agent/broker use only cigna individual whole life (final … · 2019-07-03 · agent/broker use...

Agent/Broker Use Only


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CIGNA

INDIVIDUAL WHOLE LIFE

(FINAL EXPENSE)

Insured by Loyal American Life Insurance Company

Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna


Cigna Individual Whole Life Insurance (Final Expense)

2Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2019 Cigna

What is Final Expense insurance?

*National Funeral Directors Association, nfda.org, “Trends & Statistics”, accessed February 5, 2016.

Household bills and utilities

Airfare costs for family to attend the funeral

Help preserve financial well being

Fund a charitable donation of your customer’s choice

Help with grandchildren's education

Help pay off debt, including medical expenses

Did you know…

• Final Expense is more than

just burial insurance.

• Having life insurance is a

practical way to pay for final

expenses.

• The Beneficiary determines

how to spend the funds.

Final Expense insurance is also known as burial or funeral insurance. Final Expense can help pay for funeral and

other expenses, including:


Life insurance behavior

Who owns life insurance?

54% of Americans own some sort

of life insurance1

Do they have enough?

83% of Americans say the most

important factor when buying life

insurance is that it is easy to

understand2

1. Source: 2018 Life Insurance Statistics and Facts. https://www.bestliferates.org/blog/2017-life-insurance-statistics-and-facts/.

Why do individuals own life insurance?

85% of the top reasons given for owning

life insurance is: To cover burial and final

expenses2

2. Source: Facts About Life 2017 Facts from LIMRA https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/LIAM/PDF/Facts-of-Life_2017(1).pdf

83%54%85%


https://www.bestliferates.org/blog/2017-life-insurance-statistics-and-facts/

https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/LIAM/PDF/Facts-of-Life_2017(1).pdf


A sample exercise to conduct with your client.

When a spouse passes the

What2Lose worksheet will help with

planning of an Individual Whole Life

(Final Expense) insurance policy.

It will highlight what happens to the

spouse’s Social Security payment?

What happens to yours?

If the spouse who passed had a

pension or retirement plan, what

happens to it?

If you depend on this income, what do

you have in place to help protect

yourself from this financial loss?

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What2Lose planning worksheet

1. Source: Facts About Life 2017 Facts from LIMRA

https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/LIAM/PDF/Fact

s-of-Life_2017(1).pdf

Did you know…

• More than 4 in 10

consumers say they

haven’t purchased life

insurance because they

don’t know how much

they need or what type to

buy.1


https://www.limra.com/uploadedFiles/limra.com/LIMRA_Root/Posts/PR/LIAM/PDF/Facts-of-Life_2017(1).pdf


Individual Whole Life Insurance (Final Expense)

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A Final Expense policy helps customers concerned about leaving their loved ones

unprepared when they pass

*Only available if both individuals apply at the same time. Discount is applied to the policy of the youngest spouse.

Simplified issue underwriting

5% spousal premium discount*

Coverage for individuals, issue ages 50-85

Death benefits from $2,000 to $25,000

No annual policy fee

Level or Modified Benefit coverage

No height/weight chart

Premiums will not increase

1Subject to the company’s right to increase premiums on a class basis. See policy documents for details.

Issue age rated1



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You need to tie health and wealth together as an integrated customer value. Customer insights

consistently demonstrate that life products:

• Are the insurance products that are most familiar to consumers

• Provide financial peace of mind

• Give customers a sense of proactively taking care of themselves and not being a burden on

their family

Individual Whole Life is an excellent complementary product with other ancillary supplemental

products.

Consumers consistently express interest in having increased options for insurance coverage which

meet their individual financial needs. Final Expense plans can do that.


