Why sell this product? Quick issue, paid in a day, adding living benefits including critical illness, chronic illness and terminal illness. Sell based on value, NOT PRICE!
How to best to sell living benefits term? Sell based on A vs B approach: "Option A you can have $500k of life insurance and access up to $500k of your death benefit if you have a heart attack, cancer or stroke all without having to go through the inconvenience of medical exam for $85/mo....vs. option B with only the $300k of life insurance with a medical exam for $65/mo. Which would you prefer?"
Who sells this product? Mostly telesales agents, but also traditional agents and FE agents.
What environment does it sell best in? Phone sales, health insurance call centers, P&C office selling quick issue term to Middle America.
How to process business? Applications are taking electronically via Phoenix website portal via esign or paper. Your first application must be a paper application. Agent self manages business by checking status. Policies are sent to agent.
Underwriting process? Express is a Simplified Issue knockout confirmed with mib, rx, mvr priced at table 4. While Safe Harbor Term will be reviewed by a live underwriter who may order an APS with starting pricing at standard.
Commissions cycle? Get paid daily, 75% advance with commissionable policy fee.
Why get a contract with us? Beyond offering the top street level contract, we keep you up to date on products, recurring training, lead opportunities etc.
What are the cons of this product? AM Best "B" rated carrier and the conversion options aren't great. Example being a 30 year term has 10 years to convert to a permanent policy.