Critical Illness

[somarco]

If someone wants an accident benefit, sometimes the SS works out, sometimes not.

When I am not using Time the GAP plan (Loyal American) is available stand alone for $195/year for a $10,000 accident benefit with $0 deductible.

That is a per person price. Not bad for one person. Get's pricey if you add it on a large family.

I do have the option of offering each family member different benefits, anywhere from $0 to $10,000.

Just never been big on selling supplemental benefits. Most of the supp benefits are commission generators that never pay off (except for accident coverage). Problem is, you can't unbundle most of them.

GAP is diffferent. Everything is built around the accident plan. If someone really wants a CI or cancer rider they can have it.

 

[J.R.]

Thanks for the info.

Were you able to obtain a sample contract for their products?

-J.R.

 

[Arbetov]

Critical Illness Insurance Online in USA

Is there any american companies offering CI (Critical Illness) insurance online ?
I know 2 companies in Canada and trying to sell online but it has so many restrictions and problem.
- - - - - - - - - - - - - - - - - -
It is here Buy Critical Illness Insurance Canada: All Canadian Life Insurance Co Selling Critical Illness Insurance

 

[Arbetov]

I am selling a lot of critical illness policies, but I am in Canada.
To find a list all Canadian CI insurance companies providers you have to search buy critical illness Canada by Google.

 

[HealthGuy]

Somarco: Serious question: Why and how does it matter that the mutual of Omaha CI product is a health product verses a life product. I understand that the other CI products are also a life product (built on a life chassis) but how is the Mut. of Omaha CI product a health product and why does that matter (or make it better) in your opinion?

 

[somarco]

Taxes.

Life based CI policy payouts are a taxable event unless you are going to die in the next 12 months. Health based plans aren't subject to that limit.

 

[HealthGuy]

Somarco: Very interesting, very informative. None of the CI policies built on the life chasis state this upfront. Wonder why? Makes your CI payout much much less I guess. How does Mut. of Omaha make their CI product a 'health' product verses a life product? Maybe then if you buy Mut. of Omaha CI and die you get no death benefit?

 

[somarco]

Life carriers (and smart life agents) don't give tax advice. The CI benefit payable on a life chassis is considered an accelerated death benefit (unless the carriers have figured a way around this). As such, you need to die to avoid the tax.

MOO filed their product as a health plan. A bit more complicated and the pricing is higher than life based plans but it is a pure health product.

If you have a major med policy and die there is no death benefit. Why would there be one under a health insurance based CI plan?

I suspect LTCi riders on life plans will have the same issues but can't say for sure.

 

[WinoBlues]

Also be careful of CI policies that are nothing more than an overpriced rider that just subtracts from the death benefit. There are some CI companies that actually have good riders are very equivalent to their stand-alone Critical Illness policies.

Who would those be? Thanks.

 

[paul43]

arnguy,

I've sold CI policies stand alone with United American and now with Mutual of Omaha. I like MofO's muchhhh better though. Let me know if you want more info.

Biggz33 could you give me some more info about MoO--
I just signed up for CI with GTL & COLORADO BANKERS SERVICES but just don't feel right with them.

Can you work as an INDEPENDENT AGENT with MoO/

Could you e-mail direct at -- [email protected]

Thank you,
Paul