Create a value proposition for the customer





MT

OR

WA

ID

OR

TX

NDMN

WIMI RI

ME

NH

VT

MA

CT

NY

PA NJ

DEMD

VAWV

NC

SC

GA

FL

ALMS

LA

NMAZ

CA

NV

UT

WYSD

NE

COKS

OK

IA

MO

AR

IL IN OH

KY

TN

HI

AK

DC

Product Available Product Filed No Product Available

Where we sell


Level benefit plan


Loss of life from...Level Benefit Plan

Death Benefit Amount

Non-accidental death within first two years of coverage 100% of benefit amount

Non-accidental death after being covered for two or more

years100% of benefit amount

Accidental death while covered 100% of benefit amount

• Pays the face

amount elected for

the loss of life.

*Rates are for illustrative purposes only and are subject to change. Rates may vary by state. Benefits and plans may vary by

state.

Sample Monthly Rates* for $5,000 of ‘Level’ Benefits

Ages Female Non-Tobacco Male Non-Tobacco

50 $11.23 $15.60

65 $23.10 $30.51

75 $40.51 $51.94


Modified benefit plan


Loss of life from...Modified Benefit Plan

Death Benefit Amount

Non-accidental death within first two years of coverage 110% of premium paid

Non-accidental death after being covered for two or more

years100% of benefit amount

Accidental death while covered 100% of benefit amount

• The Modified Benefit

planS are for those

who do not qualify for

coverage under the

Level Benefit Plan.

Sample Monthly Rates* for $5,000 of ‘Modified’ Benefits

Ages Female Non-Tobacco Male Non-Tobacco

50 $17.12 $24.46

65 $36.26 $49.54

75 $58.12 $77.17

*Rates are for illustrative purposes only and are subject to change. Rates may vary by state. Benefits and plans may vary by state.


How to calculate the spousal discount*

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*Example is for illustrative purposes only.

• 5% premium discount on spouse

rate if coverage is applied for by

both at the same time and both

policies are issued.

• The spousal discount only

applies to the younger of the two

applicants.

Spousal Discount Calculation*

For the discounted spouse rate, find the standard rate and

multiply by .95.

$ 40.61**

X .95

$ 38.58

When you use Express App, it will automatically calculate the discount!


**Rates based on state of TX, youngest applicant being 60 year old.



Other items to note

• A percentage of the Lump sum death benefit amount, not to exceed 50% of

the selected benefit amount, can be accelerated

• 12-month definition of terminal illness

• Automatically included at no additional charge (Level Benefit Plan only)

• Optional rider for additional premium

• Death benefit amounts ranging from $10,000 - $50,000

• Issue ages from 50-85; rider terminates upon attainment of age 100

Terminal illness

accelerated benefit

rider3

Accidental death benefit to

age 100 rider

• Non-forfeiture options

• Policy loan provisions available

Customize Policy with optional Riders1,2

Additional coverage and benefits

1Riders availability vary by state.2Require an additional premium.3Terminal Illness Accelerated Benefit Rider is not available or included with Modified Benefit Plan coverage.


Simplified issue application questions

• Part 1: 7 questions. "Yes" answer to any question = no

coverage issued

• Part 2: 4 questions. "Yes" answer to any question = Modified

Benefit Plan

• "No" answer to all questions = Level Benefit Plan

Simplified issue underwriting

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Additional requirements

• MIB lookup

• Rx check lookup

• Declinable Drug List (DDL); applicant drugs obtained

from Rx check lookup

• Telephone Interview Phone Verification (PV) conducted

The underwriting questions is shown here are for illustrative use only. In some states underwriting questions

may be state specific.

1. Source: 2018 Life Insurance Statistics and Facts. https://www.bestliferates.org/blog/2017-life-insurance-statistics-and-facts/.

Almost 75% people think the greatest benefit an insurance company can offer

are simplified issue policies.1


https://www.bestliferates.org/blog/2017-life-insurance-statistics-and-facts/



Phone Verification (PV)Submitting the application

NEW 80%

LARGER Completing the Phone Verification (PV) at the point of sale:

Application is processed faster

You get paid faster

A PV is a phone interview that

applicants must complete in order

for CSB to process applications.

