Thursday, May 20, 2010

Other Insurance Services

I just had the most interesting meeting with an industry veteran who shared his afternoon with us about what he thinks the insurance industry will look like in 3 or 4 years.  My first take from him was that it was just another carrier looking to wholesale his products out to new agents and I'm fine with that, but sometimes those are really boring and we usually have a lot of pressing matters at hand which usually makes these meetings obnoxious.  

However, Richard Wilkes of Humana brought and obvious point to light when he said that the new mandate will be that 85% of premiums paid to the insurance company must be paid back to the customers.  Wow, I knew that was one of the policies changing with the reform bill but this had just hit me.  Insurance companies will be left with 15% of their income to, pay agents, pay employees, and market to potential clients.  This doesn't leave a whole lot to spread around.  

I had heard the reform bill could possibly cut agents commissions, and Richard's insights seem to have driven that point home.  My last question to him was, "So is there any hope for new agents?" and his response was "Absolutely!  40 million folks will be turning 65 very soon."  I didn't think I'd be into that market.  We have Crawford for that and he handles most if not all of our senior services inquiries.  Richard did however share several new products that I could market to them.  Memorial fund, critical illness plans, disability insurance, and junior estate builder all through Humana make up what he has shown me.  These are wonderful for the 65 and over crowd are easy enough for me to explain lol.  

Memorial Fund- is a permanent whole life policy that has a benefit up to 25,000 and also has guaranteed cash values.  It is great for funeral expenses, medical bills, legal fees, taxes and other expenses.  This fund also has an option that allows you to pay for only 10 years and is done, no more payments forever.

Critical Illness Cash Plan- Every 34 seconds someone in the United States suffers a heart attack.  This plan will give you guaranteed cash if you 1: have a heart attack, 2: diagnosed with cancer, or 3: need a transplant.  It will even cover loss of sight, loss of speech, permanent paralysis, etc.  This policy comes with a return of premium rider option, so after 20 years you can receive a full refund of all premiums paid.

Disability Insurance- Consider this plan a paycheck protector plan.  If you become totally disabled as a result of sickness or injury, this plan will provide you with a monthly income.  Remember the duck commercial where Yogi Berra says, "If you get hurt and miss work, it won't hurt to miss work".  I love Yogi.

Junior Estate Builder- allows protection for a child or grandchild and provides financial security for a lifetime.  It starts out with term life and converts to whole life at age 25.  The whole life policy builds cash value with the option to increase coverage.  Plan one is $35/yr for 15,000 and Plan 2 is $45/yr for 20,000.

These lines are what I carry through Humana.  If you would like to know more about these just email me.  I have a variety of other products that go along with Health and Life Insurance.  We also offer Identity Theft Solutions.  I don't have a lot of details, but I can get that information for you.  Don't hesitate to call or email.  

Until next time, lata brochacho!

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