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Month: July 2018

Insurance Marketing Territory – Great Product Marketing States

Posted on July 30, 2018 in Uncategorized

Check and see if any of the states in your insurance marketing territory are listed here. These are great insurance product marketing states to enhance your sales. State rankings are provided for the 11th through 21st state along with a recap listing of the first ten.

TENNESSEE, Rating = 11 Tennessee is not considered a rich state by any means. However, it holds a solid reputation as a solid insurance marketing territory. Here long time recruiting operations are as totally committed to mailing Tennessee brokers, as are music collectors totally committed to collecting Elvis memorabilia. What really helps split up the competition is that the state is divided up into three major metropolitan areas, Nashville and Memphis, followed by Knoxville. We mentioned before, how this factor helps to significantly lower total recruiting competition. In addition, the wide diversity for annuity, life, financial, health, group, and senior products offers all product marketing firms an opportunity.

OREGON, Rating = 12 This an all round very good state to market your insurance products. Examining almost every statistical figure points out Oregon is within close range of the national “average” state. This includes the income level, the percentage of senior residents, the number of agents per thousand residents, and the amount of insurance marketing competition. The agent retention rate, and average number of years of agent experience correlate correctly. The response received back from insurance marketing firms contacting the quality agents has been favorable, and the response rate from agents has been slightly above normal. It is these two last, yet very critical recruiting factors that place Oregon significantly ahead of the middle of the pack.

ALABAMA, Rating = 13 Sweet home Alabama, where the skies are so blue, and the recruiters are too few. Alabama has an exceptionally good mix of agents, meaning independent agents, career agents that broker business, and multi-line small agencies that brokers with insurance marketers their life and health business. There is far less recruiting demand than expected. The lower competition pressure mixed with the pleasant response from those who using refined lists to recruit in Alabama, places a well deserved, lucky 13, rating.

KENTUCKY, Rating = 14 You way find the blue hills of Kentucky beautiful, along with the green pockets of Kentucky agent product recruiters. Kentucky has a fairly similar mixture of agents to Alabama. Although here in Kentucky, there exists a heavier concentration of career life agencies. The competition search for recruiting experienced agents to sell products, is just above normal, yet the response feedback from insurance marketing organizations ranks as being very good.

ARKANSAS, Rating = 15 Arkansas is ranked the ninth highest state for its rising senior population, and reasonable retirement housing and living costs. This makes it a must state for insurance marketing recruiters of senior market agents to sell ltc, long term care, medicare supplements part B and D, final expense, and some annuity products. However, here is a drawback for some insurance recruiters. This is a state where it is much harder to sell high premium, sophisticated annuity and life retirement/invest plans. Arkansas lends itself to a rural and small business atmosphere, starting just outside Little Rock city limits and extending throughout the entire state. As it is a low-income state, major life insurance career agencies have focused elsewhere. This leaves many semi-captive agents, independent agents, brokers, and PPGA producers. Moreover, it is a very good state also for marketing medical plans, small group, term, universal life, and family life products.

KANSAS If you have a limited recruiting budget, stay out of Kansas City, Kansas. This area has too many career life agencies. and lower agent retention. Unknown Fact revealed: a state or area of a state with a high concentration of career life agents averages a 5% to 20% lower retention of maintaining The remainder of the state, has agents of the caliber that are much more likely to show an interest in your insurance product or give brokers an opportunity. Kansas holds the 21st position for median family income, plus a senior population equal to the state average. For you, a recruiter, it means you have a vast variety of products for brokers to sell. Products ranging from variable indexed annuities, to long-term care, to universal life, all have their marketplace in Kansas. To these advantages, add good feedback response from other marketers and a lower that capacity demand for recruitment advertisements.

