapped and packaged box after box, we came across my senior thesis paper I wrote in 1982 as a prerequisite to graduate from the University of Arkansas with a Bachelor’s Degree in Finance & Insurance. Unbeknownst to me, my parents had saved it all these years in a box of my old belongings. Yep, you read that right – I majored in insurance. Nerd, I know.
Anyway, the topic of my thesis was “An Analysis of Universal Life Insurance”. Back in 1982, Universal Life (UL) policies were essentially brand new – having been introduced to the marketplace in 1979 by California Life Insurance Company, which later became E.F. Hutton Life. Yes, I realize…the more I type this blog, the more dated I make myself sound.
As I sat and read the paper, the truth of my title of this blog became abundantly clear with the turning of each of the 34 pages of yellowed, hand-typed text.
I had included a spreadsheet of 5 carriers – E.F. Hutton Life, First Colony Life, Security Connecticut Life, Veterans Life and Penn Mutual. The illustrated interest rates were showing 4.0% guaranteed, 8.5% assumed and a whopping 12.5% current interest rate.
Thirty-two years later, there is essentially NOTHING that is still the same. Typing by hand has been replaced by word processing. Of the 5 carriers reviewed, only Penn Mutual still exists in its same business form. And, most notably, 4%, 8.5%, and 12.5% interest rates are all so far from our current economic reality, that I actually chuckled as I read.
My point: everything changed. They say that the definition of insanity is to keep doing the same thing over and over, and expecting different results. Over the past 32 years, I’ve witnessed so much change that it’s mind-numbing. ASI has adapted to serve the changing needs of the agents and advisors that work with us. In turn, those advisors who have adapted have flourished, while too many to count have dropped by the way-side.
Let us help you adapt your practice to the only thing that is certain… change. Count on us to keep you up-to-date on the most current products, ideas & concepts. Our staff members are experts and can help you grow revenue, diversify your practice, and give you confidence with new carriers, new products and fresh concepts. Most of all……we love to help advisors meet the changing needs of their clients.
12.5% interest rate…..really? Now that’s funny.