Wednesday, February 26, 2014
A GREAT PRODUCT FOR PARENTS AND GRANDPARENTS!
Occasionally we get a request for a ‘kid’s policy’ for someone’s child or grandchild and the agent is looking for a ‘standalone’ policy in instead of a term rider on the parent’s policy. When we get these requests, we go immediately to the Children’s Whole Life Insurance from United of Omaha. We are particularly fond of this product because;
1) Available for ages 14 days to 25 years
2) Available in face amounts of $5,000 to $30,000
3) Additional policies may be purchased in the future without evidence of insurability
4) Level premiums for the life of the policy (matures at age 100)
5) Simplified application
6) No medical underwriting and limited health questions
7) Builds cash values
8) Rates NEVER increase with age
9) Benefits NEVER decrease
CONSUMER FRIENDLY!
The attached Children’s Whole Life brochure can be handed (or mailed) to a parent or grandparent and they can calculate the rate themselves. The one page application can be completed in a couple of minutes and that makes this product one that you will want to keep on your desk and ready to present.
TOP NAME RECOGNITION!
Mutual of Omaha / United of Omaha has a 97% name recognition among your policyowners! Your clients will immediately recognize the name and think of Wild Kingdom. In addition to this product, Mutual of Omaha offers a complete line of universal life and term life products that are very competitive in the marketplace. They also offer some of the best underwriting in the country.
Give us a call for marketing material and illustrations - and,thank you for your business!
Don Boozer
Don Boozer & Associates
1-800-543-0886
Tuesday, February 18, 2014
Products and Markets
In this ever changing environment it is not easy to remember which products are designed for what marketplace. Today I am going to try to simplify this process for the life products offered by Protective Life.
TERM PLANS(?)
As most of you know, Protective is one of the companies that puts their term plans on a UL chassis. We are told that the reason for this is that the company is able to deliver the product at a cheaper rate than they could on a true term platform. In the case of Protective Life – the term(?) product is called the Custom Choice UL. As advertised, this product will nearly always pop up on the ‘Top 3’ when you are comparing term plans against the competition. Many times – it will pop up in the Number 1 position. This product is guaranteed convertible for the length of the guarantee period of the term not to exceed 20 years and age 70. This product is convertible (exchangeable) to the Advantage Choice UL and the Pro-Classic Universal Life products without evidence of insurability. Issue ages 18-75. The minimum face amount allowed on this product is $100,000.
ADDED BENEFIT: This product has an added benefit that I really like. At the end of the ‘guarantee period’ the death benefit reduces and the premium remains the same. On most plans – the death benefit stays the same and the premium multiplies tenfold. The only two companies that we represent that offer this ‘kinder, gentler’ option are Protective and Lincoln National.
LOW COST – NO CASH VALUE UL TO AGE 121
In this case the product is still the Custom Choice UL. You just illustrate it showing the length of time you want to guarantee the premium. In most cases – unless you ask me to do otherwise, I illustrate this product to age 105. When you need to have the absolute lowest premium on your product – many times THIS is the product.
LOW COST UL – SOME CASE VALUE:
This product is the Advantage Choice UL. Only a slightly higher rate than the Custom Choice and it has moderate cash values. Having cash values offers your client an ‘exit strategy’ that he will not get with the no cash value products. Ben Feldman used to say, “It is better to have cash than not to have cash.” It made sense then and it makes sense now. When you ask me to run a UL illustration for you and when the prospects are 55 or younger – generally I will run THIS product – simply because it is not much more money and it has the exit strategy. The minimum face amount on this product is $50,000 and it is issued between ages 18 and 85.
NEW AND EXCITING PRODUCT!
LOW COST UL WITH LOTS OF CASH VALUE!
Protective Life has just introduced their Indexed Choice UL product and it is a good one! We have 6 companies that offer an Indexed UL product. As this type of product gains in popularity so do the offerings from the companies. Approximately 40% of all UL sales are indexed products. If you have not been selling IUL because you don’t understand it – this is the product to start with (and possibly to stay with). It is very easy to understand and there are not a lot of ‘moving parts’ to confuse you and your clients. Where this product beats the rest is in the costs and fees associated with it. The insurance costs are lower than the competition – which means that more of the client’s money will be going to fund the cash values!
The only real difference between the fixed UL and the indexed UL is the way the company credits the interest!
Today more than ever, your clients are going to need help building their retirement nest-egg. This product is ideal for building a cash fund that can provide a ‘tax free income’ to your clients when they retire and keep paying it until they die! You may have a client who will not pay $100 per month for life insurance but would willingly put $500 per month into a retirement plan. We can illustrate it for you.
