Guaranteed Death Benefit Universal Life
Insurance that delivers... GUARANTEED!
In these
uncertain times, people are looking for death benefit protection
that will be there at any time, regardless of changes that happen
along the way. Today, more than ever, they want protection GUARANTEED.
Insurance companies are listening to their producers and clients.
Every week we see new products being developed with death benefit
guarantees. As producers we need to understand the products being
created and the differences between them. In this special ISN Network
report, we give you tips in what to look for when searching for Guaranteed
UL products.
PREMIUM
RULES:
Competition
in this arena is fierce. Whenever you evaluate a DB Guarantee, it
is good to look first at the premium. How much is that guaranteed
death benefit going to cost you? How much more will it cost when
compared to non-guaranteed death benefit products? ISN Network has
contracts with top companies who have all developed Guaranteed UL
products. Different ages produce different premium results when comparing
the different products. Underwriting classification also creates
the need for a complete survey of the market. We systematically do
a survey of companies based on the age and classification of your
client. In a competitive environment, premium does usually drive
the sale, but delivering on the premium through underwriting is just
as important.
COMPANY
RATINGS:
A guarantee
is only as good as the company that makes the promise. Look hard
at the actually guarantee and the contract that binds it. Who is
the carrier? What is their history of living up to their promises?
At ISN Network, we look at companies who have a legacy of providing
service and guarantees to their clients. Today, in this ever-changing
insurance market, it is important to work with an IMO like ISN Network.
We have the contracts and the capabilities of keeping you networked
to the best products from the best companies.
DURATION
OF GUARANTEE:
DB Guarantees
are not all alike. Some companies provide up to 50 years of guaranteed
coverage, while others will guarantee all the way to age 100 no matter
what the age of the client. Carriers often require a continuous pay
premium to provide the DB guarantee, but there are some companies
who will allow a “short-pay” premium to guarantee the
DB. Some companies also allow for a “catch-up provision.” This
allows for the client to pay extra premium at a later time to “catch-up” and
insure a guaranteed death benefit. When calling ISN Network for a
proposal, be prepared to answer these questions so that we can help
give you the competitive edge in a very competitive arena.
TARGET
PREMIUM:
While
the clients’ goals and objectives should always be the main
focus of every sale, we cannot overlook the importance of the “target” premium
when looking at solutions for our clients. Many times, the cost of
the policy is similar, but the payout to the producer is vastly different.
And it is not just “target” premium, or commissionable
premium, that determine the payout. The % of the contract, the bonus
structure and the renewal % is all a factor that should be considered.
Commissions are a part of what we do. If we can provide the best
solution for our clients and receive a better payout for our efforts,
then this too should be a factor in the product we use.
ONE
SIZE DOES NOT FIT ALL:
Do not
make the mistake of assuming that one product can meet all the needs
for all your clients. Utilize the ISN Network of companies to give
your clients choices. Take advantage of our “Contained Close” package,
which is available to all contracted producers. This color-bound
package is a presentation format that walks your client through the
myriad of choice available in the market. It is objective, diverse
and complete. It provides you the opportunity to show your client
that you have done your due diligence and have completely surveyed
the market on their behalf.
DB Guarantee
products are a part of the landscape that we work in. Let ISN network
and its staff of experts help you find the right choice for your
client.
For
the best contract available, call ISN Network at 1-800-338-1892
and ask for Licensing & Contracting.
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