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The EDGE comprehensive digital content library teaches essential skills for building a thriving business, creating a high-performance culture, and everything in between. The Leader’s Journey Foundational Principles of Leadership Vision, Mission and Value Proposition Building a Great Company Culture Delegation: The Key to Growth Office Systems and Processes Time Management Recruiting Recruiting Best Practices Building a Recruiting Culture Developing Your Ideal Candidate Profile Campus Recruiting Attracting Top Performers Selection Traits of Top Performers Conducting Initial Interviews The Science of Utilizing Selection Profiles In-Depth Behavioral Interviewing The Candidate Experience Onboarding & Development Onboarding New Advisors Joint Field Work Best Practices Training Best Practices Ongoing Training & Development Mentoring Series Expectations & Accountability Goal Setting and Creating High Expectations Activity Monitoring Becoming an Effective Performance Coach Creating a Culture of Accountability Holding Your Leadership Team Accountable Leadership & Organizational Development Leadership Insights, Philosophies and Beliefs Situational Leadership Developing High Performing Leadership Teams Leading through Change Management Diversity & Inclusion Just Some of the Topics within Our Leadership Development Content Library: Download the Content Catalog Leadership Development Joey Davenport – The Importance of Developing a Recruiting Culture Sabine Robinson – Keys to Building a High Expectations Culture Harry Hoopis – Field-Tested: The Importance of Expecting More from People Kathryn Christie – The Science of Selection & Potential to Performance Why Independent Associates May Not Be Hitting Their Goals The Importance of Follow-up When You Miss a Recruit Sources for Gathering Names of Potential Candidates Early Warning Signs Someone is Not a Culture Fit Here are a few short samples of our leadership videos focusing on the skills, best practices and execution methods of the top experts and leaders in financial services. Interested In How We Can Help with Your Leadership Development Needs? Contact Us Today! EMERGING – advisors interested in exploring and “test driving” the leadership career. DEVELOPING – leaders needing to build a solid foundation in the knowledge and skills to grow their team. GROWING – leaders seeking strategies and best practices to advance their team and organization. EXCELLING – leaders wanting scale and systems to reach the pinnacle of success. EDGE helps leaders succeed at every stage of the leadership journey . This comprehensive digital content library teaches essential skills for building a thriving business, creating a high-performance culture , and everything in between. Whether you want to strengthen your own leadership skills or build your leadership team , and whether you are new to leadership or have years of experience, EDGE has a solution for you. The Leader’s Journey

Chief Investment Officer of Redwing Financial Dina Renee Weiss Chief Investment Officer of Redwing Financial Dina Renee Weiss serves as a financial, life and business coach, as well as the Chief Investment Officer of Redwing Financial. She began her career in the financial services industry in 2005, and built her reputation from the foundation up, focusing initially on the clients themselves, building trust and establishing a strong rapport prior to engaging in a financial planning and investment management relationship. She has carried that client-centered and educational philosophy into her investment and financial planning approach, working with generations of families to ensure proper and full understanding of the financial responsibility of daily life, as well as the investment process and those options available in today’s diverse and complicated investment marketplace. Dina aims to help individuals determine their goals, truly understand their individual risk-philosophies, manage that risk through the design of a comprehensive planning package, implement a well-organized plan of action, and finally embrace a disciplined approach to accountability and investing. She is firmly committed to serving her clients and looks to add value by providing timely, consistent and ongoing communication. Outside of her professional pursuits, Dina also holds her certification as a holistic health practitioner and has philanthropically provided health coaching services to more than 1,100 individuals seeking to live their best life. She volunteers her time and efforts as much as possible and sees the greatest reward in her life as the success of those who seek her guidance. In addition, she is the co-author of Ready to Launch – How Prepared are they for the Real World, a book aimed at assisting families in preparing their children for the realities of life beyond their childhood home. She has long been a writer, primarily in theatrical arts, comedy and poetry, but now tailors her writing towards practical and easily-implemented guides to developing a sense of ownership and personal responsibility for every aspect of an individual’s life. Previous Speaker Go back to Speaker Network Next Speaker