If you have a prospect who is self-employed and is earning a nice income, you can help them set up their own supplemental retirement plan that offers them the opportunity to share in the gains in the stock market but offers them a guarantee that their money will NEVER earn less than 1.00%. There is NO DOWNSIDE RISK to them.
Call us today and let us run illustrations for you on any of these great products.
Thank you for your business.
Don Boozer
Don Boozer & Associates
1-800-543-0886
TERM PLANS(?)
As most of you know, Protective is one of the companies that puts their term plans on a UL chassis. We are told that the reason for this is that the company is able to deliver the product at a cheaper rate than they could on a true term platform. In the case of Protective Life – the term(?) product is called the Custom Choice UL. As advertised, this product will nearly always pop up on the ‘Top 3’ when you are comparing term plans against the competition. Many times – it will pop up in the Number 1 position. This product is guaranteed convertible for the length of the guarantee period of the term not to exceed 20 years and age 70. This product is convertible (exchangeable) to the Advantage Choice UL and the Pro-Classic Universal Life products without evidence of insurability. Issue ages 18-75. The minimum face amount allowed on this product is $100,000.
ADDED BENEFIT: This product has an added benefit that I really like. At the end of the ‘guarantee period’ the death benefit reduces and the premium remains the same. On most plans – the death benefit stays the same and the premium multiplies tenfold. The only two companies that we represent that offer this ‘kinder, gentler’ option are Protective and Lincoln National.
LOW COST – NO CASH VALUE UL TO AGE 121
In this case the product is still the Custom Choice UL. You just illustrate it showing the length of time you want to guarantee the premium. In most cases – unless you ask me to do otherwise, I illustrate this product to age 105. When you need to have the absolute lowest premium on your product – many times THIS is the product.
LOW COST UL – SOME CASE VALUE:
This product is the Advantage Choice UL. Only a slightly higher rate than the Custom Choice and it has moderate cash values. Having cash values offers your client an ‘exit strategy’ that he will not get with the no cash value products. Ben Feldman used to say, “It is better to have cash than not to have cash.” It made sense then and it makes sense now. When you ask me to run a UL illustration for you and when the prospects are 55 or younger – generally I will run THIS product – simply because it is not much more money and it has the exit strategy. The minimum face amount on this product is $50,000 and it is issued between ages 18 and 85.
NEW AND EXCITING PRODUCT!
LOW COST UL WITH LOTS OF CASH VALUE!
Protective Life has just introduced their Indexed Choice UL product and it is a good one! We have 6 companies that offer an Indexed UL product. As this type of product gains in popularity so do the offerings from the companies. Approximately 40% of all UL sales are indexed products. If you have not been selling IUL because you don’t understand it – this is the product to start with (and possibly to stay with). It is very easy to understand and there are not a lot of ‘moving parts’ to confuse you and your clients. Where this product beats the rest is in the costs and fees associated with it. The insurance costs are lower than the competition – which means that more of the client’s money will be going to fund the cash values!
The only real difference between the fixed UL and the indexed UL is the way the company credits the interest!
Today more than ever, your clients are going to need help building their retirement nest-egg. This product is ideal for building a cash fund that can provide a ‘tax free income’ to your clients when they retire and keep paying it until they die! You may have a client who will not pay $100 per month for life insurance but would willingly put $500 per month into a retirement plan. We can illustrate it for you.
If you have a prospect who is self-employed and is earning a nice income, you can help them set up their own supplemental retirement plan that offers them the opportunity to share in the gains in the stock market but offers them a guarantee that their money will NEVER earn less than 1.00%. There is NO DOWNSIDE RISK to them.
Call us today and let us run illustrations for you on any of these great products.
Thank you for your business.
Don Boozer
Don Boozer & Associates
1-800-543-0886
Sunday, February 9, 2014
Don't just rope the moon, INSURE YOUR LOVE!
Life® Foundation's Insure Your Love campaign is here.
Download agent resources, as well as pre-approved
social media content from the LIFE Foundation (click here) to use throughout
the month of February.
And be sure to share the Insure Your Love consumer Website with your clients. Click here.
And be sure to share the Insure Your Love consumer Website with your clients. Click here.
Don't just rope the moon, INSURE YOUR LOVE!
Monday, February 3, 2014
Lane Boozer, 2014 President NAIFA Texas
In the 89 year history of NAIFA–Texas, there have only been 3 times where a father and son have both served as president - Lane Boozer (2014) and Don Boozer (1985-86).
On February 1, 2014, Lane Boozer was installed as the 89th president of
NAIFA-Texas. In a ceremony conducted by the NAIFA-National President
all of the officers were installed for the coming year. When Boozer’s
turn came, the podium was turned over to Don Boozer the 61st president
of the organization. In his remarks, he explained the pride that he had
with the opportunity to install his son as the group’s leader.
