GBS News: 10 Ways to Boost Sales | Drop Ticket Required for Term | Omaha LTC Age Restrictions Lifted | and more
Published on
September 08, 2020
10 Ways to Boost Sales for Life Insurance Awareness Month
As we embark on Life Insurance Awareness Month, we’ve compiled a list of simple selling tips to help you kickoff the month and reach your fullest potential. These basic concepts can help you increase the size of your cases, your application count and make it another banner year! Item #1 on the list is our Quick Life Estimator, an interactive PDF form that calculates your clients’ total insurance need “on the fly” right in front of clients. Check out our blog for the rest of the top ten list and contact us for more information or quote requests.
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Principal Term Apps $1M or Less Must Be Submitted via Drop-Ticket
Beginning September 8th, all Term Applications with a face amount of $1 million or less must be submitted via Drop-Ticket, which will automatically cycle through Accelerated Underwriting (if the client qualifies based on age and face amount) unless opted out. Temporarily, e-apps or paper apps will no longer be accepted for Term $1 million or less. Using this approach can have significant benefits for you and your clients. Case turnaround times can be improved by up to 60%, and you can receive underwriting decisions up to 20 days faster, on average.
In addition, effectively immediately, all informal reviews/trial offers are being temporarily suspended.
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Omaha LTC Age Restrictions Now Lifted in All States
Effective August 24th, Mutual of Omaha has started accepting LTC applications for clients age 65 and over in California, Oregon and Washington. Restrictions are now lifted for all 50 states.
Reminder: Underwriters will initiate scheduling the face-to-face assessments for LTC applicants age 65 and over after medical records have been received, reviewed and deemed favorable for insurability.
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Limited Time One-Class Underwriting Upgrade for Lincoln AssetEdge VUL
Effective August 10th, for all fully underwritten AssetEdge VUL and AssetEdge Exec VUL, Lincoln is offering a one-class underwriting upgrade for a limited time only. Cases must be received by Lincoln in good order by close of business on December 31, 2020, to be eligible. Any AssetEdge VUL application that is pending and/or currently in underwriting are eligible, including any formal or trial offers. If the policy is already placed inforce as of August 10, 2020, it is not eligible for the enhanced underwriting program. The program is available for issue ages 20-79 and all face amounts. Please click below for more details.
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We at GBS Insurance thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966
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For agent use only - not for use with the general public.
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Corporate CA License No. 0D87913
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21820 Burbank Blvd., Suite 301
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GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2020 Arthur J. Gallagher & Co.
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