The Operative words are EASY and QUICK.
Companies are finally coming to the market with EASY issue term that doesn’t require the usual hassle of APS’s, blood or urine. In addition, your cases will get issued in less than a week in most situations. Best of all unlike other companies in the simplified issue marketplace, these rates are extremely competitive and beat many of the leaders in the underwritten term space. One does not have to force their clients to have an inferior product from the usual competitive company products, and the Preferred & Preferred Plus are still available using these products. All of this WITHOUT commission cuts!
The Benefits of these programs are:
- Incredibly low premiums with streamlined underwriting.
- Shorter underwriting time because APS’s and fluids (blood and urine) are not required.
- You make more in shorter period of time.
- You do not need a lot of other staff for this program to work.
- Go from selling to sold in three simple steps
Of course you are wondering: What is the catch??
The catch is that you have to follow the procedures to get this done right, quickly, and efficiently. These companies worked very hard at their systems to handle this business so there is no re-inventing the wheel in this process.
There are 2 new programs on the market issued by 2 A + companies, who are leaders in the Life Insurance space. Lincoln Financial and John Hancock are these two companies. However , we will highlight Lincoln in this article because they have more approvals in more states and their program seems easiest. Lincoln’s threshold for this program is $500,000 and John Hancock is $1,000,000.
The attachments tell the whole story for Lincoln. They include:
- The Client Guide
- The Comparison with the competition and appropriate rates
- How does the process work ?
- The Underwriting guide
- Preparing your client for the Tele-app process
This is very timely as Genworth goes out of the life insurance business. They had an OK program that allowed your client to get good rates, however their process, as easy at it sounded, still required full exams. We all know how full exams can screw up your business especially when they are taking blood and urine from your client.