OPPORTUNITYVILLE
"We just bought a new home and need coverage for the length of the mortgage"
What TYPE of coverage is the best recommendation?
What is: Term Insurance
This is the first thing your client needs to do after a life application is submitted on LifeMah.com
What is: Answer the phone and complete the phone interview!
Extra: Mass Mutual will email your client rather than call.
Principal will allow for completion online if your client cannot complete via phone
This carrier will issue Term, Universal Life & Whole Life with NO MEDICAL EXAMS!
Who is: Mutual of Omaha (United of Omaha)
Term/GUL: Ages 18-50 = $25k - $300k
Ages 51-65 = $25k - $250k
Whole Life: Ages 45-85 = $2k - $40k
Although not guaranteed, one of our carriers will pay THIS into the policy which helps grow cash values AND death benefits.
What is: A Dividend
Mass Mutual Whole Life
This rider will pay death benefits to an insured that is terminally ill.
What is: Accelerated Death Benefit
Extra: It's FREE!
Your client cannot stop talking about their grandchildren and would like to start helping them save for college".
Which 2 carriers come to mind?
Who are: Mutual of Omaha and Mass Mutual Children's Whole Life
This is the reason your client might not have received a call to schedule the medical exam
What is: Accelerated Underwriting!
Each carrier has different qualifications however an UW is reviewing the phone interview results!
Available with: Banner, MoO, Principal, Protective, Prudential
This carriers term product will allow the client to continue coverage after the term expires for the same premium and decreasing death benefit.
Who is: Protective
Product: Custom Choice UL
I don't really care about cash value accumulation, however I want a policy that will be here when I die.
What is: Guaranteed Universal Life
This rider is purchased in "units" and requires no underwriting.
What is: Child Rider
Your client would like to know if we have a policy that will protect them if they are sick or injured.
What is the best product for this client?
What is: Disability Insurance
This is the next step your client will complete after the phone interview...
What is: Check their email and E-Sign the application.
The software seems to work best on a computer and not a smart phone.
This carrier will allow for NON SMOKER rates for using any nicotine source other than cigarettes..
Who is: Prudential
Extra: Non Smoker, Standard Plus is the best possible class.
Will also approve someone who will test positive for marijuana at Standard Plus, Non Smoker (best available class) Can only use 3x or less per week
This feature allows clients with current term policies to extend their coverage.
What is: Term Conversion
Extra: Not all conversion options are the same! Review your book and start calling clients to discuss their options!
This rider will keep my policy in force should I become disabled.
What is: Waiver of Premium (WOP)
My bank is requiring me to have life insurance to
cover the loan I am applying for."
How do we set up the beneficiaries?
What is: Add a Collateral Assignment
These are ordered by an underwriter and can add 2-6 weeks to the cycle time of a policy
What is an: APS (Attending Physicians Statement)
These 2 carriers will allow for electronic delivery, which speeds up your closing times!
Who are: Banner & Protective
This feature in my Mass Mutual Whole Life policy allows me to maintain a level of coverage should I decide to no longer pay premiums
What is: Paid Up Additions
This rider, when purchased on a juvenile, will allow for them to buy additional life insurance as an adult, with no medical underwriting
What is: Guaranteed Insurability Rider (GIR)
Optional with Mass Mutual
Built in with Mutual of Omaha
I am working with a small business that has 3 owners. They were asking me for a strategy to help protect the business should one of them pass away.
What are the 2 strategies you could recommend?
What is:
1. Buy/Sell Agreement
2. Key Person Insurance
This is our current cycle time starting from day of submission ending on issue date from the carrier
What is: 42 Calendar Days
This carrier JUST rolled out their 35 and 40 year term policies.
Who is: Banner
Extra: Maximum issue age on 40 year product is 45
This would be a great recommendation if your client would like "market" exposure to potentially achieve higher cash values. (Hint: You can sell it!)
What is: Indexed Universal Life
Available with: Prudential, Protective, Principal, MoO
These 3 carriers have a Chronic Illness Riders which attached to their GUL product line
Who are: Protective, Prudential and MoO
Extra: Mutual of Omaha's rider is built-in to the base product