Discussion in 'Indexed Universal Life Forum' started by Experienced Agent, Oct 28, 2015.
Good claim info. Thanks. Always good to hear when the insurance company is not actually the devil.
Just bumping this back up to see if anyone else had a critical illness claim they can share - from ANY company.
Me personally, I've enjoyed Midland National. Paid out a few of my Living clients claims.
Also, my contract is about 20-30 points higher than other fully underwritten carriers
Good to hear. Do they have critical illness on both their Term and IUL?
Not on term. Just IUL and UL. Also have Chronic on the permanent products.
Didn't realize that many LI companies don't have critical .... I thought that was normal.. I ve been selling Penn Mutual 's whole life and IUL ... and they have it ..one more reason to like Penn
Penn does not have Critical... only Chronic & Terminal. Just like many others.
I recently had a client receive that benefit on Transamerica LB, I haven't received on ANICO as of yet.
The client had a small 100,000k term she was diagnosed with cancer and basically lost her home and was staying with a family member when I called for a review. She didn't realize she had this benefit on the policy even though It was explained. Long story short she qualified for 25,000k based on the severity of her case and was left with 10,000k at 8.00 a month for the rest of her 30 year term.
This claim solidified a few things for me. First, the annual review was important I did the review about two years passed the time I was suppose to. But, because I did she was received those funds when she needed it the most. Second, I no longer sell any term that isn't living benefits as a matter of fact I have all of the strongest living benefit companies in my portfolio. I really urge other agents to do the same!
If you are an independent in my opinion just selling living benefits is a good step but looking for and selling the companies with the stronger version of these benefits will encourage other carriers to add or strengthen their own products.
I'm glad to see other agents are selling Living benefit products.
I'm sure she's glad you did the review! I agree, people need to know about the living benefits. Would be nice is more companies offered critical. Many offer chronic and terminal.
Penn does have great products, as do many other companies. Like I said, I wish more carriers had critical... but that isn't going to deter me from selling a great product that doesn't.
More companies are adding critical... I'll be glad if/when a few upper tier Par WL companies decide to
I haven't read most of these comments but I work almost exclusively with ANICO and I have not had any problems with Living Benefits.
They have an internal formula that they use but the most simple breakdown for what you'll receive goes a bit like this:
There are 4 categories they break it down to within Chronic/Critical/Term
15-17 year life expectancy - 25% advance
10-12 year life expectancy - 50% advance
5-7 "" "" "" - 75% advance
12-24 months - 90% advance
This is one of ANICO's favorite aspects of their own products. They push all the living benefits more than most aspects of the product.
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