Casework
For your first cases, use the Casework channel in Slack – and then work directly with your upline.
Application (allows voice signature at the end): insuranceapplication.com
Directions here.
AIG paper app: https://hq.quility.com/page/aig
or https://www-115.aig.com/GIWL/Forms?overridedashboard=true (be sure to download the Draft Authoirzation)
see also https://www-115.aig.com
There are several options to consider for your prospective clients
- Term Life Insurance. Death benefit coverage for a certain period of time, usually 15-25 years, which can be converted to a whole life product without underwriting, typically when your client reaches age 65.
- Term Life Insurance with Living Benefits Same as regular Term Life, but the benefit would pay out for death AND also for severe illness or accident; that is, payment would be made if an insured individual developed a critical or chronic illness – or terminal illness. If they had troubles accomplishing two activities of daily living like bathing or showering, dressing, getting in and out of bed or a chair, walking, using the toilet, and eating, they would receive their benefit and could pay off their home or other debts while getting back on their feet.
- Whole Life Insurance. A burial or final expense policy that will be in force for the duration of your client’s entire life rather than just for a period of time and earmarked to cover burial costs and also money for beneficiaries.
- Indexed Universal Life. A whole life product that builds cash value, great for clients under age 50 – and even better for children.
- “Critical Period Coverage” A whole life product with sufficient money to cover mortgage payments for a period of time, typically 12 months, so the beneficiary has time to mourn, go through old things, and decide what to do next.
- Accidental Death Policy. A life product that would pay out if your client dies due to an accident, such as a car wreck, slipping down the stairs, falling in the bathtub, etc.
- Guaranteed Issue Whole Life products. AKA “GIWL”, this is a policy for people over age 50 that are otherwise uninsurable due to conditions such as cancer, stroke, COPD, sleep apnea, Huntington’s disease, etc; these policies are graded, meaning that if the client passes away within the first 1-2 years, their beneficiary would receive 110% of their premium payments – and if the client lives beyond the 1-2 year mark, the full benefit would pay out.
Younger than age 65
Term products with living benefits are best to allow the client time to recover from accident, illness, or disease; they allow the family to stay in the home in case of illness or death.
Always present a straight life option in addition to a Living Benefits option and ask the client which one would serve them best.
- 18-35 years old, 20-30 yr term or IUL
- 35-55 years old, 15-20 yr term (or IUL if younger than 50)
- 55+, 10-20 yr term
Consider Foresters Strong Foundation term policy for clients with children at home. This policy sells itself to young families due to the orphan benefit in which orphaned children receive $900/mo until age 18 and $6000 for college if their parents pass away. - For ULTRA healthy clients, Transamerica is a superb option with living benefits.
- SBLI is wonderful (no living benefits tho) if price is a factor for a young healthy client.
- If under age 48, consider an IUL so the client can grow cash along the way. Transamerica IULs will grow up to 13% annually. IULs can also be used for clients over age 48, but the growth isn’t as good.
- IULs for older clients can work, especially with whole life products. The client will have access to cash along the way (as long as the market has a few good years) rather than just paying for coverage and not being able to access any cash.
- NOTE: Transamerica super (term) has face values starting at $25,000 for a 10 year policy
Older than age 65
Whole Life Products (final expense or critical period) are best to allow the surviving spouse to have time to grieve with dignity and to not pass on a debt to the children.
- Mutual of Omaha “Living Promise” (Whole Life product). Click here to see the email that your prospect will receive so you can help guide them through the application.
- Americo “Eagle Premier” (for clients without an email address, follow the Americo “Easy eApp” directions at https://statehq.org/app
- Transamerica Lifetime Whole Life and Foresters Smart UL allows cash access along the way and is a little less expensive than Mutual of Omaha’s Living Promise ($25,000 minimum face value with a Paramed exam needed).
- American Amicable “Dignity Solutions”
- Foresters “Plan Right.”
These products can be used to cover 12, 18, 24 months of mortgage payment. To calculate, multiply the client’s current mortgage payment by 12,18,24 and run the quote. If finances are limited, show lower month options. (6, 9 months for instance). Typically “Living Promise” is cheapest. - UHL is great for older people with health conditions.
