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Agent Training Presentation

Home Mortgage Series. Agent Training Presentation. Overview Basic Benefits Optional Benefits Product Details Underwriting Competitive Advantages. Home Mortgage Series Overview. Term life insurance policy with optional riders that may: Help pay the mortgage at death.

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Agent Training Presentation

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Presentation Transcript

  1. Home Mortgage Series Agent Training Presentation • Overview • Basic Benefits • Optional Benefits • Product Details • Underwriting • Competitive Advantages

  2. Home Mortgage SeriesOverview Term life insurance policy with optional riders that may: • Help pay the mortgage at death. • Refund up to 100% of base premiums at the end of the level premium period upon request. 1 • Pay the mortgage payment during total disability.2 • Waive the premium during periods of total disability and involuntary unemployment.2 • Pay a lump sum of cash if diagnosed with a qualifying critical illness.2 1 HMS with Cash Back Option builds a cash value which can be returned to you upon request, less any loans, if policy is terminated. Cash values grow at 1.5% annually after the guaranteed level premium period. HMS with Cash Back Option available for an additional charge. 2 Riders are optional and available at an additional cost. Rider availability may vary by state. Disability Income Rider (Rider Series 2145/2145C); Waiver of Premium for Disability Rider (Rider Series 2100/2130); Involuntary Unemployment Waiver of Premium Rider (Rider Series 2140/2140C); Critical Illness Accelerated Death Benefit Rider (Rider Series 2139/2139C). Policy Series 286/287

  3. Home Mortgage SeriesOverview Policy Series 286/287

  4. Home Mortgage SeriesOverview Policy Series 286/287

  5. Home Mortgage SeriesCash Back Option • Cash value, net of any loans, will be paid to the owner of the policy if the policy terminates for any reason other than death. • The policy guarantees that the cash value at the end of the guaranteed level premium period will equal 100% of the premiums paid on the base policy. Policy Series 286/287

  6. Home Mortgage SeriesCash Back Option • Cash Back Option Example: • Male, Age 40, Non-Nicotine, $150,000 HMS with a 30-year Guaranteed Level premium period • Annual premium is $1,146 • After 30 years, cumulative premium is $34,380 • Guaranteed Cash Value at the end of the 30th policy year is $34,380 Policy Series 286/287

  7. Home Mortgage SeriesOptional Benefit Riders • Disability Income Rider (Rider Series 2145) • Waiver of Premium Rider (Rider Series 2158)1 • Involuntary Unemployment Waiver of Premium (Rider Series 2140) • Children’s Term Rider (Rider Series 2018/2135) • Accidental Death Benefit Rider (Rider Series 2111) • Critical Illness Accelerated Benefit Payment Rider (Rider Series 2139) 1 • Additional Insured Term Rider (Rider Series 2136) • 1 Cannot be purchased together. • Riders are optional and available at an additional cost. Riders are not available in all states. Policy Series 286/287

  8. Home Mortgage SeriesOptional Benefits Disability Income Rider • DI definition – “own occupation” • Maximum per month • Lesser of: • 2% of face amount • $2,000 ($1,500 for government workers) • 60% of gross earned income (40% in CA) • Benefit period – 1 or 2 years • Waiting period – 90 days Disability Income Rider (Rider Series 2145). Riders are optional and available at an additional cost. Riders are not available in all states. Policy Series 286/287

  9. Home Mortgage SeriesOptional Benefits Waiver of Premium • After 180 consecutive days of disability, Americo may waive premiums for the remainder of the disability and reimburse clients for the first 180 days of the disability.1 Children’s Term Rider • Issue ages – 15 days to 18 years • Up to $15,000 of coverage per child, convertible up to 5 times the face Waiver of Premium for Disability Rider (Rider Series 2100/2130); Children’s Term Rider (Rider Series 2018/2135). Riders are optional and available at an additional cost. Riders are not available in all states. 1 This Rider terminates on the earliest of: the policy anniversary nearest the insured’s 60th birthday if the insured is not disabled at the time, on the date the insured recovers if disabled on the policy anniversary nearest the insured’s 60th birthday, or the date the base policy terminates. Policy Series 286/287

  10. Home Mortgage SeriesOptional Benefits Critical Illness Accelerated Benefit Rider • Cancer (life-threatening) • Heart attack • Stroke • Renal failure • Major organ transplant • Paralysis Payout: • Payable on diagnosis • Minimum - $10,000 • Maximum - lesser of 50% of policy face or $200,000 • Reduces death benefit Qualifying events are subject to state variations. Policy Series 286/287

  11. Home Mortgage SeriesProduct Details Issue Amounts: HMS • Minimum - $25,000 • Maximum - $400,000 ($250,001-$400,000 with Saliva Test) Policy Series 286/287

  12. Home Mortgage Series Underwriting Key items to the field • Dedicated, accessible sales support team – 800.231.0801 • Thru $400,000 non-medical per life • Application packet - online • Jet issue - 5 days • No proof of mortgage required2 Average policy is issued in 72 hours!1 1 Assuming no medical records are required. 2 In group states, policyowner or proposed insured(s) must have an interest in real estate at time of issue. Policy Series 286/287

  13. Home Mortgage SeriesUnderwriting Key items to the field • DI definition – “own occupation” • Faxed apps accepted (800.395.9261) • Scanned apps accepted • Draft for first premium • Commissions paid daily via EFT Policy Series 286/287

  14. Home Mortgage SeriesSales Idea Situation • John and Susan have a $150,000, 30-year fixed mortgage. Solution • John purchased a 25-year term Home Mortgage Series policy with the cash back option. • For $154 a month, John will have $150,000 of coverage for 25 years. (Based on a 35 year-old male, non-nicotine.) Policy Series 286/287

  15. Home Mortgage SeriesSales Idea Outcome • At the end of 25 years1, they will have paid $46,341 in premium. At this time, their cash value will equal $ 46,341. They can terminate their policy and receive the cash value of $46,341 – to use in any way they wish. • They will still have $42,670 left in the principal balance of their mortgage.2 They choose to take their cash value and pay off the principal balance. • This will save them nearly $5,644 in interest payments, and they will still have over $3,671 to spend as they wish. 1 Assuming the policy stays in force and monthly premiums are paid. 2 Assuming a 5% interest rate on the 30-year fixed mortgage and no prepayments. Policy Series 286/287

  16. IMPORTANT DISCLOSURES Products are underwritten by Americo Financial Life and Annuity Insurance Company, Kansas City, MO, and may vary in accordance with state laws. Some products and benefits may not be available in all states or for all periods. Certain restrictions apply. Consult policy contract, and riders for all limitations and exclusions. The company reserves the right to contest coverage for up to two years due to any misrepresentations in the application. If the insured, sane or insane, dies by suicide while the contract is in force and within two years (one year in Colorado, Missouri, and North Dakota) after the issue date, the proceeds payable will be limited to the sum of premiums paid less any indebtedness. See Missouri contract for special provisions regarding suicide. Neither Americo Financial Life and Annuity Insurance Company nor any agent representing Americo Financial Life and Annuity Insurance Company is authorized to give legal or tax advice. Please consult a qualified, professional legal or tax advisor regarding the information and concepts contained in this material. Americo Financial Life and Annuity Insurance Company is authorized to do business in all states and the District of Columbia, except NY and VT. 16

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