The PV acts as an electronic

signature and also verifies medical

questions with the applicant.

During the PV, the applicant

will receive a PV case

number that should be

included on the app before

submitting.

What is a PV? What is a Case number? Where do I call?

PV Line: 866.825.4822

Live PV Associates are available

for you and your customer

Monday – Friday from 7 a.m. to

7 p.m. central time.


When does my customer need a Phone Verification (PV)?

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PV Line: 866.825.4822

Live PV Associates are available Monday – Friday from 7 a.m. to 7 p.m. Central time.


ProductExpress App

(no wet signature)

Phone/Fax(No wet signature)

Paper/Fax(with wet signature)

Individual Whole Life PV PV PV

Individual Whole Life


Phone sales: saving time and money

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Benefits of doing business with CSB

Benefits of phone sales:

• Improved efficiency!

• Easy to write business in your Resident and Non-Resident licensed states

• Increase book of business

• Cover ground more quickly

• All Cigna Supplement Benefits products are eligible for Phone Sales!

• Submit the application via

EXPRESS APP or fax.

• If the sales requires a Phone

Verification, conference in your

customer and call the PV line

at the point of sale. If no PV is

required, skip this step.

• You can fill out the application

in EXPRESS APP while talking

to your customer.

+ +Conduct a

Phone

Verification

(PV).

Submit the

application.

Call your

customer.

Complete the entire application, over the phone!



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Welcome to AgentViewAccess to Express App



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Submitting your business

Express App

Paperless Quotes, Applications, and

Submissions

• 100% online quoting and application

• Automates business processing for fast

issue

• Get paid commissions lightning fast with

ExpressApp

• No wet signature needed

Click here

to quote

Access to Express App is through

www.AgentViewCigna.com – first time users will need to

register for both AgentView and Express App.


http://www.agentviewcigna.com/


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QuotingStart a quote

Enter the applicant’s information

into the fields

To continue click the Quick Quote

button




Quote screen


Individual Whole Life – NCIF FORM

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• In order for us to fulfill our

obligation under Federal Law,

to comply with an effective

anti-money laundering

program, Broker must obtain

Identifying information from

customer.

• This can be in the form of a

Drivers License/State ID,

Passport, etc.

FOR AGENT USE ONLY. NOT FOR DISTRIBUTION TO THE PUBLIC.



Individual Whole Life – ABTI FORM

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• This form explains what the ABTI

rider is, who qualifies, and when a

customer can receive the benefit.

• Customer does not have to pay

additional premium for the Rider, it

is included with the Level Benefit

Plan.




Individual Whole Life – Replacement Form

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• The Replacement form states customer is

contemplating replacing their existing Individual Life

or Annuity contracts with this or any other company.

Read form aloud upon request.


• IF there is a replacement, Broker will need to

certify that they provided the sales material

(either via email, or through express app ‘send

forms’, ‘Required Documents’ pop-up

window.)




Completing the application EFT form


Review & accept, accept & submit

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• Application goes directly into the

workflow process

• Clean cases issued in 2-3 days

Supplemental Health Products:

• Customer may choose an effective

date

• Cannot backdate effective date

• For faster processing , complete

a PV at point of sale

• Click ‘Yes” and enter PV Case #

• Click ‘No’ to enter the best time

to for us to call your applicant for

PV




Anti-Money Laundering (AML) training

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Anti-Money Laundering for Insurance Producers course

• Agents must complete LIMRA’s Anti-Money Laundering for Insurance Producers

course prior to writing or submitting any Individual Whole Life business.

Already completed the LIMRA course?

• Just take the refresher course titled: Ramifications of Money Laundering – Anti-Money

Laundering for Insurance Review

Already completed an AML training with another company?

• You still must complete the LIMRA course to be able to write and submit Individual While

Life business.

Need more information?