Trustworthy Selling Professional is designed for experienced financial advisors to increase vertical growth productivity and re-engage those producers who have plateaued in their career. Professional Edition Understand behavioral economics and how today’s consumers make financial decisions. Incorporate small changes in language and technique to ensure greater client engagement. Quickly build trust and develop stronger relationships with more potential clients. Learn advanced questioning skills to execute courageous conversations with confidence. Overcome self-limiting beliefs to take their business to the next level. Prioritize clients to maximize time and identify cross-selling opportunities. Your Experienced Advisor Will: Re-Energize Your Experienced Advisors and Equip Them With the Advanced Skills To Take Their Practice to the Next Level! Trustworthy Selling Professional is designed for experienced financial advisors to increase vertical growth productivity and re-engage those producers who have plateaued in their career. The Professional Edition provides experienced representatives with in-depth insight into behavioral economics, buyer and seller psychology and sales techniques utilized by the top producers in the industry. Creating a Sense of Urgency Cross Selling Language Demo: Collaborative Commitment The Four Facets of Trust Increasing Practice Efficiency Experience Some Samples of Our Professional Edition Content Below! It united LIMRA consumer research with field-tested language and techniques drawn from HPN’s network of successful new advisors. New skills are mastered through practice, role play, application projects and follow up coaching. Lessons are made memorable through use of real-life case studies. Content is easily incorporated into day-to-day activities with a language reference guide, demonstration videos and other online resources. Why Professional Edition Works: Schedule a Demonstration Contact Us Professional Product Sheet Download Download Now Professional Edition

Our content, designed for the home office and/or field, will help employees and staff understand the impact their roles have on the individuals, families and businesses they serve. HOST is innovative learning and development designed to educate and empower home office employees and field staff. What are the benefits to your organization? Attract, develop and retain top talent in the home office and field. Empower employees to understand the impact they have on the clients they serve. Create efficiency through a scalable training system across the enterprise. Enhance the value of your current propriety training resources for a fraction of the cost. What is HOST? 500+ virtual microlearning modules designed to engage today’s modern learner. Flexible options for customizing and integrating content within your learning management system. Advanced reporting functionality to identify trends and increase accountability. Available in multiple languages and closed captioned to align with ADA guidelines. Why Invest in Your Home Office Employees and Field Staff? We’ve developed digital learning and development resources to help educate the backbone of financial services organizations: employees and staff. Our content, designed for the home office and/or field, will help employees and staff understand the impact their roles have on the individuals, families and businesses they serve. This new knowledge will empower employees to grow professionally leading to greater retention and productivity which has become even more important in this new era of “The Great Resignation.” Understanding Clients & Their Needs Generational Buying Differences The Need for Life Insurance Life Changes Series What Happens When Someone Dies Overview of College Planning Understanding Special Needs Financial Considerations of Divorce Introduction to Insurance Products & Principles Role of Life Insurance Understanding the Life Insurance Policy Understanding Underwriting Disability and Long-Term Care Insurance Overview of Annuities Contract Beneficiary Designation Understanding Medicare Overview of the Principles of Investing Basics of Investing Investment Strategies Mutual Funds Investment Choices Investment Analysis Variable Annuities Overview of Managed Money Understanding Financial Factors & Programs The Life Insurance Industry Personal Financial Series Individual Taxation Series Overview of Social Security Focus on Social Security Overview of Business, Estate & Retirement Planning Working with Business Owners Different Business Structures Managing Business Risks Executive Benefit Plan Estate Tax Planning Planning Strategies for Retirement Planning Strategies at Retirement General Employee & Staff Education How to Give a Presentation Time Management Success Financial Literacy Active Listening Skills HOST Content Covers the Following Topics and More Advanced Sales Call Center Representatives Broker Dealer Employees And more! Home Office Employees Field Agency & Advisor Staff Policy Owner Services Underwriting Department Marketing Department Our Employee and Staff Education Content Is Designed To Be Used With the Following Types of Groups: Interested In How We Can Help with Your Employee and Staff Training Needs? Contact Us Today What Could a College Education Cost What is a Variable Annuity? What Factors are Evaluated During Life Underwriting Overview of the Small Business Marketplace Deciphering Your Paycheck Overview of the Insurance Industry Introduction to the Role of Life Insurance Financial Risks That May Impact a Retirement Plan Why Understanding Social Security Matters Time Management Concepts and Practices Just Some of Our Learning and Sample Development Content for Employees and Staff: eLearning Knowledge Checks and Action Items for Performance Improvement Ability to Easily Enroll Learners in Courses and Learning Paths Reporting and Analytics for Greater Accountability Around Learning On Demand Classroom Training Modules (virtual and in person) Coaching Resources Including Guides, Assessments and Tutorial Videos Skill Assessment to Identify Strengths and Areas of Development Additional Tools and Resources In addition to our digital content, we also provide turnkey training and coaching tools for managers including: HOST is innovative learning and development designed to educate and empower home office employees and field staff.

