Universal Life
Easy Issue UL
Face Amounts: 30k-150k Ages: 0-65
No to all health questions
Must be on bank draft
Beneficiary must be immediate family member
What is covered under Part A?
Room and Board
Skilled Nursing
Hospital Stays
What is a MOOP?
Maximum out of pocket
The period of time a client must actively be receiving care before Bankers will pay.
Elimination Period
True or False:
Can we sell Dental and Vision insurance ?
True
Clear Path Underwriting UL
Face Amounts: $150,001- $499,999
Must have had annual check up in the last 12 months with all relevant testing completed( BP, A1C, Etc.)
What are the three requirements for Skilled Nursing?
Extra 100pts for the ongoing requirement.
30 day plan of care
Must be doctor recommended
Must have had 3 night stay in hospital
* Must have constant gradual improvement
Part B premium and cost share
$185 and 20%
The maximum duration of care and the elimination periods for STC and LTCF
360(15 or 30 days)
730( 15 to 730 days)
What is the most coverage that a client can have for Critical Illness?
Bonus pts for both answers.
Approved Vender for Paramedical exams and their phone number
Apps- Paramed 901-756-2777
Explain Part C of medicare
You sell your rights and entitlement to Medicare parts A and B, in exchange for networks and extra benefits outside of Parts A and B.
Lifetime reserve days
Days 91-150
The feature on a STC that allows for “reinstatement” of a policy’s benefit following a gap of 180 days without care being needed
Restoration of benefits
Agent guide page 18
A provision in the IRS code allowing for a tax-free transfer of an existing annuity contract, life insurance policy, long-term care product, or endowment for another of like kind
1035 exchange
The difference between the 19f and 20f
19f is the indexed universal life and the 20f is the fixed universal life
Explain a Plan N supplement
Most similar to group health insurance
You can go to any doctor that accepts Medicare
They may charge a copay up to $20 or $50
Plan deductible for $257
What is the difference between a HMO and PPO plan?
Include the full name of both.
HMO- Health management organization
PPO- Preferred provider organization
HMO has networks, PPO you pay less for staying in the network but can use outside providers
What are your 2 choices for insuring for Extended care? (Not STC and LTCF)
Explain how they work?
Self pay and private insurance
Medicaid spend down and Bankers pay
Draw and explain the three Bucket method on the whiteboard.
Growth Income Safety
Log into evaluate:
What is the table rating for 100k UL for a 67 Male
5’5 240lbs with HBP(143/92)
Asthma with daily symptoms, no time off work
Table D
What the guaranteed issue windows
ICEP, T65
Double Beopardy:
Give a Full T65 Medicare PresentationI lied you are an instant winner
What does it mean for a LTCF to be tax qualified?
Benefits from a tax-qualified policy are not considered taxable income. Premiums paid for a tax-qualified policy may be deductible as medical expenses.
Source of premium may be from a qualified retirement account (1035 exchange).
What conditions are covered under plan G-224 and the critical conditions rider?
Heart attack, Stroke, ESRD, Cancer, Blindness, Paralysis, Amputations above the ankle, Deafness