After installing Lane as President, Don retrieved an item from his
pocket. It was a ‘badge’ that he had been given 28 years ago by his son
when Don was installed as the president of what was then known as the
Texas Association of Life Underwriters.
Lane was attending a scout camp in Philmont New Mexico the summer of the installation while working toward his Eagle Scout designation. He traveled to Texas for the opportunity to celebrate with his father and hand him a badge that read engraved with the word “Prez.” Lane has served on the board of directors for NAIFA Texas, he has held every office of the organization and he has served as the chairman and moderator for the Texas Leaders in Life Insurance program. He is the Marketing Vice President of Don Boozer and Associates. He is also the father of Don’s cherished granddaughter, Addison.
Thursday, January 30, 2014
Get the Facts - Save the Deal!
A GOOD BUSINESS DECISION!
Most of us would not make a decision that involved our income without getting all of the facts in advance and acting on the facts that we got. This is just good business practice. However, almost daily, I see situations where an agent has reduced his or her chances of getting paid on a case by as much as 50%. That is bad, but what is worse is that they could do ONE THING differently and prevent that problem.
I am referring to the applications that we receive (or quotes that we are asked to run) where we have NO IDEA what the actual health situation is for the prospect. We look at the prospect and they don’t look like they weigh as much as we do – so we interpolate that we could probably get them a preferred risk (or if we aren’t wearing our glasses we might even think they will qualify for a select preferred rate – so we quote it that way and we submit the app).
WHAT WE DON’T KNOW:
What we don’t know from looking at the prospect is that his father died at age 45 of heart disease. Or we don’t know that her mother died at 50 from breast cancer. We don’t know that he chews tobacco when he mows the lawn or has a cigar when he plays golf. We don’t know that she races motorcycles on the week-ends. We don’t know that he is planning to travel to Iran to visit his relatives in October. We don’t know that he quit cigarettes last November. We don’t know that has asthma and is taking steroids. There is a LOT we can’t tell by looking at our prospects.
THE EASY SOLUTION:
We have talked about this before – but this is the ONE THING each of us can do to improve our bottom line – immediately. Please stick with me.
The solution is simple. When you have determined that the suspect is now a prospect, you say to them, “In order for me to give you and accurate quote, I need to ask you a few questions . . . “
1) Have you ever smoked cigarettes or do you use any tobacco product?
2) Have you ever been rated or declined for insurance?
3) What is your present height and weight?
4) Do You have high blood pressure or cholesterol issues?
5) Has any member of your family (parent or sibling) had a history of or died from breast, colon, prostate, ovarian, melanoma or lung cancer? OR have they had heart disease or any cardiac related condition?
6) Do you participate in any hazardous activities (sky diving, scuba diving, rock climbing, rodeo, auto or motorcycle racing)?
7) Do you plan to travel or reside outside the United States in the near future (you can’t ask this question in Florida)?
All of this information is on the “Pre-Qualification Form”. Click here to download. Most of it is in question form – so all you need to do is ask the questions on the sheet. If we run the illustration for you – you can just fax or email the questionnaire to us along with your plan description and we will use that information to give you what we believe to be the proper rate for your client. We are 90% accurate when we have the information.
Print off some of these forms and keep them handy. When the time comes – whip one out and dazzle your clients with your efficiency and thirst for the correct answers.
Thank you!
Don Boozer
DON BOOZER & ASSOCIATES
1-800-543-0886
Most of us would not make a decision that involved our income without getting all of the facts in advance and acting on the facts that we got. This is just good business practice. However, almost daily, I see situations where an agent has reduced his or her chances of getting paid on a case by as much as 50%. That is bad, but what is worse is that they could do ONE THING differently and prevent that problem.
I am referring to the applications that we receive (or quotes that we are asked to run) where we have NO IDEA what the actual health situation is for the prospect. We look at the prospect and they don’t look like they weigh as much as we do – so we interpolate that we could probably get them a preferred risk (or if we aren’t wearing our glasses we might even think they will qualify for a select preferred rate – so we quote it that way and we submit the app).
WHAT WE DON’T KNOW:
What we don’t know from looking at the prospect is that his father died at age 45 of heart disease. Or we don’t know that her mother died at 50 from breast cancer. We don’t know that he chews tobacco when he mows the lawn or has a cigar when he plays golf. We don’t know that she races motorcycles on the week-ends. We don’t know that he is planning to travel to Iran to visit his relatives in October. We don’t know that he quit cigarettes last November. We don’t know that has asthma and is taking steroids. There is a LOT we can’t tell by looking at our prospects.
THE EASY SOLUTION:
We have talked about this before – but this is the ONE THING each of us can do to improve our bottom line – immediately. Please stick with me.