National Authority on Sales Success and Peak Performance George Ludwig National Authority on Sales Success and Peak Performance George Ludwig is a national authority on sales success and peak performance. He has more than 25 years of sales, sales management, sales training and seminar presentation experience. He began his career by reading hundreds of books and success models on the art of selling. From this, he distilled simple, step-by-step tools and technologies teaching thousands of true achievers how to satisfy their appetite for winning in business and in life. George field-tested it all, founding and running a successful real estate holding company. Later, working for the world’s largest medical supply manufacturer, Johnson & Johnson, he enjoyed a meteoric rise to executive management and sales superstardom. George is the author of two books: WISE MOVES: 60 Quick Tips to Improve Your Position in Life & Business (CRL Publishing Group – 2003) and POWER SELLING: Seven Strategies for Cracking the Sales Code (Dearborn Trade Publishing – July 2004). Having gained a reputation as a thought leader in his industry, he is frequently interviewed for trade publications and newspapers. Currently the President and CEO of GLU Consulting, he works with clients like Johnson & Johnson, Sprint, Bank One, Mazda North America, Southwest Airlines, Northwestern Mutual, Coldwell Banker, and Century 21. Previous Speaker Go back to Speaker Network Next Speaker

Next Item Previous Item Go back to White Papers List Most people have at least one person in their past who inspired them to greatness they’d never imagined. A grade-school music teacher who saw a savant when teaching Beginner Recorder. A coach who spotted a potential future pro in the kid who showed up early and stayed late for every practice. A college professor who pulled the gifted math student aside to challenge her chess skills. What all these scenarios have in common is an influential leader who inspired someone to do more than they’d ever dreamed they could. A successful sales manager is that kind of leader. So let me ask you this: Are you a successful sales manager, or do you aspire to be? With this white paper, I want to inspire you to be the best sales manager possible. I want to challenge you to become the kind of leader who inspires a sales force to great success. First, let’s define the role of the sales manager. There are differing opinions on this topic. I’m often asked if a sales manager can also be a sales rep. While there are many examples of sales managers successfully carrying out the dual role of sales rep, for purposes of this paper, we are going to focus on dedicated sales managers with no direct sales responsibilities. A Forbes article a few years back went so far as to say that successful sales reps often make lousy sales managers. I concur. This is because I believe the No. 1 role of a successful sales manager is to focus on the sales team, not on the customer. Successful Sales Managers Are Strong Leaders If you have thought your most successful sales rep might make a good sales manager — or that your stellar sales record qualifies you for management — think again. The greatest numbers-driven, customer-centric, goal-busting sales rep isn’t necessarily a good leader. And when it comes to sales management, good leadership is a non-negotiable requirement. Some people have a natural gift for leadership. Others can learn it. Like every other skill, leadership requires practice. Being a great manager doesn’t make you a great leader. Leadership is a skill unto itself. It must be studied and practiced. The internet offers all kinds of opinions on the characteristics and habits of good leaders. When I’m working with sales managers (or aspiring sales managers), I look for the following 10 characteristics: Vision — Successful sales managers are always looking ahead and around. They’re paying attention to the organization and the competition, thinking about constantly growing and improving, and fully open to healthy change. Strategy — They have analytical interests and abilities. They know how to use data to find flaws and how to fan the flames of success. They seek out problems early and focus on solutions. Humility — They are never haughty, always open to constructive criticism, and readily accessible and honest. Honor — They act with integrity, dignity and honor. Their reputation is above repute. They tell the truth while being kind and respectful. Focus — They are not easily distracted by the latest and greatest trend or the shiny new idea floating around. They plan patiently and execute with discipline. Boldness — They are brave and willing to take action, even if that action may make them unpopular. Attractiveness — I’m not talking about