Life & Final Expense

Running quotes

Run a quote

Want a quote? Compete the forms below and send to support@sparkadvisors.com if the quote is not for a guaranteed issue plan.

Appointments

• You typically get appointed when you have a life policy to sell. Don't need to do pre-appointments.

Types of products

• Final expense: where you start, simplified underwriting small-life policy that's good for senior Medicare clients.
• AIG Guaranteed issue: get the policy without the same strict underwriting.
• Products to start with: AIG Final Expense (Guaranteed Issue), Gerber Life, Mutual of Omaha Living Promise, Aetna, Sons of Norway
• Fixed annuities: don't need an extra license to sell it, and typically a much better alternative if the client has money in CDs
• Most importantly: typically check in advance of policy being sold (esp. annuities) given that they're dealing with so much money.

Details by client type:

(carriers to start with: GTL, Gerber, Mutual of Omaha, Aetna, AIG)

1. Higher Income Clients that are Healthy (Target Ages 18-60)
1. Indexed Universal Life – North American Builder Plus IUL, Protective Life Indexed Choice UL, Lincoln Financial Wealth Accumulate IUL
2. Hybrid Life/LTC – Lincoln Moneyguard
2. Middle Income Clients that are Healthy (Target Ages 18-60)
1. Guaranteed Universal Life – Permanent insurance with little to no cash value accumulation. Cheapest form of permanent insurance. Available carriers include Protective Life, North American, Nationwide, American General.
2. IUL Express (Non-Med) – More affordable IUL option with no medical exam. Face amounts from $25k - $300k with cash value accumulation. Mutual of Omaha IUL Express is the only plan on the market that is non-med and has excellent rates.
3. Term Insurance – Very affordable for lower to middle income clients that are in good health. Top products are GTL Turbo Term (Non-Med up to $1Mil), Mutual of Omaha Term Life Express (Non-Med up to $300k) and fully underwritten plans such as North American Advantage Term, Protective Life Classic Choice Term, Foresters Your Term
3. Final Expense (Target Ages 60-85)
1. Immediate Benefit Plans – Simplified Issue, non-medical whole life plans with first day coverage. Lenient underwriting and quick to issue. Face Amounts range from $5,000 - $50,000 depending on the carrier. Great plan for clients looking for small death benefits and quick issue. (Americo, Cigna, Foresters, Mutual of Omaha)
2. Graded/Modified Plans – For clients with multiple health issues that otherwise have been declined from Immediate Final Expense or any other type of life insurance. These plans are simplified issue, non-medical and have only a few health questions. These plans have a limited death benefit for the first 2 years. Better than a guaranteed issue because these pay out roughly 30% for death in 1 year, 60% for death in 2 year and then full benefit year 3+. (Cigna, Foresters, Mutual of Omaha)
3. Guaranteed Issue Final Expense – For clients that cannot pass underwriting. Clients are automatically accepted regardless of their health. All guaranteed issue plans have limited death benefit for the first 2 years where they will receive Return of Premiums plus 10% interest and then the full benefit if death occurs year 3+ (AIG, Americo, Gerber Life)

View an Introductory Presentation below: