Presentation on theme: "For Broker Use Only National Insurance Agency Critical Illness Ken Smith Director of Critical Illness & Disability 800/276-7619 ext 4409"— Presentation transcript:
For Broker Use Only National Insurance Agency Critical Illness Ken Smith Director of Critical Illness & Disability 800/ ext 4409
For Broker Use Only Attitude The Shoe Salesman
For Broker Use Only What is Critical Illness Insurance? It Pays a Lump Sum Benefit on the Diagnosis of a Covered Condition
For Broker Use Only Purpose Critical Illness Insurance was created to Remove Financial Stress so that the Person can Focus on Recovery Its About Survival
For Broker Use Only Opportunity We believe Critical Illness is the best opportunity our generation will have in the insurance business
For Broker Use Only Opportunity Meets A Need Not Met by any Other Product Makes a Difference in Peoples Lives No One Owns It - Everyone is a Prospect Sets You Apart
For Broker Use Only History of Critical Illness Developed by Dr Marius Barnard Originated in South Africa in 1983 Introduced in: England1987 Australia1990 Japan1993 Canada1994 US1999
For Broker Use Only Successful In Every Country Takes 5-7 years before sales start to develop Sales Ideas are transferable 20 years of Sales Ideas
For Broker Use Only CRITICAL ILLNESS ASG STRATEGY Quality Product Training – 2 hr. CE Sales Tools and Sales Support
For Broker Use Only Claims Experience UK Claims Paid AgeMaleFemale Under 4033%45% %35% %14% Over 61 9% 6% Average Age of Claims Paid: 43
For Broker Use Only Due to medical advancements: People are living longer More critical illnesses are being diagnosed People are surviving critical illnesses Survival has a price Medical Advances have changed our lives and are changing our world
For Broker Use Only Leading Causes of Death in 1900 Pneumonia12 % Tuberculosis11 % Enteritis 8 % Source: The Wall Street Journal, 08/27/01
For Broker Use Only Average Life Expectancy Source: National Center for Health Statistics 2002 People are living longer
For Broker Use Only Lifestyles – Today We Diet Smoke (Some of Us) Work more Sleep less Rush The Result: More Stress
For Broker Use Only Church Bulletin
For Broker Use Only Critical Illness Insurance Your chances of surviving are better than ever Heart and Stroke Statistical Update, American Heart Association 2000 Cancer Facts & Figures, American Cancer Society
For Broker Use Only Surviving has a price... Source: 2002 Cancer Facts & Figures, American Cancer Society Critical Illness Insurance
For Broker Use Only Survival Has a Price Indirect Expenses Loss of income for self and / or spouse Home modifications Experimental treatment Child care and domestic assistance Transportation and lodging for family members and caregivers during treatment
For Broker Use Only Fifty percent Of The Bankruptcies In The United States Are Due To A Serious Medical Condition Survival Has a Price Harvard Study 2005
For Broker Use Only Simplified Critical Illness Benefit Amounts $5,000 – $50,000 Issue Ages
For Broker Use Only 100% Benefits Invasive Cancer Heart Attack Stroke Major Organ Transplant (when registered with United Network Organ Sharing/UNOS) Alzheimers Disease Paralysis Renal (kidney) Failure Coma Major Burns As defined by the policy. May vary by state. Exclusions & limitations apply. Covered Conditions and Definitions Simplified Critical Illness
For Broker Use Only Simplified Critical Illness When you are diagnosed or require: Cancer in-situ Bypass Surgery Pays 10% of the maximum benefit for Angioplasty As defined by the policy. May vary by state. Exclusions & limitations apply. Pays 25% of Maximum Benefit
For Broker Use Only Simplified Critical Illness Return of Premium Death Benefit If you die while your policy is in force, you can receive: 100% of the premiums paid minus any claims or: The benefit amount (if from a covered condition)
For Broker Use Only Simplified Critical Illness Optional Benefits In the event you survive and do not have a covered condition, you can receive 100 percent of the premiums youve paid at age 75 The Return of Premium rider provides increasing percentages beginning in the fifth year. Return of Premium Rider
For Broker Use Only Simplified Critical Illness Optional Benefits Spouse Rider – can purchase any amount not to exceed primary insured Childrens Rider – amounts of $5,000 or $10,000 Waiver of Premium – total disability, 6 month elimination period – retroactive benefits Accidental Death Benefit – any amount up to the maximum benefit amount
For Broker Use Only Underwriting – Simplified Must Answer Questions No Must Be Within Build Guidelines
For Broker Use Only Underwriting - Simplified Build Guidelines
For Broker Use Only Underwriting - Simplified Tobacco Question- Has the proposed insured(s) used any tobacco or nicotine during the past 12 months? Tobacco Rates
For Broker Use Only Underwriting - Simplified Family History Have any two or more of the Proposed Insureds natural parents, brothers or sisters, either living or deceased, been diagnosed with the same condition(s) from the following list: Heart disease, stroke, diabetes, kidney disease or breast cancer prior to age 60? Colorectal cancer or Alzheimers or Senile Dementia prior to age 75? Any other same cancer in both relatives prior to age 55?
For Broker Use Only MIB Telephone Inspection Telephone Inspection every twenty-fifth App Underwriting - Simplified
For Broker Use Only Underwriting Simplified Issue – Assurity Advantage Fully Underwritten – Dont Promise a Policy Until You Have One in Hand
For Broker Use Only Markets Major Medical Deductible Co – Pays Other Expenses Not Covered
For Broker Use Only 50 percent of bankruptcies are due to a serious illness Harvard Study
For Broker Use Only Are You Selling A Stool With One Leg? Health Insurance
For Broker Use Only Are You Selling A Stool With One Leg? Association Critical Illness Health Insurance
For Broker Use Only If you could Increase Your Income by 40 Percent without talking to one additional prospect…
For Broker Use Only Ask your prospects If you have a major claim on your health insurance, what would be the reason?
For Broker Use Only Markets Mortgage Market Only 3% of Mortgage foreclosures are due to death 48% of mortgage foreclosures are due to a Critical Illness
For Broker Use Only Markets Supplement to Disability Income Self Employed Supplement to Group DI Occupations Not Eligible for DI Teachers Government Employees Police and Fire
For Broker Use Only What would you do if your employer asked you to take a 40 percent pay cut?
For Broker Use Only After going through Chemo therapy treatments for 5 or 6 months, will you want to go back to work as soon as you can perform the material and substantial duties of your occupation?
For Broker Use Only Personal Needs Analysis: If you were diagnosed with cancer or suffered a heart attack or stroke, would you want all or part of your mortgage balance paid off? What amount would meet your needs? OR In the event of a critical illness, would you want your credit card or other lines of credit paid in full? What amount would meet your needs? Or Six Months of Income $ $ $
For Broker Use Only How do you Sell Critical Illness? Forget the Statistics Doctors and good medicine created the problem People survive today! 50 years ago they would have died A Doctor created the Solution You need to help the client with options to attach the dollars ex. Mortgage, replacement of income, etc. Personal Debt
For Broker Use Only Presenting Critical Illness Organized Presentation Who do you know? History of Critical Illness & Dr Barnard Story Video
For Broker Use Only If you knew you would be diagnosed with cancer in the next 6 months, would you buy this?
For Broker Use Only Critical Illness was only accepted by 3% of the market in England 10 years ago. Now it is promoted by 99% of the same market. Peter Dodd Pegasus Life London, England November 1999
For Broker Use Only Do You Want to Know a Secret to Selling Critical Illness?