being good-looking, though that is never a negative. I’m talking about the kind of person other people admire and seek to be like. Their dress, posture, gait, communication style, reputation and relationships represent the ideal, and in doing so, motivates others to improve themselves. Accessibility — They are clear in their message and open to dialogue. Their team can access them by appointment or “open door” and know they will be heard. Clients know how to reach them, and know they can if a relationship with a sales professional goes sideways. Company leaders also know they can access them when needed. Organization — They prepare agendas before every meeting. They set goals and create a plan to achieve them. Their desk, car, clothes and life are tidy. Positive attitude — Successful sales managers have positive attitudes. They practice good habits, including self-care, and they approach even the worst problems with a positive outlook. They inspire others to be positive as well. Successful Sales Managers Nurture Their Teams What is the responsibility of a sales manager? Is it to drive numbers? Ensure customer satisfaction or retention? Hire and fire a sales team? Report to the home office? Yes, a sales manager is responsible for all those things, but there’s another, less easily defined, responsibility of a sales manager: to nurture—to further the development of, or foster, others. While it’s critical to hire wisely, fire when needed, keep an eye on customer relations and achieve or exceed revenue goals, it’s equally critical to nurture the sales force. You can nurture the growth of your team members by recognizing when they are bored, leading them to grow professionally, working with them to set and achieve goals, and asking for their input on decisions, when appropriate . Nurturing others involves many responsibilities: Communication — Clearly communicating with your team means conveying your message clearly, ensuring understanding and listening to feedback. The proverbial open-door policy is a hallmark of any strong manager. This is not to say that a sales manager’s office should be a safe haven for complainers and trouble-makers. It shouldn’t. But it should be a place where members of the team can speak with you, ask questions, seek guidance, get your help in solving problems and receive mentoring that brings out their best selves. Team building — Hiring and firing strategically is an important role of a sales manager. I’m not sure who first said, “Hire slowly and fire quickly,” but that person was right. Poor performers — or worse, those with poor attitudes — are a cancer to an organization. For one, their lackluster performance requires more of the manager’s attention. For another, their weak numbers can have a negative impact on the overall sales force, dragging everyone’s numbers down. Most damaging of all are the underachievers who make excuses for their performance or actively engage in a negative whisper campaign among colleagues. A successful sales manager invests the time in strategic networking to attract, engage, interview, research and negotiate with top sales professionals. If you haven’t seen my blog on using LinkedIn for recruiting. Other social networks, both online and in-person, are outstanding resources as well. Effective recruiting of top performers means the sales manager needs to be known everywhere those top performers are active, whether that’s around town, throughout the country or all over the world. Managing the business — Sales management isn’t about numbers alone, though that’s an important component. It’s about managing the entire business. That includes forecasting and measuring results; setting goals; establishing quotas; defining territories; communicating with organizational leaders and customers; coaching employees; designing and overseeing training, technique, messages and public relations; and of course, the functions discussed earlier. When you consider the time and attention all that requires, it becomes increasingly clear why trying to wear the dual hats of sales manager and sales rep doesn’t make much sense. Would you think of raising a child without interacting with her? Could you maintain a strong marriage without listening to your spouse or spending quality time together? Could you keep a long-lasting friendship without listening to your friend in good times and bad? Of course not. Successful sales managers actively nurture their sales teams. They spend time with the team, both collectively and individually. They care what’s going on in their sales reps’ lives and customer relationships. They are sensitive to the dreams, desires, likes and dislikes of their sales force. Let me try to make this point with two real-world examples. Sales Manager Amy loves