The Eight Elements of Extended Care Riders – Finding…

Presented by  Brian Leising Finding the right formula for each client Not all extended care riders on life insurance policies are created equally. Do you know the differences? Different combinations will appeal to different clients more than others. Here are eight of the major distinguishing features among insurance companies offering extended care riders. All include some combination of the eight elements. This allows you to find the right formula for each client.
Premium Payments Benefit Qualification Benefit Amount
Pf Payment Frequency Pa Payment Amount
Lg Lapse Guarantee Tc Tax Code Pm Payment Method
Wp Waiver of Premium Ep Elimination Period If Inflation
Element 5 – Elimination Period The elimination period is the amount of time an insured has to wait for benefits after qualifying for them. Put yourself in the insured’s shoes, if you qualify for benefits, why would you have to wait to receive them? Despite this disconnect between consumer expectations and company practice, most policies contain a 90 day elimination period. Some have a shorter period for home health care and only a very few offer clients benefits immediately upon qualifying for claim. Look for Element 6 – Payment Amount in June.

Take the Financial Brokerage Life Insurance Sales Challenge!

What do I do?
  • Indicate your interest by posting your response (“yes” or “count me in” or “I’ll do it”) in the monthly challenge blog
  • Talk to 10 clients or potential clients about index life insurance policies shielding retirement money from stock market losses
  • Post your conversation results, questions and success stories here
  • Submit index life applications
 
 
What do I get?
  • Weekly sales ideas on the benefits of indexed universal life insurance policies, and how they may help protect your clients’ retirement money from stock market losses.
  • Weekly webinars designed to help you sell index universal life insurance
  • All IUL cases submitted between 5/1/16 – 5/31/16 will receive 2x Shared Success benefits. In addition, all IUL cases submitted with an annualized premium of $1,000 or more in this timeframe will receive $100 cash bonus, once the case goes paid.
  • In order to be eligible for the bonuses, the agent must ‘accept our challenge’ and opt-in to this program by commenting here.
 

Level Term Rates with Up-To Lifetime Coverage

Presented by Jim Linn We receive several calls a day requesting quotes on clients that are 60+ years old.  Typically the agent is requesting the maximum term length for the least amount of premium.  In working with someone 60+ years of age, at best, the longest time frame of term insurance available is 20 years, taking them to age 80 or 90.  A new study on mortality showed that the average mortality today is approximately 87, meaning their plan would fail them 7 years too early if they elected a 20 year plan.  Several carriers now offer Guaranteed Universal Life (GUL) products that allow you to specify a time frame, such as coverage to age 90, 95, 100 or up through age 120.  These products are death-benefit driven and are not interest-rate based, allowing for a true guaranteed premium.  Also, depending on the state and product, most include an Accelerated Death Benefit feature for Terminal Illness, Chronic Illness or Critical illness, another added benefit of the product.  How do GUL’s compare against similar term options?   Male age 70 Coverage Amount: $100K Standard Non-Tobacco risk class  20 Year Term Monthly Premium:  $290 GUL to age 90 Monthly Premium: $253  That is a 15% premium difference for the same face amount and duration of coverage.  Plus the Accelerated Death Benefit features are included. Contact your life marketer at 800-397-9999 for more details!

Loans Too Heavy?

Presented by Gary Peterson As agents, you likely have clients that have used various living benefits of their life insurance over the years.  Some have amassed loans that may be too heavy to repay and have high interest rates.  Financial Brokerage works with a carrier that will examine the policy, and if it qualifies, they will allow a transfer to their policy, including any existing loans.  Give us a call at 800-397-9999 and let’s discuss the best way to help your clients in these situations.