Tax code changes expected to boost life sales: OneAmerica’s Dennis Martin
Dennis Martin is president of individual life and financial services at OneAmerica.
He is responsible for the Indianapolis-based company’s efforts to help individual clients and families protect against mortality and longevity risk, and use permanent life insurance in long-term financial planning arrangements.
The University of Manitoba alumnus holds a bachelor’s degree in statistics and actuarial science. He is a member of the Society of Actuaries. He started as an actuarial associate at Great-West Life and later joined Western & Southern Financial Group.
Martin joined One America as Vice President of Financial Operations in 2009. He then worked in product development roles and then assumed his current title in 2018.
Over email, we asked Martin a series of questions that touch on both his professional knowledge and what he does off the clock.
1. Which market indicator, industry statistic, regulatory change or advisor trend are you watching the most right now and why?
Interest rates continue to be the most watched market indicator for me due to the impact and headwinds of historically low interest rates on our business.
2. How has that changed recently and how do you think it will change this year?
The landscape is undergoing rapid change.
First, the general expectation for rates is to increase in 2022, and at the same time, regulatory changes to Section 7702 of the tax code have allowed companies to update (reprice) their products from life insurance for the low interest rate environment.
This relieves some pressure for many businesses and allows them to “go on the offensive” and focus on growth and adding more value for advisors and their clients.