golf. She golfed in college and was captain of her team. She belongs to a popular country club and has created a strong social network there. She speaks about golf and leadership at local businesses, clubs and schools. Many of the professionals on her sales team love to golf. All but Tyler. Tyler does not know how to golf and doesn’t particularly enjoy it. Tyler is a high-octane kind of athlete. He climbs rocks, kayaks in rapids and takes a HIIT class every morning before work. His sales performance is good, he meets and exceeds goals, and his customers like him. There’s just one problem: Amy is accessible when she’s in the office, but she spends a lot of time on the golf course. If Tyler wants one-on-one time with Amy, he knows he can have it with her over 18 holes but probably not over lunch, and certainly not on the rocks or in the rapids. The rest of the team doesn’t mind that Amy is consumed by golf. After all, they like golf. But Tyler considers Amy’s approach to be untenable and insensitive. For that reason, Tyler probably won’t stick around long if Amy remains his sales manager. Her lack of nurturing or consideration for his interests (and disinterest in golf) is probably going to cost her a top-performing sales rep. Only time will tell, but my money says Tyler will be looking for a new sales job soon. David is another sales manager with a looming problem on his hands: he does not like to be interrupted. That is understandable under many circumstances, but in his case, it’s a bit extreme. He works with his door closed, holds meetings with everyone standing up (to discourage lingering and idle chatter, he says) and to ensure that there are no unplanned interruptions to his day. David gets a lot of work done and impresses higher-ups with detailed reports, always submitted early. He keeps a busy schedule of community networking and has amassed an impressive social media following. What David doesn’t know is how this makes his sales team feel. They feel alienated, unheard and undervalued. So while David might be plowing through reports without interruption, more than a few people on his sales team are looking online for a more nurturing place to work. Successful Sales Managers Inspire the Best from the Sales Team The fact is, the most successful sales managers are those who bring out the best in their sales teams — the best production, the best morale, the best reputation in the community and the best overall retention. If you’re a sales manager, one way to know how you’re doing is to measure yourself in those areas. If you’re falling short of projections, finding yourself in conflict with more than one sales associate (or finding conflict among sales associates in general), having trouble attracting top talent to your team or losing new hires, you might need to take a hard look at where you can improve. Remember, your key performance indicators (KPIs) are about your team’s performance and your management performance. KPIs can vary from one organization to another. For example, if you’re managing a global sales operation, your KPIs will be different from those of a strictly local sales organization. In general, I recommend taking a good, hard and honest look at your performance in these five core areas: Activity — This includes prospecting, appointments, presentations, promotions, time to close and new closes. You know the types of activity you need from your sales force to get the numbers you want. How well your team is doing in these areas tells you how well you’re managing your team. Team morale — How’s everyone getting along? Are those on your team friendly to one another, generally upbeat and supportive? Or are they bringing petty problems to you, complaining about a colleague or undermining one another’s client relationships? Employee attrition — This can be directly tied to morale, but it can also be tied to your hiring decisions. If you’re experiencing too much employee churn, you need to find out why. It can be the result of a flawed hiring process. Client attrition — Every sales manager knows how expensive it is to acquire a new client. Losing a client is even more expensive. Are your sales professionals attracting your ideal clients or swinging for the low-hanging fruit? A lost client is bad for business. Too many lost clients can indicate poor sales management. Growth — Are most or all of your sales professionals growing their business, quarter over quarter and year over year? Are they improving their ratios? Are they taking the time to continue their education and training, such as pursuing industry designations? Are they participating in team and organizational events, growing their social media following, and attending and perhaps leading social and business networking events? If