The only thing that Prime offers, that the Health license is need for is LTC, and from my understanding, it's not a large market for them. Therefore, I have not been able to receive much information on the product, so I don't even know what types, age, etc of clients I would market this to! I'm not even sure of the commission on it!!!
really, spelling cracks? as if you didn't know what i meant?- - - - - - - - - - - - - - - - - -Sailing requires an "i" in the word and a boat!
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I can almost positively say (though not 100%) that if I were to attempt to write someone of that age, that he would either 1) have ridiculously HIGH premiums or 2) would not be 'insurable'. I will say this, of course my policy was one of the first the we were writing, we first attempted to put my fiance as the primary, and me with the spousal rider. He was declined, because he has in the past been rx'd with bi-polar, although in the last 1 1/2 years there has not been a renewal (current), if you will, of that rx, nor had he been medicated. At the time the underwriters called him, he told them this, and they declined him, and sent him a letter stating that they would need a copy of his med records, to reconsider. Our monthly prem. would have been $59, with 100k on him, 60k on me, and 10k on each of the kids (4).
With that said... is it really that hard to get someone with a mental rx covered?
Also, obviously everyone knows Prime is against WL. Though I know people in our base shop have attempted to replace some WL policies, they have told the client DO NOT cancel your policy, until the new one issues, because there were concerns on insure-ability.
This is what has been told to us about WL. The first 3-4 years, there is no cash value. When the client is getting older, the cash value starts going down, because while their premiums (that they pay monthly) are staying at whatever they were in the beginning, the actual premium has gone up, so it gets depleted from the CV, and once CV is gone they get "the letter" saying they owe X amount to keep their policy in force.
At this point I am uberly CONFUSED! While I have chalked it up to Prime being, maybe not good, but a stepping stone for the beginning, I am obviously second guessing myself. I don't think going independent right out of the gate would be a wise decision for me. So what other options do I have?
A few things that I like about Prime...
*electronic (phone/pda program) quoter and apps.
*we get paid fairly quickly. the week of or after the home office rec. the app.
*field trainer to go with to appts. (yes i know, duh, because he is actually writing the policies, however, he will go with after I am licensed as well, but I will be writing the policies)
*training- be it only on 'one' product, term, but still training none the less.
Some things I am having a hard time understanding. It can't be better to only write one app on a family, with the spouse as a rider can it? dependent on the rider, the policy disappears on the other spouse, should something happen to one of them. This can't be a good thing, right??
Is WL easier for a client to get? I guess that I don't understand where you would suggest either whole or term to a client. because of course, we're being told that, term is the way to go 100% of the time.... but what if it's not? how do you know that?
