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Critical Illness Training Critical Steps

Critical Illness Training Critical Steps. Module 6: Product Design/Underwriting. Policy Form Nos. I H0810 or CI 005, I H0820 or CI 007. Policy and rider availability, rates and features may vary by state. For agent use only. Not for use with consumers. 15-425-02251 F (12/12).

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Critical Illness Training Critical Steps

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  1. Critical Illness TrainingCritical Steps Module 6: Product Design/Underwriting Policy Form Nos. I H0810 or CI 005, I H0820 or CI 007. Policy and rider availability, rates and features may vary by state. For agent use only. Not for use with consumers. 15-425-02251 F (12/12)

  2. Good life insurance training:hurting our CI business? Amounts? Product choice? Three questions and the order: Do I need? How much? What type?

  3. CI amounts? No obvious needs analysis like life or DI insurance “If you were diagnosed, what would be your immediate concerns?” If you knew you were going to be diagnosed in three months, how much coverage would you buy today? “If it was me, this is what I would like it to look like”

  4. $50,000 – not a lot of money?

  5. Discuss timelines... not premium structures What is your thought on how long you would want this level of protection? Do you see yourself perhaps wanting more protection at a certain time? Do you see yourself perhaps wanting less protection at a certain time?

  6. Term vs. permanenthow is good life training hurting us? Life insurance: permanent rationale You will die and there will be a problem Renewals will be costly if you cannot re-qualify health-wise

  7. CI – Term? Not 100 percent sure that a CI will ever happen Critical illness more likely than dying Cancer will strike one in every two men and one in every three women in the U.S.1 Coronary events occur every 25 seconds, but 88 percent of those stricken are able to return to their usual work.2 Someone suffers a stroke every 40 seconds, but 85 percent survive. 2 Term CI renewals versus life insurance renewals 1. Cancer Facts & Figures, American Cancer Society, 2010 2. Heart Disease & Stroke Statistics-Update, American Heart Association, 2010

  8. Ways to sell CI: Rider on Life Rider on DI Simplified CI Fully Underwritten

  9. Rider on life insurance

  10. Return of Premium at death More practical on permanent products More likely to happen later in life Later in life refund also more meaningful Emotional part of asset protection (case) Borrowing from estate! Automatically included in both simplified and fully underwritten

  11. ROP: how do they do it? Lapses Claiming Desire to cancel Therefore: Cash flow and discipline

  12. Simplified app

  13. Fully Underwritten CI basics • Issue ages: 18 to 64 • $50,000 to $500,000 in benefits available • 21 conditions covered • Guaranteed renewable for life • Riders include: • Disability Waiver of Premium Rider • Accidental Death Benefit Rider • Spouse Critical Illness Benefits Rider • Children’s Critical Illness Benefits Rider

  14. Covered conditions

  15. Underwriting Higher Limits

  16. CI underwriting vs. DI underwriting Newness of employment Financial documentation Back problems Mental nervous disorders Numerous exclusions

  17. CI vs. life insurance Risk of diagnosis/survival vs. death Family history - where applicable Breast cancer Colon cancer Prostate cancer Diabetes Heart disease Multiple sclerosis

  18. Modifications Modifications are good? Age-rate up Ratings and choices

  19. Underwriting pre-screen

  20. Preferred underwriting If your client qualified for preferred life insurance with an approved company, he or she may be eligible for $50,000 to $100,000 of fully underwritten Critical Illness Insurance!* Four easy steps to apply: 1. Critical Illness application must be submitted within six months of preferred life exam. 2. Applicant must have qualified for preferred life with an approved company (see list at right). 3. Complete page 1 of the Assurity application, plus the Critical Illness Product Section and Critical Illness Health Section. 4. Send completed application with a copy of the medical exam and schedule page from the preferred life policy. Approved Companies: American General AXA Banner Genworth ING John Hancock Lincoln Benefit Life Lincoln Financial Met Life (Elite & Elite+ only) Minnesota Life Mutual of Omaha North American Ohio National Principal Protective Prudential Transamerica *Underwriting may occur in certain situations, e.g., family history admitted on the CI medical page of the application.

  21. Exclusions / Ratings Pre-Selling Three times to have the conversation

  22. Pig and chicken

  23. Dr. Gonzales & the Armour Institute of Technology

  24. Contest

  25. Next steps Conference call Access to website Most important sale

  26. Questions? For agent use only. Not for use with consumers. 15-425-02251 F (12/12)

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