your people aren’t growing, you need to find out what you can do differently to help them grow. Successful Sales Managers Resist the Urge to Micromanage Because sales managers’ compensation is tied to how many sales their teams make, they are highly motivated to ensure that their salespeople produce at high levels. That’s great, but it often leads to a scenario where they micromanage the sales team, hanging over their shoulders and constantly asking for updates. This is especially common with former top-producing salespeople. They want to feel like they’re in control of every situation, especially when it comes to their own salaries. But most salespeople are self-motivated and don’t respond well to this type of oversight. Their performance will probably suffer if they are micromanaged. This can lead to a vicious cycle where the sales manager becomes more and more frantic as the team fails to meet quotas. Sales management is a balancing act between providing guidance and direction without taking personal involvement to extremes. People tend to work best when they are provided with their marching orders but then are left to execute their jobs on their own. Achieving Next-Level Sales Management Success Not everyone is cut out for sales management, just as not everyone is cut out for sales. And being a stellar sales rep certainly doesn’t guarantee you’ll be a successful sales manager. Successful sales managers are strong leaders. They’re inspirational, they’re focused on their team and they’re focused on the business. If you’re a sales manager or looking to make the leap to sales management, your secret to achieving sales management success comes down to you. Can you lead your team to becoming its best, individually and collectively? Are you committed to ongoing education and training, open-door communication, leaderly oversight, faithful mentoring, maintaining a pristine reputation and diligently tracking metrics? If your answers to those questions are yes, then you just might have what it takes to achieve next-level sales management success. Helping sales managers and sales teams achieve next-level success is what we do best at Hoopis Performance Network. If you think we can help you step into a sales management role or step up your sales management results, give us a call or contact us here to schedule a free consultation. We’ll do everything we can to help you reach next-level sales management success. Leading Your Team to Success: Secrets to Next-Level Sales Management

Certified Speaking Professional, Author and “Boxer” Michael Goldberg Certified Speaking Professional, Author and “Boxer” Speaker, Author, “Boxer”, and Knock Out Networker Michael Goldberg has helped thousands of advisors, brokers, agents, reps, and sales managers generate hundreds of thousands of dollars to their bottom line. Described by clients as a “spark plug”, Michael is a master at invigorating and engaging audiences. His “knock-out” style is “in your face” and high energy. He delivers content that is “hard and actionable” and can be applied immediately. His program Knock Out Networking™ has been sponsored by mutual fund and annuity companies while being licensed at the enterprise level availing firms nationwide to improve their production and quality of recruiting. Michael speaks at conferences and associations, runs sales meetings, and delivers “results driven” programs on networking, referral marketing, and recruiting. Clients include John Hancock Investments, Morgan Stanley, Merrill Lynch, Northwestern Mutual, Genworth, Western & Southern Life, MetLife, Thrivent Financial, Colonial Life, and Chubb & Son. Michael’s writes regular columns for the Huffington Post, Life Health Pro, Producers Web, Producers E-Source, The Elite Advisor, and Horsesmouth and has been quoted in the Harvard Business Review. Michael has spoken at numerous industry conferences including MDRT, LAMP, NAIFA, NAHU, and is a 2X TEDx speaker. Educational background includes a Masters Degree in Training and Organization Development from Lesley University and a Bachelors Degree from CUNY Brooklyn in Hospitality Management. Michael Goldberg is a Certified Speaking Professional (CSP), an earned designation awarded by the National Speakers Association and the International Federation for Professional Speakers to recognize demonstrated commitment to the speaking profession through proven speaking experience. Michael is currently an award winning adjunct professor at Rutgers University and frequently volunteers as a speaker at organizations focused on career search. Previous Speaker Go back to Speaker Network Next Speaker

