I can hardly believe we’re already in the heart of the holiday season. As we turn the corner to 2020, I want to take the opportunity to thank you for your partnership with First Protective this year. We’ve had a full year of growth and expansion, and our ongoing success simply is not possible without the wonderful relationships we share with our producers, distribution partners, and sponsor companies. The amazing power of collaboration enables us all to deliver vital financial solutions to all those we serve together. Your commitment to serving your clients is so important, and we are honored to be your ally on this important mission.
2019 was a real year to remember from a life insurance product standpoint. Never in my career have I seen the magnitude of product changes that occurred this year as literally every life insurance carrier built new products to comply with new Principle-Based Reserving requirements and mortality tables that must be in place on January 1, 2020. The timing associated with the implementation of new products was complicated enough – even before adding in a dose of new (and often complex) indexed universal life interest crediting strategies and ongoing continued price competition in the term insurance arena. Despite all of that chaotic product activity in 2019, we shouldn’t expect things to slow down much in that arena in 2020, as carriers take stock of the new product landscape and jockey for competitive advantage.
Who knows what else is on the horizon in 2020? Interest rates continue to drop to historical lows, new laws and regulations continue to change the financial services industry, we’re still in the midst of the longest bull market run in history, and another election season is heating up.
While no one can predict fully how those factors may impact our business, one thing is certain: the solutions we offer are more important than ever to the families and businesses we serve. Far too many Americans are still uninsured or under-insured and unprepared for a serious illness, disability or untimely death. And while we’re generally living longer, healthier lives, too many are woefully unprepared for retirement and risk outliving their asset. We are all fortunate to be in a business that lets us deliver solutions to these problems by providing expert advice and levering the tremendous insurance products at our disposal.
On behalf of all of us at First Protective, we sincerely wish you and your families the most wonderful of holiday seasons, and a happy, healthy and prosperous new year. Thank you for all you do.