Types Of Insurance
Why would someone choose a term policy?
they chose term policy if they only need a coverage for a certain period of time that has a fixed premium on the selected term.
A provision that prevents the policy from lapsing due to insufficient cash value, as long as the required premiums are paid.
No-Lapse Guarantee
What things do we as the CSR need to request/send out for conversion?
we can send a form like HIPPA to the customer, and we can also request an Illustration base on the requested face amount when converted the pols.
The insurer’s projections for interest crediting and COI, which can change over time.
Current Assumptions
Can we run illustrations on whole life policies?
Once WL policies are active, we can't run any new illustrations on them
A form of Universal Life insurance with level premiums and structured funding, designed for long-term coverage with minimal cash value.
LSUL (Level Structured Universal Life)
What modes of payment does a term policy have?
Annual, annual-automatic, semi-annual, semi-annual automatic, quarterly, quarterly automatic, monthly automatic
A permanent life insurance policy offering lifetime coverage and cash value growth tied to prevailing interest rates
ISWL (Interest-Sensitive Whole Life Insurance)