11/11/2009 - Corporate Term-Focus 10
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Focus 10 - Uncovering Your Client's Needs |
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As you probably know, Focus 10 is an employer paid, Simplified Issue, individual policy, term life insurance program. With Focus 10, an employer is able to provide a large amount of life insurance to Executives, Managers, and other key employees, without medical exams or records!
Eligible "white collar" employees qualify simply by satisfying an "actively at work" requirement.
Focus 10 offers some unique advantages over other employer paid life insurance products, such as group term life. |
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Sales professionals know the power of asking the right questions to help identify a client's needs.
By asking probing questions, you can uncover areas where your clients have a need they may not even realize exists.
With that in mind, we offer the following situations (compelling issues) where Focus 10 could provide an ideal solution, along with questions you can ask to determine
the client's needs.
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Need higher life insurance benefits without a physical exam. |
Are your senior executives/partners satisfied with their life insurance benefit?
What is holding you back from providing your key employees more life insurance?
Are you concerned about the problems inherent with providing evidence of insurability? |
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An aging employee population is facing life insurance benefit cutbacks. |
Are you aware that as your key employees age, they face a reduction and ultimate elimination of their life insurance benefit?
Does your current plan allow employees to preserve their benefits? Can they convert to an affordable permanent policy? |
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Unpredictable and potentially rising life insurance costs are a concern. |
Have you experienced an increase in your group term life insurance cost because of the death of a key employee?
Can your current carrier guarantee your rates for the next 10 years? |
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The portability of the employer's current life insurance policy is too expense to justify. |
Would every key employee be able to take their life insurance policy with them upon retirement? And if they could, what would your cost be? | |
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Simplified Issue Guidelines
As you might expect with any Simplified Issue program, each Focus 10 plan is subject to a set of rules or guidelines to help protect the carrier from adverse selection. Some of the basic guidelines are as follows:
- Targeted to white-collar occupations
- Minimum lives: 20*
- Maximum Benefit: $20,000 times # of lives, to $1.5 million*
- Face Weighted Average Age = 50.00 or less*
- Minimum face amount: $50,000
- Maximum Benefit Multiple Between Classes = 2.5*
- Maximum Issue Age: 70 at nearest birthday
Plans that meet all guidelines are readily approved for sale.
* Exceptions allowed with prior approval |
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How to Obtain a Quote
Simply e-mail the census, preferably in Excel, to cki@calkinskramer.com
In addition to Employer Name, the census should include:
- Employee Name
- Date of Birth
- Gender
- Tobacco status, if known. (Otherwise we will assume all are non-tobacco)
- Benefit Amount (or salary and benefit formula)
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