When a client Picks up the outbound call, what's the first thing you will do in the omega system, and when do you do that ?
We verify name and the rest of the authentication process. This is done after the needs analysis, just before jumping into the med Q.
How many riders do we offer at cover direct?
2
What's the main difference between cover direct features and the riders ?
The features are built into the policy. The riders are optional and has to be paid for.
what are the 3 key things we ask for in the needs section?
Who? What? Why?
How much percentage does the age-base policy premiums increase by?
The system doesn't say, it gives specific prices.
How long should you let the phone ring before cutting it off?
After 26 seconds or before the end of 5 second once the voicemail picks up
A client already has a policy, calls in for help with changing beneficiary info. What do you do?
Transfer to customer service.
What's the age range for critical illness and when does it expire?
it's 18-60 to add it on, and it ends at 70.
What's the percentage ratio we're expecting for first needs and second needs?
80:20
The policy increase of 3% is simple or compound?
Its simple (mean its 3% of the original amount)
How what is the maximum amount of primary beneficiaries a client can input?
4
the client is 49 yrs old, what is the maximum benefit she can get?
$1,000,000.00
Can a client add on or take off a rider at anytime? if so, what's the add on process if they didn't originally buy the policy with the rider?
Yes they can. They should be calling customer service, but if they call us, we warm transfer to customer service. When customer service transfers back, if you get the call then we redo the entire process adding the rider. If its been less than 60 days, the first agent loses the commission.
A client has an existing life insurance policy, what are 3 great questions to ask?
1. Is it a term or whole life policy?
2. Is it through work or a personal policy?
3. How much coverage do you have?
4. How long ago did you get the policy?
5. How many years are left on the policy?
6. When the policy ends, will you get anything back?
7. What's the monthly premium?
8. How much is it going to cost when you renew the policy?
How does the Automatic Benefit Increase work?
this is an age-base policy which has been designed to keep up with the rising cost of living. I think we can both agree that money no longer holds value the way it did in the past. We see this with the housing market, groceries, even gas! With this policy, your benefit amount will increase by 3% each year and your premiums will increase each year to reflect your increasing benefit and age.
Because it’s a Flexible policy you can opt out of the 3% benefit increase at any time which means your coverage would remain fixed and your premiums will only increase in line with your age, so not by as much.
We are required to collect how many beneficiaries from clients and why?
2 beneficiaries, to avoid the possibility of probate if something happens to one of the beneficiaries. Or one beneficiary and a backup/ contingent.
I want 7 child riders added on. How much additional premium will I have to pay?
$35
What are the 8 things covered under a child rider policy?
1. Bacterial Meningitis
2. Blindness
3. Deafness
4. Encephalitis
5. Paralysis
6. Loss of hands or feet
7. Traumatic Head injury
8. Accidental death
A client says, they're only looking for 100k, not worried about funeral expenses because their church has it covered. What's your next step?
Compliment the client / acknowledge they've taken a huge first step then ask about the church. What do they mean by the church having it covered? (Dig further also acceptable)
The clients has a 300k mortgage and wants to leave 150k for his wife (including funeral expenses). He can only get 300k max. How can you use the ABI here to show him this is a great policy for him?
I completely understand that you do need a little bit more than we're offering. However, one of the great things about our policy is that it comes with an automatic benefit increase which allows your policyto grow without needing to requalify. What this means for you is that you can start with the 300k so that if anything happens to you as soon as, say next week, your wife can at least cover the mortgage so she won't lose the house. On top of that, your policy will grow an additional 3% each year, so it will grow by 9k each year, so eventually, you will have more than you need. Notwithstanding, your mortgage will go down overtime, so there may come a point when you actually want to take advantage of our flexibility option and lower your coverage amount. SO is the 300k enough to take care of your needs or do you want to look at something lower?
We just clicked Ok on MIB authorization. It shows us MIB successful in black writing. What does that mean and what will happen as a result?
It means what they told us and what's on MIB files doesn't entirely match, so it will need to go to the underwriters for them to investigate further.
At what age does the Cover Direct Terminal Illness rider end?
Our Terminal Illness is not a rider, just an added bonus of the policy
What's not covered under child rider?
Everything except Accidental death, and the 7 illnesses covered
A client calls in DEMANDING a 500k term. What do you do?
Acknowledge, and dig into the needs to see why they want the 500k and if it will be suitable then proceed like normal.
What's the difference between the automatic benefit increase and the agebase?
The ABI is a feature that allows the cover amount to increase, and it can be stopped. The Policy itself is agebase so the premiums will always increase no matter what.