Presented by Brian Leising
No Exams (Wish school was like that?)
Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting? Why not consider non-med or simplified issue policies? While the pricing is comparable to a fully underwritten standard or slightly table-rated policy, the underwriting turnaround is much faster, usually within one week. Clients are also limited to lower face amounts with a cap of $250,000 commonly. This is a great fit for those clients who need some coverage but are unwilling or unable to complete a full paramedical exam and labs. Many of our carriers even offer this simplified underwriting process on their otherwise fully underwritten products. This is usually limited to lower face amounts, but one company offers no-exam underwriting for up to one million dollars of death benefit! Don’t overlook this opportunity in the right situations.
Presented by Brian Leising
Upsells (Would you like fries with that?)
Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting? Why not utilize upsell opportunities offered by insurance carriers? What’s an upsell? An upsell occurs anytime the client is already obligated to go through full underwriting, or has in the past, and now has an opportunity to purchase more coverage without additional underwriting. Banner Life offers additional coverage to selected individuals as a regular part of their underwriting process. Voya has an online Life Capacity Calculator you can use to determine the maximum amount of coverage they can offer your client. Transamerica offers a program to top off existing life insurance with another policy, without a new exam. Some carriers offer a guaranteed purchase option as a rider. When exercised, the company is obligated to sell additional coverage to your client.
Presented by Richard Mangiameli
Most customers respond to problem resolution or how a solution can meet their needs and provide benefits. For example, while some annuities (like Fixed Index Annuities) offer no direct downside market risk to their money and the opportunity to create guaranteed income for life, it can be more effective to set the stage in relatable terms.
If your clients are concerned about losing money due to a potentially unstable market or afraid they may outlive their savings when they reach retirement, you can show a solution that provides peace of mind and no direct downside market risk, while offering an opportunity to grow their assets. Show how supplementing a retirement plan with a Fixed Index Annuity can help them in a language they can understand and that feels personal to their situation.
Understand Customer Behavior
While each person is different, getting in the mind of the average customer can help you be more successful and effective professionally. One important aspect of many consumers today is that they like to explore a topic before making a decision. Whether it’s by reading information on-line or speaking to friends and family, they know that they’ll want to have an active role in their education and decision making.
Customers will also make decisions based on comfort. This means painting a clear, personal picture for each client that shows their issues and goals, their options and the solution each option could produce. Mapping out information and showing how a Fixed Index Annuity can meet various needs can create the framework necessary for clients to make educated decisions.
Presented by Donna Ries
The purpose of disability income is to protect your client’s income in the event they should become disabled from an accident or sickness and unable to work. The following are common areas every disability carrier considers.
Age: Disability income insurance is designed to protect your client’s income during their working years. The issue age has a direct impact on the premium paid for coverage. Generally the issue ages are between the ages of 18 – 60 (the higher the age, the higher the premium) and since no one has found a way to reverse the aging process yet, we have to go with their current age.
Income: The benefit amount your client considers has a direct correlation with your client’s income. The entire amount of income is typically not covered; otherwise, the client would not typically have an incentive to try and return to work. If your client is paying for their own disability insurance with after-tax dollars, the monthly benefit amount averages between 50% to 60% of their income and it would be paid tax free. However, if your client’s employer is paying for coverage, or if the employee is paying the premium with pre-tax dollars, a larger monthly benefit is typically allowed because the benefits are taxable to the employee.
It is also important to specify if your client is self employed. If the client’s income is derived from 1099 reportable income, then the amount of income needs to be stated in terms of net income instead of gross income because of the business deductions allowed.
Occupation: Disability protection deals with the type of work your client participates in. The more hands-on or risky the occupation, the higher the premium could be. It is important to find out your client’s day-to-day duties and not just a job title to determine their occupational class. For instance, if your client states that they are a manager, that description is too vague to determine a quote. A little bit more information will help in determining what occupation class to quote from. Managing a clerical staff is certainly different from managing a tree trimming crew. The risk between these two types of managers is significantly different.
Health: Your client’s overall health is taken into consideration. Height and weight certainly play a role in determining eligibility and each carrier has a slightly different approach with this issue. Your client’s health history is taken into consideration when determining eligibility and it may necessitate an exclusion if the health condition is significant.
These considerations for disability insurance are common factors no matter what carrier you choose for your client. Having a better understanding of what goes into the underwriting of disability protection will certainly help you better explain the process for your client. Feel free to call your Financial Brokerage DI marketing specialist at 800-397-9999 to help you pre-qualify your client. We are here to help you quote and place your next disability case!
New Annuity Rates Effective April 15, 2015
The deadline to lock in current rates is Tuesday, April 14, 2015. Applications and money must be received in the Home Office by April 14, 2015, 5:00 pm Central in order to lock in current rates. For more information and to view new rates, click on the link below.
Ultimate One Index 9 Bonus Sales Suspended
Following a recent review of the product portfolio, Americo has decided to suspend sales of Ultimate One Index 9 Bonus annuity in all states effective April 15, 2015. Applications must be dated and received by close of business Tuesday, April 14, 2015.
Protective Today Newsletter for March 31, 2015 Protective has issued their latest newsletter.
To view the issue, click here.
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FGL Introduces New Agent Resource Center and HTML5 Fillable Applications
At Fidelity & Guaranty Life, they pride themselves on listening to feedback from agents on the latest tools needed to build business and save valuable time. And now, once again taking it a step further! Introducing two new tools to support your practice: the FGL Agent Resource Center and HTML5 Fillable Applications that can be accessed on any device with a modern browser.
To view more details, click here