Term
What are the 3 options for Select Term life insurance?
10, 20 and 30 Years!
What are the 2 options for Return of Premium life insurance?
20 and 30 Years!
To what age does a Whole Life go until?
121 years old
What is the key difference that pertains to Universal Life that does NOT apply to other forms of life insurance?
It is the only Flexible option!
What is the best time to solicit life insurance?
Life Events!
I.E. Weddings, Anniversaries, Buying a Home, Having a Baby!
Does Term Life carry Cash Value?
No!
What is the selling point of a Return of Premium?
You get all premiums paid back when the policy ends!
What 5 options does State Farm offer for Whole Life?
Traditional Whole Life, GIFE, 10, 15 and 20 Pay!
When we increase coverage in a UL it's called a...?
Universal Life Increase
Note: These do not count toward company promos like Fast Start
How many times in a customer's lifetime will they typically purchase Life Insurance?
7 times on average!
Going from a Term Life to a Permanent Life is called?
Conversion
At the end of the policy term, who receives the Cash Value?
Why is Whole Life considered the 'cheapest' life insurance?
With the growth in Cash Value, eventually the customer will end up paying $0 and, in most cases, will actually gain money over time!
Who is considered the target customer for a UL?
Business Owners!
What kind of customer is the most likely to purchase life insurance?
The one that already owns it!
When going from Term Life to Term Life, this process is called?
Change of Plan!
Why are ROPs considered the best of both worlds?
They provide a larger death benefit, while also accruing cash value. The pricing is somewhere between that of a Term and Permanent coverage.
What is the main purpose of Whole Life insurance?
To pay for permanent exposures such as burial or income replacement!
How many times can you adjust the face value or payment on a UL?
Every 60 days!
What is the earliest age you can get life insurance?
14 Days Old!
What percent of Term Life policies pay out a benefit?
~2%!
Can you pull Cash Value out of a ROP?
Yes!
Which Limited Pay Whole Life is known to have the best return in cash value?
15 Pay!
How can we increase coverage in a UL WITHOUT underwriting?
Term Conversion to ULI
When the insured passes away, who is the benefit paid to?
Beneficiary!