- NOTE: Transamerica super (term) has face values starting at $25,000 for a 10 year policy
Health Issues
Rely on the look back guides, Virtual Mentor (located at https://sfgvirtualmentor.com/search) and especially your upline for the best options available. It is an art, not a science. No two clients are the same. You’ll likely need a guaranteed issue product. Generally speaking, consider these options:
- aFib. UHL Immediate Solutions (standard).
- AIDS/HIV. Well-controlled HIV without a detectable viral count and with no other problems can be insurable at a high rating, otherwise would have to look at guaranteed issue. AIDS is guaranteed issue.
- Anxiety / Depression. As long as it’s well managed (mild or less than 2 medications), it should not be a problem. Usually Standard Rating.
- Arthritis. MOO, Forester’s, UHL Simple Term if there’s no disability, limitations, or steroids.
- Back, knee, spine, hip disorders (or on disability income)? Mutual of Omaha Term Life Express.
- BMI / Build. Americo and Foresters is most lenient with heavier applicants.
- Cholestorol. Usually Standard Rating.
- COPD. Guaranteed Issue Whole Life (AIG or Gerber) if they are using oxygen. Or try Foresters “Plan Right” or Transamerica “Immediate Solutions Final Expense” (standard) if they are on forced air. Younger client? Strong foundation. COPD is a decline for Americo’s Eagle Premier.
- Cancer. If it was within 5 years, usually Guaranteed Issue products (or graded premium). Beyond 5 years, UHL Simple Term 20 or 30. AmAm Home Certainty (7 year lookback).
- Diabetes. Foresters is very forgiving with diabetes, so look at Strong Foundation (they have a diabetes calculator).
Try UHL “Simple Term DLX.”
If diagnoses occurred after age 50, a whole life product might be best. American Amicable “Dignity Solutions,” or “Express Issue Deluxe” whole life – and Transamerica immediate solutions.
Generally speaking, if they are on a diabetes pill, they’ll likely be a Table “B” – and if they are on insulin, they’ll be Table C or D. - Disabled. Typically a decline, but use the Look Back guides and call the Carrier. VA disability isn’t an automatic kick-out as long as they financially qualify for the insurance. Chronic pain can be an issue if it’s treated with significant opioid medication though. Look at UHL Simple Term Deluxe 20 (max face $50,000).
- DUI. Foresters Plan Right (over age 50) or Full Underwritten Your Term (any age). Also, try AmAm (over age 45) Dignity Solutions (Final Expense). Typically an additional fee (like $.35) will be added to each $1000 applied for. After 1 year of clean driving, the client can reapply to have that fee removed.
- Felony. Probation. Parole. American Amicable and Foresters will take them on 5 years after their probation or parole is over (out of the legal system).
- Heart attack less than a year ago? (For older prospects seeking Whole Life) Americo “Eagle Premier.” UHL has a 5 year look back. For heart stints, Americo “Eagle Premier” will take on after 1 year. UHL Permiere if stints placed over 2 years ago.
- High Blood Pressure. Mutual of Omaha is most lenient (decline with American Amicable).
- Mental Heath Issues (severe issues, like bipolar, severe PTSD, or multiple mental health medications) UHL Simple Term Deluxe 20 (max face $50,000).
- MS (Multiple sclerosis). Transamerica Immediate Solutions standard (final expense).
- Neuropathy. Transamerica “Immediate Solutions” (Final Expense as a standard rating). AmAm (unless they have diabetes). Nuropathy and also diabetes? Transamerica.
- Smoker / Tobacco. American Amicable Dignity Solutions. For older folks seeking whole life, Americo “Eagle Premier” (they have a 3 year non tobacco rate). Prospect must be tobacco free for 2 years to be considered non-tobacco, for most carriers.
- Serious health problems. (epilepsy, smoking with heart problems): UHL for clients over age of 45; other carriers if over 50 (nothing if the client is under age 45).
- Sleep Apnea. Usually Standard rating if using water vapor.
- Stroke. Guaranteed Issue products, usually. Consider UHL if more than 5 years.
- Transgender. Not an issue; typically, use their gender at birth when applying but check with the Carrier’s risk assessment first.
- Vaping / Nicotine / Chewing tobacco. Forester’s Strong Foundation doesn’t rate them up.
