Life Insurance

More Coverage without More Underwriting – A Three Part…

Presented by Brian Leising Part 3 Conversions (renounce your old life) Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting?  Converting a term policy to a permanent plan avoids underwriting and typically pays you a new commission on the permanent plan.  Look through your client files for clients with older term life policies.  If they have no permanent coverage, discuss their conversion options.  For a traditional conversion, a client may convert all or part of their term plan to any permanent plan offered by the company at the time of conversion.  If they have a return of premium term policy, they may be able to obtain a reduced paid-up plan in lieu of receiving their premiums back.  If you don’t like the options the carrier presents, MetLife offers a cross-company conversion plan.  You can convert another carrier’s term to one of their permanent plans.  Also, don’t forget about child riders.  Companies usually allow children covered by riders to convert the rider to a permanent plan, all without additional underwriting.
Life Insurance

More Coverage without More Underwriting – A Three Part…

Presented by Brian Leising Part 2 No Exams (Wish school was like that?) Looking for ways to help your clients obtain more life insurance coverage without the hassle of additional underwriting? Why not consider non-med or simplified issue policies? While the pricing is comparable to a fully underwritten standard or slightly table-rated policy, the underwriting turnaround is much faster, usually within one week. Clients are also limited to lower face amounts with a cap of $250,000 commonly. This is a great fit for those clients who need some coverage but are unwilling or unable to complete a full paramedical exam and labs. Many of our carriers even offer this simplified underwriting process on their otherwise fully underwritten products. This is usually limited to lower face amounts, but one company offers no-exam underwriting for up to one million dollars of death benefit! Don’t overlook this opportunity in the right situations.
Life Insurance

Group Life vs. Individual Coverage

Presented by Brian Leising I had a recent conversation with a producer who has an opportunity to help several employees at a business obtain individual life insurance.  Why individual coverage in a business?  The business recently changed ownership and the new owner decided not to offer group life insurance to the employees.  I used to warn employees of this very situation while selling life insurance as a voluntary workplace benefit.  I explained that although the group plan their employer offered was a great benefit, they were not in control.  The employer could drop the benefit at any time.  If they left that employer for another, they had no guarantee the next employer would offer the same benefit.  If you find yourself in a similar situation, ask your prospects:  “Do you really want to hand over control of your family’s financial future if you died unexpectedly to your employer?  You have the ability – and the duty – to take control of the situation and take care of your family yourself.  Your employer will never care for your family as much as you do.”  I understand some people cannot qualify for individual life insurance due to poor health.  Most can.  Make sure your clients and prospects are aware of this potential problem and make sure they have personally owned life insurance in place before their employer forces their hand.  They may not qualify in the future.