The solution is simple. When you have determined that the suspect is now a prospect, you say to them, “In order for me to give you and accurate quote, I need to ask you a few questions . . . “
1) Have you ever smoked cigarettes or do you use any tobacco product?
2) Have you ever been rated or declined for insurance?
3) What is your present height and weight?
4) Do You have high blood pressure or cholesterol issues?
5) Has any member of your family (parent or sibling) had a history of or died from breast, colon, prostate, ovarian, melanoma or lung cancer? OR have they had heart disease or any cardiac related condition?
6) Do you participate in any hazardous activities (sky diving, scuba diving, rock climbing, rodeo, auto or motorcycle racing)?
7) Do you plan to travel or reside outside the United States in the near future (you can’t ask this question in Florida)?
All of this information is on the “Pre-Qualification Form”. Click here to download. Most of it is in question form – so all you need to do is ask the questions on the sheet. If we run the illustration for you – you can just fax or email the questionnaire to us along with your plan description and we will use that information to give you what we believe to be the proper rate for your client. We are 90% accurate when we have the information.
Print off some of these forms and keep them handy. When the time comes – whip one out and dazzle your clients with your efficiency and thirst for the correct answers.
Thank you!
Don Boozer
DON BOOZER & ASSOCIATES
1-800-543-0886
Tuesday, January 14, 2014
What is ROPWOC?
Why Not ROP?
If you will take a look at the attached illustration (click here) for “ROP Client” you will see a 20 year ROP plan from American General. This is an excellent ROP product and is representative of the marketplace. The client can pay the premium of $4,332.00 per year for 20 years and at the end of that time, cash in the policy for the $86,640 cash value. The client had the coverage for 20 years, didn’t die and got their money back at the end of the 20th year.
NOT a bad deal.
WHAT IF HE WOULD LIKE TO KEEP THE COVERAGE?
However, let’s assume that the client still needs the $300,000 of coverage at the end of the 20 year period – BUT they are uninsurable! They can NOT take the $86,640 and keep the coverage for a $24,741.00 (increasing) annual premium. The premium increases to $41,000 in four years and then it really gets expensive! There is no flexibility in this product – that is the downside.
WHAT IS ROPWOC?
ROPWOC (Return of Premium With Option to Continue) is a product that allows the client to reach the 20 year period and then decide if they would like to take the guaranteed cash value – OR keep the coverage for the same low rate they paid during the first 20 years . . . . guaranteed! This options puts the flexibility back into the product! A simple concept – a simple solution.
Take a look at the ROPWOC Client illustration now (click here). ROPWOC is actually the TransAce product offered by Transamerica Family Markets. The product has a very low premium. It is so low that it is actually less than most ROP Term plans! In a move to beat the ROP plans at their own game, Transamerica designed a plan that has a GUARANTEED return of premium at 15 years, 20 years and 25 years and then gives the client the opportunity to NOT take the cash value but to choose to keep the valuable coverage.
Thank you!
Don Boozer
DON BOOZER & ASSOCIATES
If you will take a look at the attached illustration (click here) for “ROP Client” you will see a 20 year ROP plan from American General. This is an excellent ROP product and is representative of the marketplace. The client can pay the premium of $4,332.00 per year for 20 years and at the end of that time, cash in the policy for the $86,640 cash value. The client had the coverage for 20 years, didn’t die and got their money back at the end of the 20th year.
NOT a bad deal.
WHAT IF HE WOULD LIKE TO KEEP THE COVERAGE?
However, let’s assume that the client still needs the $300,000 of coverage at the end of the 20 year period – BUT they are uninsurable! They can NOT take the $86,640 and keep the coverage for a $24,741.00 (increasing) annual premium. The premium increases to $41,000 in four years and then it really gets expensive! There is no flexibility in this product – that is the downside.
WHAT IS ROPWOC?
ROPWOC (Return of Premium With Option to Continue) is a product that allows the client to reach the 20 year period and then decide if they would like to take the guaranteed cash value – OR keep the coverage for the same low rate they paid during the first 20 years . . . . guaranteed! This options puts the flexibility back into the product! A simple concept – a simple solution.
Take a look at the ROPWOC Client illustration now (click here). ROPWOC is actually the TransAce product offered by Transamerica Family Markets. The product has a very low premium. It is so low that it is actually less than most ROP Term plans! In a move to beat the ROP plans at their own game, Transamerica designed a plan that has a GUARANTEED return of premium at 15 years, 20 years and 25 years and then gives the client the opportunity to NOT take the cash value but to choose to keep the valuable coverage.
Thank you!
Don Boozer
DON BOOZER & ASSOCIATES
Monday, January 13, 2014
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