It doesn’t matter what you call them – proposal, hypo, quote, or illustration – they all provide similar information intended to help educate, inform, and inspire the client to take action.
(The close of that sentence is stolen from the goals of LTC Coffee Break. Which reminds me – check out LTC Coffee Break at LTCcoffeebreak.com where Michael Florio and I share ideas and information with you.)
Remember, illustrations for OneAmerica products can be generated a producer, a back office, or the OneAmerica sales team. And, regardless of who produces the illustration, the requirements are identical.
The biggest obstacle that we encounter when asked to run an illustration is lack of information. Often, we receive information about the client(s) – age, gender, state, and instructions to “show me your best solution”.
Well, that’s a little vague. I need a little more to help qualify what is mean by best. Do you mean what is the most monthly benefit that I can produce? Or, do you mean what is the biggest pool of money that we can generate over a specific period of time? Or, do you mean what is the lowest premium for a desire monthly benefit and benefit period? Or, is it something else?
Simply, what am I solving for – a premium amount or a benefit?
And, just as important, for what duration of time do you want benefits to be paid (2 years – for the life of the client – or somewhere in between)?
Finally, sharing a funding source and the duration of premium payments that you are looking for can also help find the most efficient funding strategy. Remember, premium options are recurring premium for 5,, 10, 20 years, or to age 95 or a single premium from cash, 1035 exchange of life insurance or annuity, or qualified money.
The long and the short of this thing is “my best offer” has a better shot at hitting the target if we know what we are shooting for – premium or benefit amount. Along with that, knowing what kind of benefit duration you are after and (if possible) the funding source will help fine tune the illustration.
“So – Fisher,” you say. “what do you need?”
Here are the mandatory pieces of information:
- state where policy will be issued
- single or joint policy
- age or date of birth of client(s)
- gender of client(s)
- product line (Asset Care or Annuity Care)
- duration of LTC benefit that you are after (will vary by product)
- solve criteria – benefit or premium
- if benefit, monthly LTC benefit or total LTC pool of benefit or base policy death benefit
- if premium, premium funding recurring or single premium
- if recurring, what duration to age 95 or 5, 10, 20 years
- if single, is money coming from cash or 1035 exchange or qualified money or a non-qualified deferred annuity
This may seem like a lot, but it is the BEST way to get the “best illustration”.
A final reminder, if you ask me (Kevin) to run an illustration – while I can run them with the best of them, I cannot guarantee a prompt turn-around. The best way to get an illustration is to contact your BGA, run it yourself using our Care Solutions Calculator, or contact your OneAmerica Internal Sales Partner.
If you need any assistance, please contact my internal sales partner Justin Fox or me. Justin can be reached at (844) 658-3725 and justinfox.isp@oneamerica.com. And, I can be contacted by phone/text at (678) 512-9627 and kevin.fisher@oneamerica.com
Fridays with Fisher 