Speaker, Consultant and Bestselling Author Jon Gordon Speaker, Consultant and Bestselling Author Jon Gordon is a speaker, consultant, and author of the international bestseller The Energy Bus: 10 Rules to Fuel Your Life, Work and Team with Positive Energy, The No Complaining Rule: Positive Ways to Deal with Negativity at Work, and Training Camp: What the Best do Better than Everyone Else. Jon’s latest book, The Shark and The Goldfish: Positive Ways to Thrive During Waves of Change, is now available. The message in Jon’s books and speaking presentations is such that NFL coaches such as Jack Del Rio, Mike Smith, the PGA Tour and the FBI have called on Jon to inspire and benefit their teams. Jon and his books have been featured on CNN, NBC’s Today Show and in Forbes, Fast Company, O Magazine, The Wall Street Journal and The New York Times. Clients such as The Atlanta Falcons, Campbell Soup, Northwestern Mutual, Publix Super Markets and JP Morgan Chase also call on Jon to bring out the best in their leaders and teams. Jon is a graduate of Cornell University and holds a masters in teaching from Emory University. When he’s not speaking to businesses or schools, you can find him playing lacrosse or basketball with his wife and two “high energy” children. Previous Speaker Go back to Speaker Network Next Speaker

Next Item Previous Item Go back to White Papers List How Life Insurance Benefits Are Paid When the Insured and Beneficiary Die at the Same Time Life today is very different from what it was in the past. We’re a mobile society, using planes, ships, trains and cars to get where we need to go. Travel disasters happen frequently, from vehicle crashes on highways to devastating plane crashes. We also live in a society of violence. On any given day, there are news reports of shootings, murders and terrorist attacks. There are also natural disasters, such as explosions, floods and fires, that end lives. The potential for many people to die simultaneously has never been greater. Let’s look at how insurance companies address these issues. When a person buys a life insurance policy, he or she names a beneficiary — the designated death benefit recipient. The primary beneficiary is the one who is listed first to receive the death benefit. This may be a person or people, a trust, a charity or an estate. It is often wise to assign a secondary or contingent beneficiary as well. This is the recipient of the death benefit if the primary beneficiary dies before, or at the same time, as the insured. Simultaneous Death Can Complicate Insurance Claims When the insured and the primary beneficiary die at the same time, or nearly the same time, the event is called a “common disaster.” This kind of situation may involve a husband and wife, life partners, a parent and child or even business partners. As you might imagine, such a circumstance is very upsetting and confusing to those who are left behind. One question that needs to be answered is “Who gets the death benefit?” The answer to that question is not necessarily an easy one. It is based on another important question — “Who died first?” — in the circumstance of common disaster or simultaneous death. Sometimes there is absolutely no way to determine this, and the parties are assumed to have died at the same exact moment. However, sometimes it is apparent by bystander observation that one person predeceased another, even if by a minute or so. The order of the deaths can ultimately impact the distribution of the deceased person’s assets. A Legal Act that Helps Determine Inheritance In 1940, the Uniform Simultaneous Death Act, often referred to as the USDA, was enacted to help with determining what path inheritance will take in the event of the simultaneous death of two people who have no heirs or wills. It was amended in 1993. Nineteen states have adopted it as law, and the rest have created statutes based on it. You should be aware of your state’s law on this. The act states that if two or more people die within 120 hours of one another, and no wills exist to guide the distribution of their assets, then each person is treated as though he or she had predeceased the other party. The result is that the assets to be inherited get divided among each person’s closest living relatives, according to level of relationship to the deceased party. The 120- hour stipulation is a way to avoid the repeated taxing of the same inheritance by having the assets pass directly to relatives, rather than first to one estate and then to the other. The assets will go to the relatives of both parties, equally. The USDA also applies to life insurance benefits in the event of a common disaster. In the situation of life insurance benefit distribution, the USDA, or some form of it, can be used to define which beneficiary/ ies would receive the death proceeds. If the insured and the primary beneficiary die at the same time, life insurance