Critical Illness

[arnguy]

Thanks to all of you for the replies. Biggz33, I will keep you in mind if I decide to go further with CI. Just dipping my toes in the water for now.:smile:

 

[newmindfashion]

Biggz33,
What's the typical premium for a 10K critical illness benefit for a 40 year old male with good medical history? Just curious whether this is a good product to start offering. I've heard bad things about the difficulty of qualifiying for benefits, i.e. need to be on one's death bed to get paid.

 

[newmindfashion]

Does the accelerated living benefit on term plans render a CI standalone as useless or does a CI product have a better set of definitions?

 

[somarco]

Generally CI is a better approach than relying on accelerated benefits under a life plan. Look for a plan that pays a lump sum on first diagnosis. Also, you want a plan that is a health policy, not a life policy with a CI rider.

 

[newmindfashion]

Bob,
Good advice. In CT, the DOI will not approve lump some CI plans at all so there's no market here. I would like to look into it for other states that I work in. Would be interested in a carrier that is easy for an independent broker to work with.

Assurant has a CI policy that is attached to its SelectSolution feature that I can't sell here in CT.

 

[J.R.]

Another nice aspect about SS is that the client can take it with them if they switch to another carrier.

 

[newmindfashion]

I did not realize that about taking the membership with them. Very nice. I would lose a lot of customer interest in Assurant without the SuiteSolutions program.

 

[somarco]

I rarely sell Suite Solutions. Only when someone wants an accident benefit do I even roll it out. Overpriced in my opinion.

 

[Crabcake Johnny]

I have seen cheaper accident plans around but are too scared to sign up with any of them. It's always something like "The National Charter Association Of United Businesss Owners" underwritten by some no-name company for $10 less than Suite Solutions.

I love Secure Solutions. It pays like clockwork and I like the AIG name behind it. I just used it for my son and again, paid like clockwork. Sometimes you pay a slighly higher price for not being run through the typical mill.

 

[J.R.]

I rarely sell Suite Solutions. Only when someone wants an accident benefit do I even roll it out. Overpriced in my opinion.

What do you suggest instead of SS?