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I am looking at getting a 61 year old male a graded benefit policy. Who do you guys use? Thanks.
Who Do You Guys Use for Graded Benefit Policies? Who is the Best?
- Thread starter AtlantaLife&Health
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- 1,118
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
Assurity. One application for SIWL, graded, or modified. Decent rates, fine underwriting, easy as pie. Pays well, too.
Graded on a 61yo will issue up to $35,000. Non-tobacco, he can get $15k for $95.62 a month, $25k for $157.89 a month, $35k for $220.17 a month.
Assurity. One application for SIWL, graded, or modified. Decent rates, fine underwriting, easy as pie. Pays well, too.
Graded on a 61yo will issue up to $35,000. Non-tobacco, he can get $15k for $95.62 a month, $25k for $157.89 a month, $35k for $220.17 a month.
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Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
THANK YOU As a new member I am so happy to see you took some time and provided a precise answer to this persons question
THANK YOU As a new member I am so happy to see you took some time and provided a precise answer to this persons question
- 1,310
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
United Home Life cannot be beat for the value of their graded plan. Also, as a sideline, their commissions are NOT REDUCED for writing a graded plan! With many carriers, the commissions are HALF for writing a graded benefit plan.
$10,000 is $63.95 per month
$15,000 is $93.60 per month
$25,000 is $152.89 per month
Also, with United Home Life's graded policy, they get a 5% inflation rider that increases the face amount 5% every five years. They also get, at no extra charge, a hospital premium waiver of 3 months if they're hospitalized. And lastly, a free Identity Theft waiver of premium for 3 months if they're a victim of ID theft.
This is one of the strongest graded benefit policies on the market now (and their commissions cannot be beat!)
-Chris
United Home Life cannot be beat for the value of their graded plan. Also, as a sideline, their commissions are NOT REDUCED for writing a graded plan! With many carriers, the commissions are HALF for writing a graded benefit plan.
$10,000 is $63.95 per month
$15,000 is $93.60 per month
$25,000 is $152.89 per month
Also, with United Home Life's graded policy, they get a 5% inflation rider that increases the face amount 5% every five years. They also get, at no extra charge, a hospital premium waiver of 3 months if they're hospitalized. And lastly, a free Identity Theft waiver of premium for 3 months if they're a victim of ID theft.
This is one of the strongest graded benefit policies on the market now (and their commissions cannot be beat!)
-Chris
Here's a video on the graded benefit plan:
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- 4,688
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
If this insured (who is graded) dies say 5 months later..does the agent receive a full charge back or a prorated charge back?
If this insured (who is graded) dies say 5 months later..does the agent receive a full charge back or a prorated charge back?
- 1,310
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
On all companies I know about, the agents get a full chargeback on graded policies if the insured dies within the first year. The insurance company loses a lot of money in such cases with the plan (the underwriting, premium debits, case setup, admin., etc.) and the agent is just made back to $0 earned.
This would mean that if you know someone's on their death bed, not a good idea to write a graded policy. It's not good for the client, the insurance company, or you the agent. Often, we have to just be honest with them and explain that.. for example, you cannot get property and casualty insurance on a house that's on fire. That is not the purpose of insurance.
On all companies I know about, the agents get a full chargeback on graded policies if the insured dies within the first year. The insurance company loses a lot of money in such cases with the plan (the underwriting, premium debits, case setup, admin., etc.) and the agent is just made back to $0 earned.
This would mean that if you know someone's on their death bed, not a good idea to write a graded policy. It's not good for the client, the insurance company, or you the agent. Often, we have to just be honest with them and explain that.. for example, you cannot get property and casualty insurance on a house that's on fire. That is not the purpose of insurance.
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
Presidential Life is pretty good as well. No questions (other than replacement). 100% charge-back on comp if death in first 6 months of the policy, 50% charge-back months 7-12, if client lives one year + you are home free.
Presidential Life is pretty good as well. No questions (other than replacement). 100% charge-back on comp if death in first 6 months of the policy, 50% charge-back months 7-12, if client lives one year + you are home free.
- 18,988
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
The best policy for the client is MoO. It's a true GI and their prices cannot be beat.
They do have a $10,000 max. For this 61 year old male, the premium for $10,000 whole life 2 year graded is $55/mo.
If they buy direct from MoO, it's ROP plus 10% for the first 2 years. If they buy it from an agent, it's ROP plus 20% for the first 2 years.
If you want what's best for the agent, go with LH. They do not charge the agent back for earned commissions if the client dies in the first year.
The best policy for the client is MoO. It's a true GI and their prices cannot be beat.
They do have a $10,000 max. For this 61 year old male, the premium for $10,000 whole life 2 year graded is $55/mo.
If they buy direct from MoO, it's ROP plus 10% for the first 2 years. If they buy it from an agent, it's ROP plus 20% for the first 2 years.
If you want what's best for the agent, go with LH. They do not charge the agent back for earned commissions if the client dies in the first year.
- 1,310
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
I believe I saw that you posted this elsewhere about Mutual of Omaha's policy, but that it cannot be sold by independent agents.. is that right?
I saw a policy description about it once and have even seen it in my client's homes in direct mailers.
Can agents sell it? If so, what is the commission?
If not, kind of a moot point.
I believe I saw that you posted this elsewhere about Mutual of Omaha's policy, but that it cannot be sold by independent agents.. is that right?
I saw a policy description about it once and have even seen it in my client's homes in direct mailers.
Can agents sell it? If so, what is the commission?
If not, kind of a moot point.
- 18,988
Re: Who Do You Guys Use for Graded Benefit Policies? Who is the B
Some agents can sell it. It's only available for captive agents now. I am not one that can sell it, but, I do refer it out when I run into a need that's best for the client.
What's best for the agent is not always what's best for the client. For the agents that can sell MoO, I believe the commission is pretty low, like 35% or thereabout.
If I didn't have a friend that could write it, I would have the person call direct and enroll.
Some agents can sell it. It's only available for captive agents now. I am not one that can sell it, but, I do refer it out when I run into a need that's best for the client.
What's best for the agent is not always what's best for the client. For the agents that can sell MoO, I believe the commission is pretty low, like 35% or thereabout.
If I didn't have a friend that could write it, I would have the person call direct and enroll.
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