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Have You Helped Your Client Check Their Term?

Have You Helped Your Client Check Their Term?

The Disconnects with Group or Association Term

  1. Often, it is more expensive because healthy employees are subsidizing the unhealthy employees and smokers.
  2. Limited total benefits available – Is it enough?
    • Usually 1 x salary paid by employer
    • Possibly an additional 5x to 8x salary at the employee’s cost, which may require underwriting anyway! 
  3. Most people don’t realize that there are little or no guarantees
    • The employer can eliminate the plan for no reason, because of financial trouble etc.
    • The carrier can change the rates based on group experience,
    • Often banded in 5-year rate groups, so rates will likely increase every 5 years.
    • Benefits may reduce at certain ages like age 65 or 70, or at certain events like retirement, when leaving the employer, or when becoming disabled – possibly at a time when the coverage is needed most and the employees health has declined!
  4. Lack of portability and Lack of conversion – may be Limited / Not competitive / Not available!

Need a Turn Key Program, to “Check Your Client’s Term Today”?

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