MISSISSIPPI, Rating = 17 For the current time we are keeping Mississippi in this ranking position. .Earning the distinction of currently being the state with the lowest median family income, does not help .This means it is a poor state to market annuity products, while lower cost health and life products thrive. Overdue modernization and a favorable business tax environment will eventually drive up the housing market and associated contracting and building occupation incomes. Local and regional recruiters know that outside areas are not feeling the effects; in fact, some are benefiting from higher quality that normal. Staying out of main town New Orleans is smart, while staying out of Mississippi is not.

OKLAHOMA, Rating = 18 Oklahoma is more than just an “OK” state. It may surprise you that most of the lower income states, have a higher than average rating. Why? Over the last 10 years, larger career life companies, especially those based in the high-income Northeastern/New England states have pulled out almost all their agencies in lower income areas. Why So? A Large career life company wants to get the agents off and running appointments with higher income products. They look for lots of possible clients that can afford high premium life and investment plans. In a low-income state, finding people with this profile is not feasible. For the number of Oklahoma agents willing to broker business, recruiters have overlooked the state far too often. Other than high premium or complex annuities, the state is wide open for business.

NEBRASKA, Rating = 19 Nebraska is not only home to the Cornhuskers. It is also the home of major health insurance companies, like Mutual of Omaha, World, Medico, and others. Although the senior population is slightly above normal, these home base insurers have quite a monopoly of senior related products. Their agent direction has widely changed however to being much less captive than before. This means the brokerage agents in Nebraska are still not very open to non-senior, blue-collar disability, and medical plans. The average family median income is above 28 states. This opens up good premium opportunities for brokers offered variable life, universal life, term, small group, worksite benefits, and annuity plans to sell their clients.

UTAH, Rating = 20 No every man does not have 6 wives, and 20 children. Therefore, it is not selling family life, and family medical policies that place Utah so high up in the rankings. Instead, it is the wide mixture of clients, especially outside the Salt Lake City area. The influx of agents moving from Nevada and Colorado to Utah is worth noting. The market for all types of life, annuity, and health products is very strong. There are a sufficient number of brokerage agents to make your mailing worthwhile.

In case you are wondering here is a recap of the first 10 rated states Florida, Texas, California, Ohio, Georgia, Wisconsin, Minnesota, North Carolina, Michigan, and Missouri with the #10 state ranking.

How to Save Money and Get Discount Car Insurance in Kentucky

Posted on July 24, 2018 in Uncategorized

Some individuals in Kentucky have taken to selling fake insurance cards to unsuspecting consumers. These consumers are then unwittingly unprotected in the event that they are involved in a collision or their car gets stolen. The best way to ensure that the insurance company and agent you are considering purchasing a policy from is legitimate is to contact the Consumer Protection Division of the Kentucky Office of Insurance. They will be able to tell you whether the agent and company are licensed to sell car insurance in the state.

Before you are ready to actually purchase a policy you need to research all of the available alternatives. This is really the best approach if you want to save money and get discount car insurance in Kentucky. It’s suggested that you ask for quotes from at minimum three different Kentucky car insurance companies.

When inquiring about quotes also ask about any available discounts. Most car insurance companies offer standard discounts that include those for having a car alarm installed, a discount for parking your car in a locked garage, and also a low mileage discount. The latter applies to individuals who drive their car only periodically or just a short distance each day. Each insurance company in Kentucky will have a maximum number of miles you are allowed to drive per year in order for you to qualify for this particular premium reducing discount.

Your driving history and the driving histories of the people you want insured with you on the policy is also relevant. If you’ve been cited for speeding infractions in the past or if you’ve been at fault in more than one accident in recent years, you are likely to be penalized with a higher premium. For this reason always be aware of your speed and keep your eyes on the road at all times. The better a driver you are, the lower your insurance costs.

Payroll Kentucky, Unique Aspects of Kentucky Payroll Law and Practice

Posted on July 18, 2018 in Uncategorized

The Kentucky State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is:

Revenue Cabinet

200 Fair Oaks Lane

Frankfort, KY 40601-1134

(502) 564-7287

Kentucky requires you to use the Federal “K-4 Employee Withholding Exemption Certificate” form to calculate state income tax withholding.

Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In Kentucky cafeteria plans are not taxable for income tax calculation; taxable for unemployment insurance purposes. 401(k) plan deferrals are not taxable for income taxes; taxable for unemployment purposes.

In Kentucky supplemental wages are required to be aggregated for the state income tax withholding calculation.

You must file your Kentucky state W-2s by magnetic media if you are have at least 250 employees and are required to file your federal W-2s by magnetic media.

The Kentucky State Unemployment Insurance Agency is:

Department for Employment Services

275 E. Main St., 2nd Fl. E.

Frankfort, KY 40621

(502) 564-2900

The State of Kentucky taxable wage base for unemployment purposes is wages up to $8000.00.

Kentucky requires Magnetic media reporting of quarterly wage reporting if the employer has at least 250 employees that they are reporting that quarter.

Unemployment records must be retained in Kentucky for a minimum period of six years. This information generally includes: name; social security number; dates of hire, rehire and termination; wages by period; payroll pay periods and pay dates; date and circumstances of termination.

The Kentucky State Agency charged with enforcing the state wage and hour laws is:

Labor Cabinet

Division of Employment Standards,

Apprenticeship and Training

1047 U.S. 127 South, Ste. 4

Frankfort, KY 40601-4381

(502) 564-3070

The minimum wage in Kentucky is $5.15 per hour.

The general provision in Kentucky concerning paying overtime in a non-FLSA covered employer is one and one half times regular rate after 40-hour week.

Kentucky State new hire reporting requirements are that every employer must report every new hire and rehire and job refusals. The employer must report the federally required elements of:

  • Employee’s name
  • Employee’s address
  • Employee’s social security number
  • Employer’s name
  • Employers address
  • Employer’s Federal Employer Identification Number (EIN)

This information must be reported within 20 days of the hiring or rehiring.
The information can be sent as a W4 or equivalent by mail, fax or electronically.
There is a $250.00 penalty for 3rd and later offenses for a late report in Kentucky.

The Kentucky new hire-reporting agency can be reached at 800-817-2262 or 804-771-9602 or on the web at

Kentucky does not allow compulsory direct deposit

Kentucky requires the following information on an employee’s pay stub:

  • Gross and Net Earnings
  • purpose of deductions
  • Kentucky requires that employee be paid no less often than semimonthly, less frequently for FLSA-exempt employees. Kentucky requires that the lag time between the end of the pay period and the payment of wages to the employee not exceed eighteen days. Kentucky payroll law requires that involuntarily terminated employees must be paid their final pay with in later of next regular payday or 14 days and that voluntarily terminated employees must be paid their final pay later of next regular payday or 14 days. Deceased employee’s wages must be paid when normally due to the surviving spouse or custodian of minor children if there is no will and estate is not over $15,000. Escheat laws in Kentucky require that unclaimed wages be paid over to the state after seven years. The employer is further required in Kentucky to keep a record of the wages abandoned and turned over to the state for a period of 5 years. Kentucky payroll law mandates no more than $3.02 may be used as a tip credit. In Kentucky the payroll laws covering mandatory rest or meal breaks are that employees must have a reasonable meal period within 3-5 hours after shift starts; 10-minute rest each 4 hours; minors: 30-minute meal period after 5 hours. Kentucky statute requires that wage and hour records be kept for a period of not less than one year. These records will normally consist of at least the information required under FLSA. The Kentucky agency charged with enforcing Child Support Orders and laws is: Child Support Enforcement Commission Office of the Attorney General 700 Capitol Ave., Ste. 118 Frankfort, KY 40601 (800) 248-1163 Kentucky has the following provisions for child support deductions:

    • When to start Withholding? Order specifies date to begin.
    • When to send Payment? Date noted in order.
    • When to send Termination Notice? “Promptly.”
    • Maximum Administrative Fee? $1 per payment.
    • Withholding Limits? 50% of disposable earnings.

    Please note that this article is not updated for changes that can and will happen from time to time.