Monday, October 22, 2012

Uninsured or Uninsurable?


Genworth published its 2012 LifeJacket Study this year and the results are startling. The issue that caught my attention is that a large number of people who have health issues view themselves as uninsurable

In reality – many of them can be issued ‘standard’ or even ‘preferred.’ Want to create some sales next week? When you talk to folks who have some of the following ‘ailments’ convince them that modern medicine and current underwriting have taken into account their situation and that there are really low rates available on term and universal life products for them.

According to the study, more than 118 million adults in the U.S. age 18 and above don’t have life insurance coverage, more than half the adult population (52%). This compares with 51% of U.S. adults who were uninsured in 2011.

2012: Entire U.S. Adult Population 18+ (226 million)

· 52% are uninsured; approximately 118 Million

· For those with Life Insurance, $152K is the average coverage amount

2011: Entire U.S. Adult Population 18+ (223 million)

· 51% are uninsured; approximately 114 million

· For those with Life insurance, $155K is the average coverage amount

*Mid-point averages were used in life Insurance coverage amount calculations.

Within each of the populations identifying with the health conditions below*, a sizable portion is uninsured:

· Anxiety: 15 million total, 8 million (53%) with no life insurance – STANDARD TO PREFERRED **

· Asthma: 13 million total, 7 million (54%) with no life insurance – STANDARD **

· Depression: 17 million total, 9 million (53%) with no life insurance – STANDARD **

· High cholesterol: 26 million total, 10 million (39%) with no life insurance – PREFERRED TO PREFERRED PLUS **

· Hypertension: 25 million total, 10 million (40%) with no life insurance – PREFERRED TO PREFERRED PLUS **

· Overweight: 24 million total, 11 million (44%) with no life insurance – STANDARD **

· Sleep apnea: 12 million total, 5 million (42%) with no life insurance – STANDARD **

** Suggested ratings added


One phone call - hundreds of options!

1-800-543-0886

Tuesday, October 16, 2012

Case Declined? Call us!



It has happened to all of us. We have a nice case and the underwriting process picks up something that wasn’t disclosed in the interview or on the application. As a result, the case is rated or even declined. At Don Boozer and Associates, our business is to take these rated and declined cases and turn them into commission dollars. Much of the time, we are successful.



If you have a case that didn’t quite materialize, let us take a look at it. If we can help we can generally tell you within a couple of days. If we can’t – we will tell you up front.



THIS WEEK’S SUCCESS STORY:


Male 38 non tobacco user, 5’ 11” tall, 365 pounds. Type II diabetic controlled with oral meds. 


$1,000,000 Universal Life
TEN COMPANIES DECLINED.


Our offer; Table 8
$947.05 monthly premium



Allow us the opportunity to help you. We will both be happy you did.



One phone call - hundreds of options!

We'll do the research for you!


800-543-0886

Wednesday, October 10, 2012

AG-38


INCREASED RESERVES!

You may not have heard that AG 38 (Actuarial Guideline 38) will require life insurance companies to hold more reserves for products that contain a 'secondary guarantee' or a death benefit guarantee. These changes were adopted September 12, 2012 and will go into effect for new sales dated on or after January 1, 2013. When they go into effect the UL rates will increase!


HIGHER PREMIUMS!


RATES WILL GO UP. It is just a matter of how much. If you have any clients who are 'on the fence' about converting their existing term, or buying new universal life policies - NOW IS THE TIME and the clock is ticking. In actual reality - there is probably about a 60 day window starting NOW.


WE HAVE COMPETITIVE UL PRODUCTS!


If you want to get the absolute lowest UL rate for your client - give us a call. We can help you. 




One phone call - hundreds of options!
 
We'll do the research for you!
 
800-543-0886