LNL0937 1108 Fast Start 3 Agent Fast Start Program Product Introduction.
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Transcript of LNL0937 1108 Fast Start 3 Agent Fast Start Program Product Introduction.
LNL0937 1108Fast Start 3
AgentFast Start Program
Product Introduction
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Whole Life vs. Term Life
College / Work
Marriage/ First Home
Children
Peak Earnings &
Asset Accumulation
Debt Reduction
Whole Life
Term Life
Grandchildren
Retirement & Wealth Transfer
Life Begins Life Ends
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Open Survey and Complete
Volunteers?
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Liberty ProductRecommendation
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Play Laptop PresentationFinal Expenses
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Not All Products Available in All States.
Check Product Availability Chart
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Whole Life
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Whole Lifewithout ExtraBenefits
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Available for ages 0-80
Face amounts of $2,500, $5,000, $10,000, $15,000. For ages 60-80, $1,000 face amount available.
Guaranteed Death Benefit
The death benefit for a child less than 2 months old is 25% of policy face amount
Guaranteed Premiums
Guaranteed Cash Value
Brochure
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Option to Purchase Additional Insurance
Available Riders: Children’s Insurance, Primary Insured Term, Spouse Term
Brochure
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Whole Life with Extra Benefits
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Available for ages 0-59
Face amounts of $2,500, $5,000, $10,000, $15,000
Guaranteed Death Benefit
The death benefit for a child less than 2 months old is 25% of policy face amount
Guaranteed Premiums
Guaranteed Cash Value
Brochure
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Option to Purchase Additional Insurance
Automatically Included Benefits:
Premium Waiver
Accidental Death Two times face amountAuto Accident Three times face amountTravel Accident Five times the face amount
Brochure
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Optional riders:• Children’s Insurance Rider• Primary Insured Term Rider• Spouse Term Rider
Brochure
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Whole Life
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Available for ages 0-70
Face amounts of $20,000 and above
Guaranteed Death Benefit
The death benefit for a child less than 2 months old is 25% of policy face amount
Level Premiums
Guaranteed Cash Value
Paid-Up Insurance Based on Cash Value
Brochure
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Options To Purchase include:
Purchase additional insurance on the second and fourth policy anniversaries without proof of insurability. Available for ages 0-55.
Additional riders include:
Accidental Death, Premium Waiver, Children’s Insurance Rider
Brochure
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Term
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All Individual Term Products Use Application A-250
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ART, MDT and LPDT
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Annual Renewable Term (ART)
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Play Laptop PresentationMonthly Income
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Available for ages 0 through 75
Minimum face amount is $20,000
Minimum rider amount is $15,000
Premiums are guaranteed for one year
Brochure
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Premiums cannot exceed the policy’s guaranteed maximum premiums
Renewable to age 100
Lump Sum or monthly income benefits
Brochure
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Convertible to a permanent plan without proof of insurability prior to the insured’s 80th birthday
Extra Benefits:ADBPWChildren’s Insurance RiderPrimary Insured or Spouse Term Rider
Brochure
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In NAIC states, the illustration will include a signature page. Customer signs page 3 if the illustration is exactly as applied for
In NAIC states, if the illustration is different from what is applied for or no illustration is generated – Certification R-3408 must be submitted with the application
Proposal Illustration
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In NAIC states, if certification R-3408 is submitted with the application or the policy is issued different than applied for, the illustration will print with the policy.
The Agent is required to deliver the policy and get the illustration signed. The signed illustration page must be returned to the Home Office within 45 days or commissions will be charged back.
Proposal Illustration
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Mortgage Decreasing Term (MDT)
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Play Laptop PresentationMortgage
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An MDT policy is designed to provide coverage that decreases according to the number of years left on the mortgage and the mortgage interest rate
The mortgage period may be between 10 and 35 years
Brochure
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The interest rate may be for 5% to 20% in increments of .25%
Available only on Fixed-Rate Mortgages
Same issue ages as ART – 0 through 75
Brochure
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Premiums are guaranteed for one year
Convertible to age 80
Renewable to age 100
Brochure
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MDT FAQ
Why would you buy an MDT instead of a 10RT?
A: With an MDT they only pay for the amount of coverage they need to pay off the mortgage.
With the 10RT they are paying for more coverage than is needed to pay off the mortgage.
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Complete Sample Proposal & Review
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Level Premium Decreasing Term(LPDT)
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No Brochure
Designed to decrease the face amount enough each year to keep the premium level
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Complete Sample Proposal & Review
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A proposal illustration should always be used when presenting one of the term products. In NAIC states a proposal illustration is required.
Rates per thousand along with an example of how to calculate rates are on the rate sheet.