- Very serious health issues (must be at least 45 or 50 years old), consider AIG “Guaranteed Issue Whole Life”(GIWL) or American Amicable “Dignity Solution” or TransAmerica “Immediate Solutions” (Immediate coverage) or UHL “Premium/Deluxe/Express issue/Simple Term 20 DLX” (UHL requires a 3-way phone call, but they will take clients at age 45 for their Guaranteed Issue product). These are guaranteed to be issued but will be graded – meaning that if death occurs in the first 2 years, the beneficiary would receive all the premiums back PLUS 10% (but not the face value of the product).
If a policy has a graded death benefit, beneficiaries will receive partial benefits, usually a full refund on premium plus an extra 10% if death occurs within 1-2 years.
Other Products
ACCIDENTAL DEATH (ADD)
Always consider bundling in Mutual of Omaha Accidental Death coverage for $100,000 or more (called “Guaranteed Advantage”). This coverage is usually around $20/mo (keep in mind that accidents are the #3 cause of death. #1 heart disease and #2 cancer).
And if a client is otherwise uninsurable, an ADD policy is *something*, which is better than nothing.
- If using Mutual of Omaha, click the “Accidental Death Benefit” box on the quoting page; this will double the payout of death due to an accident.
RETURN OF PREMIUM
- Mutual of Omaha Guaranteed Advantage ADD (Whole Life policy)
- Mutual of Omaha Term Life Express (30 year Term policy; no living benefits; ages 18-50)
1 year 0% 4 years 1% 5 years 4% 10 years 21% 15 years 34% 20 years 45% 25 years 65% 30+ years 100%
- Americo CBO (Cash Back Option). Get 50% or 100% of premiums returned.
CASH VALUE PRODUCTS
- INDEXED UNIVERSAL LIFE. For clients under age 50, IUL policies grow with the stock market; these policies are great to earn money. Clients will not lose money when the market is down.
MOO has a floor at 0% and Foresters has a floor at 2% and Transamerica has a 3/4% floor. The caps are between 6-13%.(Transamerica has a 13% ceiling).
Here’s a video that summarizes IUL policies with Mutual of Omaha: https://www.mutualofomaha.com/esp/vids/iule/iule-protection-that-lasts.php. - NOTES: IUL Policies typically build more money than what a client would receive from ROP products.
Policies for children or grandkids with a cash value
- Mutual of Omaha’s “Children’s Whole Life” or Foresters “Advantage Plus II”
- Foresters “Bright Future” is a whole life product (no cash value)
Retirement Planning (Annuities) “QRS”
For cases that need to be underwritten, you’ll need to order a Paramedical Exam (height, weight, blood pressure, pulse, urine test, and finger stick or vile – usually a 20min process, typically completed in the prospect’s home).
Generally speaking, younger prospects (under age 45), healthy prospects, and prospects who see their doctor regularly will not need Paramed work for term or whole life policies. Specifically for Transamerica, prospects under age 45 will not need the service; prospects ages 46-55 under $1million in term will not need it; ages 56-60 under $100,000 in term will not need it; prospects over age 61 and over $50,000 will require paramed work for term policies.
To find out if a prospect will need paramed work, search for “Policy Issue Information” or “Paramed” in the illustration you run.
NOTES
- To be considered “Non-Tobacco”, the prospect must be tobacco free for 1 year
- A “Graded” policy means that if the client dies within two years, 110% of the premium payments are refunded (but no policy payout). If the client passes away after two years, the full payout occurs.
- Knockout Conditions from Many Carriers for TERM LIFE Policies
- In the past 5 years:
- Alzheimer’s, dementia, schizophrenia or Bipolar Disorder
- Diabetes requiring insulin treatment
- DUI or suspended or revoked driver’s license.
- Any form of Cancer (other than Basal Cell skin cancer) or Brain Tumor
- Heart or Circulatory Disorder (except controlled hypertension) or Stroke
- Surgery for any Heart Disorder
- Sickle Cell Anemia, Kidney Disease, Liver Disease? Hepatitis B & C
- COPD requiring oxygen
- ALS, neuropathy, seizures
- Treatment for alcohol or drug abuse
- Felonies
- Currently disabled, or been disabled in the last six months
- Hazardous sport or aviation
- Knockout Conditions from Most Carriers for WHOLE LIFE Policies
