Affordable Protection With DI Retirement Security

It can take a lifetime to save enough for retirement – and just a few minutes to deplete it should an emergency strike.

Do your clients have a plan in place should they sustain an illness or injury that affects their ability to work?  What would they do if their income stream suddenly came to a screeching halt?

Help protect your clients’ retirement dreams with DI Retirement Security – crafted specifically to replenish lost retirement savings when an individual is too sick or hurt to generate a salary.

DI Retirement Security is an innovative program that helps clients ensure their ability to continue saving for retirement in the event of any type of long-term or total disability.  The plan will pay up to 15% of a client’s income for retirement – even if that client has reached the maximum benefit of their current individual DI plans.

Below are some sample rates – a small price to pay to secure retirement plans:

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Age Male Rates Female Rates Multi-Life Rates
30 $17.62 $32.03 $16.84
35 $20.79 $35.59 $19.27
40 $26.28 $42.19 $24.84
45 $33.05 $45.68 $29.47

*Rates from Principal Life assuming AZ resident, $1,000/month benefit, 5A occupation class 180 day waiting period and benefits to age 65

**Multi-life rates are for 3+ lives that share a common employer-unisex rates with the 20% Multi-Life Discount

Contact your Disability Income Sales Rep for assistance with illustrations, case design, and product questions.

Summer Time, And The DI Selling Is Easy

With summer officially here, your clients are most likely looking forward to soaking up the sun, and enjoying their favorite outdoor hobbies like mountain climbing, rafting, boating, etc.  What they probably don’t consider much about their favorite hobbies is the risk of injury that comes with them.

Accidents are bound to happen, and there are income protection policies geared towards these types of situations.

Consider This:

Let’s say your client gets a “boo-boo” – there is coverage that will provide them with a sufficient amount of time to recover, and tax-free income every month.  There are options for shorter term benefit plans which last from 6 months, to plans that would cover your client for up to 2 years.

Monthly benefits amounts are predicated on the client’s income with a max benefit of $5,000.  For most, this will keep the mortgage paid, lights on, and kids fed while they can recover.  For example, a self-employed 35 year-old carpenter with an annual income of $60K qualifies for $3,500 tax-free monthly income, for a $39 monthly premium.  VIEW FULL EXAMPLE HERE

If your client should get sick or injured, lands in the hospital and doesn’t have an Income Protection Plan in place, it’ll be too late.

Contact your Disability Income Sales Rep today to find out exactly how affordable Income Protection can be to fit any and all clients’ needs.

7 Things You Need to Know About Underwriting DI Cases

Everyone knows how hard insurance professionals work to prospect, set appointments, complete the fact-finding process, run quotes, close the deal, fill out and send in forms all just to submit a single Disability Case.

The last thing you want is for an application to be held up in underwriting because information may be incomplete or worse yet, declined because of medical issues.

It’s important to remember that the information required by underwriters helps the insurance company manage risk, which in turn helps to keep prices and products competitive across the market.

Here are 7 ways you can help your cases move through underwriting faster and more efficiently:
  • Before moving forward with an application, know your client.  Take the time to ask about their medical history, health concerns, and current medications.  If there are red flags, allow our Underwriting Department go to go to work for you.  We can pre-screen the client and direct you to a carrier that might be lenient with that particular medical concern.
  • Answer all questions on the application and provide full details such as occupation and job duties as well as physician name, address and phone number.  Make sure all required fields are completed.  Incomplete apps may delay your case.
  • Send a copy of the most recent illustration reflecting the correct occupation class, benefits, discounts and premiums.
  • Attach all necessary financial documentation.
  • When possible, submit the case for simplified underwriting with no blood, urine, EKGs, or APS required.  Typically, if the client is between the ages of 18-50 and looking for a monthly benefit amount up to $10,000 this is the way to go.  This program averages a 48-hour turnaround time once the application and TeleApp interviews are competed and received.
  • While not required, it’s always helpful to attach a cover letter that discusses the details of the particular case.  This helps to give the Underwriting Department a clear picture of the case, particularly if there are any unusual medical concerns or job occupation descriptions.
  • You can complete the telephone health interview at any time.  The application does not have to be in-house for the phone interview to be conducted and typically takes less than 20 minutes.

The tips on this list will save you valuable time and help you grow your business.