• Visit AgentViewCigna.com, under Training>Basics, and select ‘AML Certification Training’

for more information.

Required, no-cost training for agents selling Individual Whole Life.

Did you know…

• Once you’ve completed the

course, LIMRA will

automatically send us a

notification. You will not

receive a certificate of

completion.



• Qualify with $3,000 in issued annualized

premium per month of final expense

Earn over $5,000 a year when you qualify

every month

• Earn 300% of IAP* for the sale of a Final

Expense policy toward the Agent Incentive Trip

• Program rules and more details:

• http://agentviewcigna.com/GASBAgent/Cache/

SalesPromotions/912216.html

Individual Whole Life bonus programYou can earn $450 every month for selling Final Expense


*Issued Annualized Premium

http://agentviewcigna.com/GASBAgent/Cache/SalesPromotions/Bermuda2019.html

http://agentviewcigna.com/GASBAgent/Cache/SalesPromotions/912216.html

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*See program flyer on Agent View for details


Your other life awaits in Monaco, June 7–11, 2020.

Qualification period* – March 1, 2019 through February 29, 2020

Qualifications*:

• NMOs with a minimum of $7,500,000 in production credits receives one qualifier and guest. NMOs with a

minimum of $15,000,000 in production credits will be able to bring two qualifiers and a guest for each.

• Recruiting Agencies with a minimum of $2,000,000 in production credits will be able to bring two qualifiers and a

guest for each.

• Agents with a minimum of $250,000 in production credits will be able to bring one guest.

• Earn 500% of IAP* for supplemental health

2020 Convention


Contact list

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Contact Phone Fax Email

Agent resource line 877.454.0923 NA NA

Phone Verification (PV) hotline 866.825.4822 NA [email protected]

All claims 866.459.1755 512.531.1480 NA

New business 877.454.0923 888.695.2591 [email protected]

Underwriting 877.454.0923 NA [email protected]

Commissions 877.454.0923 512.531.1469 [email protected]

Licensing and website registration 877.454.0923 888.832.4154 [email protected]

Website login assistance 877.454.0923 NA [email protected]

Product availability 877.454.0923 NA [email protected]

Customer services 877.454.0923 888.670.0146 [email protected]

FaxApp submission NA 877.704.8186 NA

Premium accounting NA 888.670.0146 NA

Supplies NA NA Refer to AgentView for ordering.


Addresses

New Business/Imaging

PO Box 559015

Austin, TX 78755-9015

Overnight and Express Mail

Cigna Supplemental

Benefits

11200 Lakeline Blvd., Suite

100

Austin, TX 78717

Customer Services

PO Box 26580

Austin, TX 78755-0580

Cigna Supplemental Benefits (CSB)


Let’s recap

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Questions

• When you pass do you know

what will happen with your

household income?

• What plans have you made

to cover the cost of final

expenses when you/one of

you pass?

• Use life insurance behavior

statistics to paint a picture for

your customer, this will help

sell the need.

• A good starting point is to use

the planning worksheet to help

highlight any potential areas

financial difficulties in the

event of someone’s passing.

• The beneficiary can use the

lump sum benefit as they

choose.

• If you are not contracted

with us yet, here’s how

you can:

• Simply contact your

upline

• Level or Modified Benefit

coverage

• Terminal Illness Accelerated

Benefit Rider (Level Benefit

Plan only)

• No height/weight chart

• Point of sale approval decision

Getting Started Positioning


Individual Whole Life (Final Expense)

Have I motivated you to sell Final Expense?

Try bringing up Final Expense in your next conversation with your customers!

Features



All Cigna products and services are provided exclusively by or through operating subsidiaries of Cigna Corporation, including Loyal American Life Insurance Company. The

Cigna name, logo, and other Cigna marks are owned by Cigna Intellectual Property, Inc.

887288v3 12/18 © 2019 Cigna. Some content provided under license.
