Insurance Premiums

The insurance industry simply is not addressing the real needs of the insurance agent. The insurance industry's answer is all product based while the delivery system continues to move at a snails pace. The agent's job has simply become more burdensome, Insurance applications are growing in size some anywhere between 13 to 30 pages and are prone to error prone for the insurance agent. Underwriting guidelines vary by carrier with ever so slight differences but if ignored often times lead to a case going incomplete. Application procedures vary by carrier with no consistency in the industry as to forms or procedures. Agents devote more times to fulfilling requirements, checking status and other administrative duties than the do selling. The industries answer, more products, more paperwork. We did find one company willing to make the insurance agents job simpler, to find out more go to http://www.bestinsurancecarriers.com>

Term Life Insurance Policy Insured's wonder why it can take between 30 to 90 days to receive their policy while their interest starts to drop affecting placement ratios. Momentum is the key to closing sales yet the insurance companies bring that to a standstill. Commissions motivate agents, yet they make a sale and it may be months before they see their reward.

Broker (1) A commissioned sales agent who is under contract to and sells the insurance products of more than one insurance company. (2) For a career agent, to submit insurance applications to companies other than the agent’s own company. Bundled Insurance Product A life insurance product in which the mortality, investment, and expense factors used to calculate premium rates and cash values are not identified separately in the policy. Traditional whole life insurance is an example of a bundled insurance product.

Life Insurance The insurance carrier's answer to technology to help the agent is creating a website. Several companies today still have forms that can't be completed on a computer. Innovation comes from the field force not the insurance companies because there are a few people in the field who aren't afraid to try something new and take chances. Insurance executives are not risk takers and are afraid of attempting something new out of fear of failure and the reprisals from management above. They operate on the basis of if you make no decisions you can't make a wrong decision.

Term 20 life insurance, popular with young families, offers a premium guaranteed not to change for 20 years.

Insurance Life Premium What the agent needs today is help to get them out of the process and back to selling. Give them a simple platform that allows them to work with several carriers with a consistent look and feel. Create underwriting tools that make the selection of underwriting classes and risks simple through using menu driven programs. Help the agent in the proper completion of the application using professionals to eliminate omissions and errors while eliminating the need for wet signature requirements with the use of electronic signatures where possible.

One major company offers a rider to a certain whole life insurance policy which allows the insured to increase their life insurance coverage by purchasing up to $100, 000 on each of 9 option dates between the insured's age 22 and 46, for a total of $900, 000 of additional guaranteed future insurability! If life insurance waiver of premium is included and the insured is totally disabled on an option date, the options can still be exercised. As long as the total disability continues, the insurance company will pay for the premium on the policies!

Health Insurance Policy Give the agents answers to their questions before they ask them thru daily delivery of case status instead of making them go to some website. create a library of past questions from agents with the answers with search capabilities that an agent can access when needed. Adopt an industry format and language so these reports are consistent between carriers and easy to understand. One agency decided to step up to the plate, http://www.bestinsurancecarriers.com

Vantage Point Term ( TLNCVG05 et al)-, year, year, participating term life insurance to age 80 with a return of premium provision .

Health Insurance Technology is being embrace by other industries while the life insurance industry seems to be the last to get the news. When PJP Insurance Services this year decided to convert to imaging they found that only 2 of our 8 carriers could even accept those images.

Deferred Premiums Premiums that are due after an insurer’s Annual Statement date but before the next policy anniversary. Demutualization The process of converting a mutual insurance company to a stock insurance company. Dependent Life Insurance Group life insurance made available to group members, usually on an optional and contributory basis, to cover the spouse, children, or other dependents of the group member. It is usually sold in small amounts which are intended to pay funeral expenses.

Insurance Life Premium Return PJP Insurance Services, Inc. spent 12 months addressing all these issues and created solutions. After only 7 months of operation thru only word of mouth marketing over 300 agents are now operating in a system designed to address their needs. Agents are reporting increased sales activity with 90% less hassles. This is the insurance agents dream more time to sell, and leave the paperwork to someone else.

Whole Life Insurance Policy For more information www.bestinsurancecarriers.com

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Insurance Life Premium Whole Dave Hackbart
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