benefits will be given to their secondary beneficiary/ies. This is a good reason to consider appointing secondary beneficiaries to a life insurance policy. In the circumstance of life insurance, the insured is presumed to have survived the primary beneficiary, so the secondary beneficiary would receive the benefit. The Primary Beneficiary Is Presumed to Have Died First Here is an example to illustrate this point. Bob and Susan are a married couple on a road trip. Sadly, Bob loses control of their car, hits a median and the car bursts into flames. Bystanders watch helplessly, and it is apparent that both Susan and Bob have died. No one ever saw either of them exhibit any signs of life. The police concluded that they both died instantly. Bob has a life insurance policy with Susan listed as the primary beneficiary. The policy’s secondary beneficiaries are the couple’s two adult children, Marcy and John. So, who is viewed as the first to have died? The law assumes that, in a common disaster, the primary beneficiary died first; in this case, that is Susan. The insured is presumed to have survived the beneficiary. So the death benefit would either go to the contingent beneficiaries — if there are any — or to the insured person’s estate. What would happen if both Bob and Susan died, but Susan did not die immediately? If Susan had lived a little longer than Bob, she would be entitled to the death benefit as the primary beneficiary. If Bob survived longer than Susan but still died, any contingent beneficiaries would receive the death benefit. If there were no secondary beneficiaries, the proceeds would go to Bob’s estate, which now could be subject to probate. A Common Disaster Provision Protects Beneficiaries A “common disaster provision” can be included in a life insurance policy at the direction of the policyholder. Including this provision will protect the contingent beneficiaries in the event that both the insured and the primary beneficiary die in a common disaster, but not at the same moment. Typically, the policy owner will specify that a primary beneficiary must outlive the insured by a specific time period, usually between 10 and 30 days. If the beneficiary does not outlive the insured for the amount of time noted, the life insurance benefits will be paid directly to the secondary beneficiaries. This kind of provision is invoked only when both the insured and primary beneficiary are killed, or they have died as the result of an accident. In Summary Many factors come into play in defining a common disaster, such as who died and when his or her death actually occurred. Some may not always make sense. The Uniform Simultaneous Disaster Act was written to deal with the disposition of assets in this kind of circumstance. Ultimately, a life insurance policy owner can take control of the distribution of his or her death benefit by having a common disaster provision written. Consider Hoopis Performance Network for Advisor Training One effective resource for training financial advisors is HPN, which features online, on-demand, total video-based training built on four Disciplines of Success with access to more than 400 sessions. The coursework can be either self-study or facilitator-led, and it complements any firm, agency or company training programs and marketing selling systems. Your advisors can access the video training anytime, anywhere, on their computers, smartphones or tablets. It’s a cost-effective, time-efficient way to increase productivity, thus retention. Who Died First?

Adam Holt CEO and Founder, Asset-Map Speaker Bio Alan Nero Managing Director Octagon’s Baseball Division Speaker Bio Alexis Gladstone Principal, Intelead Speaker Bio Amy Florian Grief & Bereavement Specialist Speaker Bio Ande Frazier Partner at Peachtree Planning of North Georgia Speaker Bio Andrea Bullard Andrea Bullard & Company Speaker Bio Ben Newman Best-Selling Author, International Speaker Speaker Bio Bill Cates Referral Coach Speaker Bio Bill Grimes Consulting and training firm, Grimes & Associates Speaker Bio Brian Doherty Speaker, Author and President of Filtech Speaker Bio Brian Moran CEO, NYT Best Selling Author, Speaker Speaker Bio Dave Sanderson Inspirational Speaker, Bestselling Author Speaker Bio Select by Category All Coaches Leadership Marketing Motivation Practice Management Product Knowledge Sales Skills The HPN Faculty Is Comprised of Individuals Who Have Over 100 Years of Combined Industry Experience. These Hoopis Performance Network experts provide a vast array of knowledge and insights that have been proven from over thirty years of industry-leading experience. Our faculty represent top experts and field practitioners in the industry and each of them specialize in the financial services space. Load More