SBLI FE Product

[Newby]

Is the plan cost included in SBLI's premium?

Yes

 

[myinsurebiz]

Yes it is.

Right...SBLI will automatically renew it every 12 months.

So - if the plan is included with the SBLI policy premium - if the policy holder dies - what happens to the beni's that are on the plan? Or - is the plan only available to the policy holder?

 

[myinsurebiz]

That's interesting. I'm inclined to believe that it might be a real value-add over and above the family receiving just a death benefit.

I'm going to do some studyin' and thinkin' on it.

What was the end result?

 

[myinsurebiz]

ABR payout that happened to a client of mine. Has a 150k policy (term). Diagnose with stage 4 breast cancer (terminal). She was offered 137k to walk away or half immediately and the remaining upon her death. It can be life changing. Cancer is expensive. A lot of people can't work during treatment. I have shared that story with a lot of potential clients over the years. It resonates.

Are these benefit $$'s taxable unlike the death benefit payout?

 

[Todd King]

So - if the plan is included with the SBLI policy premium - if the policy holder dies - what happens to the beni's that are on the plan? Or - is the plan only available to the policy holder?

Here you go, here's the brochure for that.

 

[goillini52]

So - if the plan is included with the SBLI policy premium - if the policy holder dies - what happens to the beni's that are on the plan? Or - is the plan only available to the policy holder?

They have to get buried at the same time as the policyholder....whether they're ready or not.

 

[rmhaire]

They have to get buried at the same time as the policyholder....whether they're ready or not.

Probably includes a multi hole digging discount.

 

[goillini52]

Probably includes a multi hole digging discount.

Either that or everyone share's the same hole. I've never shared a hole in my life.

 

[rmhaire]

Either that or everyone share's the same hole. I've never shared a hole in my life.

And now ain't the best time to start.

 

[Tim Lumbao]

It's our #1 FE Product as of December. Our agents have access to all the standard FE carriers and they're gravitating toward SBLI as their lead.

Preferred rates are in line with Mutual of Omaha. I wouldn't call them middle of the road, they're much better than that.

Underwriting is where they accel. 90%+ approval rate was the target with Milliman in the product build and that's holding strong (most carriers are around 80% for comparison). The goal was that if you can answer "no" to all health questions for Preferred or Standard...you should get an approval 90% of the time. There's No MIB check.

What sealed it as a lead carrier for many agents were many declines with other carriers being approved level with SBLI. For example, COPD for Aetna/LBL getting declined and agents take it to SBLI and it gets approved instantly. Many other niche examples of this.

Yes, instant decision e-app or voice sign. A .pdf policy is available instantly.

The kicker is Sequoia Concierge is included in every plan which makes this product the most value packed FE product on the market for the price. Here's details. We integrated the benefits of Sequoia into our scripting to increase value, referrals and sales.

SBLI is not perfect. Every carrier has their downsides. Here's SBLIs:

- Little carrier support. SBLI runs lean and wants you to lean on your upline.
- Non commissionable policy fee.
- SS billing (1st, 3rd, Wednesdays), but not "true" SS billing if 1st/3rd falls on a weekend.
- New product, so still some bumps to smooth out but we've ironed out the majority of them already.

More details here: SBLIFinalExpense.com

Did you get to use the Sequoia plans? I tried calling the number numerous times and no one is picking up? Are they legit? how can SBLI and GTL work with them...