Rates
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SupplementaryBenefits Brochure
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Premium Waiver(PW)
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If the primary insured is disabled between ages 5 and 60 premiums are waived as long as disability continues
If the primary insured is disabled between ages 60 and 65 premiums are waived until age 65
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If Premium Waiver is included on the base policy, then premium waiver must be included on any term rider(s)
Although the PW premium is based on the age of the spouse, PW on a spouse rider covers the disability of the primary insured only, not the spouse
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PW may be rated or declined
Disability must last 6 months before PW benefits will begin
Issue ages 0 through 59
Coverage ceases at age 65
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Accidental Death Benefit(ADB)
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An additional death benefit if the insured’s death results, directly and independently of all other causes, from an accidental bodily injury
Maximum ADB is equal to the base plan face amount, subject to $150,000 maximum
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$1.45 annual premium per thousand for ADB on term plans
For Whole Life, Unique Life, and 5RT premiums, see rate pages
Issue ages 1 – 59
ADB coverage ceases at age 65
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Primary Insured/Spouse Term Rider
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Only one term rider may be added if the base policy is a term plan
The term rider may be an ART, LPDT, MDT, 10 RC, 20 RC, VL 10, VL 20 policy
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Term riders are available in amounts of $15,000 and above
There is no policy fee for the term rider
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Children’s Insurance Rider
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Term insurance on the life of each child of the primary insured
No benefit payable if a child is less than 15 days old at death
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Child, Stepchild, Legally adopted child, be named in the application, be born and survive to age 15 days or be legally adopted by the insured after the date of application.
Covered Children
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The child must be under age 19 last birthday on the effective date of the rider or on the date of legal adoption or the date of any supplemental application with respect to a stepchild.
Covered Children
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Issue Ages – 16 through 59 (primary insured)
Issue Amounts $5,000, $10,000, $15,000, $20,000 and $25,000
The CIR cannot exceed the primary insured’s coverage (base policy plus rider)
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Coverage expires on the primary insured’s 65th birthday
Upon the death of the insured, future premiums will be waived to the expiry date
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Conversion – Prior to the child’s 25th birthday and before the expiry date of the CIR
The coverage may be converted to a new policy without evidence of insurability
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If the conversion request is received after the CIR has been in force five years, the amount of the new policy may be up to five times the amount provided by the insured child by the CIR, but may not exceed $50,000. Otherwise the amount of the new policy is limited to the amount provided by the CIR
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The converted policy includes at no cost an option to purchase additional insurance (OPAI) with two option dates. They may be any two of the following:
•Attainment of ages 28 and 31•Marriage of the insured•Live birth of a child born to the insured•Legal adoption of a child by the insured
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All children are covered for one rate
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Interim Term Rider
Liberty National can provide life insurance benefits to help cover hospital and doctor bills, mortgage or rent payments, funeral expenses and cemetery costs, auto loans, and unpaid credit cards.
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Interim Term Rider
• Allows Interim Term Rider insurance coverage on each covered person for one month. Interim Term Rider coverage will terminate after the first month.
• Available only on whole life and term insurance plans of $50,000 face amount and under. Will NOT be available on Select Life 20, Payroll Deduction, or ALX.
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Interim Term Rider
• The Interim Term Rider benefit will be equal to the initial death benefit on each covered person, up to the $50,000 maximum amount (any Primary Insured Rider amount will count toward that maximum). No offer can be made if the total initial death benefit on any one insured, including Primary Insured Rider, exceeds $50,000.
• Accidental Death Benefit will be payable as provided by the policy, up to a $50,000 maximum.
• Use the A-250 application. Check box with blank line in question 14, and write in “Interim Term”.
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A-250 Application - Question #14:
Interim Term
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Interim Term Rider Examples:Face Amount Interim Term Amount
#1-PI Base $30,000 $30,000
#2-Base + Rider
A. PI Base $30,000
PI Rider $20,000
Total $50,000 $50,000
B. PI Base $30,000
PI Rider $30,000
Total $60,000 Not Available
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Interim Term Rider Examples:
Face Amount Interim Term Amount
#3-Base + ADB
PI Base $50,000 $50,000 PI
PI ADB (If Acc. Death) $50,000
Total $100,000 $100,000
#4- Base+ Spouse + Children
PI Base $30,000 $30,000 PI
SI Rider $30,000 $30,000 SI
CI Rider $10,000 $10,000 CI
#5- PI Base $75,000
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The Interim Term Rider effective date and expiry date will be printed in the policy.
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The Interim Term Rider will expire on the effectivedate of the policy.
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The Interim Term Rider period begins on the effective date of this rider and ends on the expiry date. In no event will this rider and the policy to which it is attached be in force at the same time. No benefits are payable under this rider if benefits are payable under the policy.
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Cancer Care & Cancer Care Plus
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Play Laptop PresentationCancer Insurance
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Cancer Care and Cancer Care Plus – Individual, Single Parent or Family CoverageCancer Care Plus contains higher benefit amounts and a dread disease benefit
Guaranteed renewable for life, cannot be cancelled as long as you pay premiums
Benefits reduce at age 65
Refer to your state brochure for specific benefits. South Carolina has a related-illnesses benefit.
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Issue ages for Cancer are 0 – 63
Benefits paid to the insured unless otherwise directed in writing
Under some governmental plans (such as Medicaid) benefits have already been assigned by the insured.
There is a 30-day waiting period
Outlines of coverage required in some states. Refer to Agent’s Instruction Guide.
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Cancer Policy ApplicationA-372
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Application A-372Each application has a unique number, cannot be downloaded or copied.
When completing an application for family cancer coverage, the oldest spouse must be listed as the proposed insured. Premiums will be calculated based on the age of the oldest spouse.
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Individual RatesFlorida has different rates on cancer
Worksite Rate CardsFlorida R-3290FGeorgia R-3290-GSouth Carolina R-3290-SAll others R-3290