Contact your dedicated Disability Specialist today to learn more about how you can streamline the underwriting process!

Expanded Guidelines Allow More Clients to Qualify for Disability Coverage

We can help you to write your first Disability Insurance (DI) policy or assist you in generating more production in the Disability Marketplace.  Remember to ask your client’s about how they would pay for their various living expenses in the event that they could not earn their income at work due to sickness or injury.

If your client does not have a plan in place, you can help provide the solution.

To assist in providing you with the most competitive DI solutions, we have a number of carrier outlets for both blue and white collar clients.  One of these carriers recently released their latest changes to product and underwriting guidelines.

Below you can find a summary of the various enhancements and changes along with a brief narrative detailing the impact of the change.

Expanded Select Occupation Discount

Guidelines have been expanded to provide for upgrades and discounts for more occupation classes within education and scientific fields. They have also added more Physician classes to make qualifying clients based on job duties considerably easier.

Foreign Nationals

Acceptable Visa’s expanded from only H1B, L1 and J1 to now also include O1 (Individuals with exceptional abilities in science, education or business) and TN (Canadian or Mexican citizens who work in the US) classes.

High Net Worth Clients

Individuals with a net worth up to $10M can now be considered for Individual DI. Clients with a net worth between $6M and $10M will need to be considered individually based on their “asset mix, nature and type.”  This allows us to consider a traditional carrier outlet for the first dollar of coverage on high net worth clients before having to consider the surplus market.

IT Industry

IT solutions are changing the way we live our lives and it also impacts the job duties of our IT Professionals – we can now offer Top Occupation classes now available for IT Computer Programmers, System Analyst, and Software Developers, Database Administrators

These enhancements make an already competitive product portfolio that much stronger.  The occupation class changes will improve pricing, while the foreign national and high net worth client enhancements will allow you to provide DI coverage to clients that previously would not have been qualified for coverage in the traditional marketplace.

If you would like to obtain a quote or talk about what products may be available for your clients, please contact us today and we can help you to initiate and implement the sales process.

A Cross Selling Opportunity That Often Goes Overlooked

With medical advancements, people are able to survive critical illnesses which may in the past have resulted in a death.  While your clients can rest easy knowing they have a higher chance of survival if they receive an unsettling diagnosis – they also have to afford living with the condition, which can create a severe financial strain if they are not properly covered.

For clients who are looking to protect themselves from the financial burden medical expenses would bring, there is Critical Illness Insurance.

Critical Illness Insurance offers a tax-free lump sum payment on first diagnosis of any one of a list of serious illnesses – including cancer, heart attacks, or stroke.

With comprehensive benefit plans and affordable costs – you could find coverage to fit any client’s budget, with benefits up to $500,000.  For a total of $57 a month, a female, age 45 could receive a $50,000 lifetime benefit with the option to choose 10-15-20- or even 30-year coverage periods.

With Critical Illness Insurance, your clients’ premium dollars are, in essence, being put into a safety deposit box, which can be collected in one of three ways:

  • The policy will pay the face value in the event your client is diagnosed with one of the 12 covered illnesses, including cognitive impairment or Alzheimer’s Disease
  • The policy will pay the face value to your beneficiary in the event your client passes from one of the covered illnesses
  • 100% of all premiums paid towards the plan will be returned to the beneficiary as a tax-free death benefit if your client passes for any other reason

While most critical illness policies have a reduction of benefit at age 65 – we have contracts that extend the full benefits out to age 70. In addition, any benefits after age 70 would still pay a full benefit for cognitive impairment or Alzheimer’s Disease.

Traditional health insurance plans, while the most common form of protection, will only cover hospital and pharmaceutical expenses.  However, additional costs, such as insurance deductibles, childcare, insurance premiums, and short-term home health care would be billed directly to your client – who should be recovering, not stressing about how they will pay the bills.

Critical Illness Insurance is one of the best kept secrets in the industry and provides advisors a great opportunity right now to meet more clients, help more families and increase sales.

Look to your clients with a family history of Cancer, Heart Disease, or Hypertension.  They are very likely to be interested in purchasing protection.

The likelihood of surviving a critical illness grows every year, as does the threat of being diagnosed with one.  Contact your Disability Insurance Specialist for detailed information about a plan that meets each of your clients’ needs and budget.