cbiz life insurance solutions getting started · 2018. 5. 23. · if you’re not sure where to...
TRANSCRIPT
CBIZ Life Insurance Solutions
Getting Started
Welcome to CBIZ Life Insurance Solutions!
If you’re not sure where to start when it comes to life insurance, feel you don’t have the time, or it has been a while since you worked on a case...don’t worry! At CBIZ Life Insurance Solutions, we do all the heavy lifting and we have a solution that will fit your needs.
As a member of the CBIZ Benefits and Insurance Services team it is our job to make you look good. Our purpose is to enhance your consulting toolbox with another “wedge”, to not only be seen as a trusted advisor, but to separate you from your competition in the Employee Benefit arena.
This tool was designed specifically with you in mind, and to provide an overview of who we are and how we can help. However, we love talkng to our fellow CBIZ associates so please feel free to reach out to our team so we can discuss how we can help you get in the game and enjoy the rewards of utilizing our services.
To get started please click on the buttons above to learn more about our organization.
On Average
7-10 DayTurnaround
FAST APP ProtectiveBanner John Hancock Lincoln PrincipalAmerican General
Q: Do I have to fillout non-med?A: The non-med is required when the exam is over 90 days old and/or when using a different carriers exam papers.
Q: How do I know which forms are required?A: The form search engine on our web-site will automatically highlight the basic required forms. Additional forms are needed de-pending on purpose of coverage, face amount, replacement etc… Most carrier applications will direct you to obtain additional forms, if needed. A new business associate is available to walk you through this process as well.
Q: Can I submit money with application?A: Yes, most carriers will allow money with the application as long as the case meets the conditions of the Temporary Insurance Agreement/Conditional Receipt.
Q: What are the underwriting guidelines and age/amount requirements? A: Underwriting guidelines are pre-set by each carrier; basically they outline the rules to qualify for the top 3-4 best rate classes. Age/Amount requirements are also pre-set items needed to assess a case based on the proposed insureds age and amount of insurance applying for. These requirements can include, paramed, blood, urine, EKG, MVR, medical records, etc… - Both the Under-writing Guidelines and Age/Amount requirements are provided for each carrier on our web-site (link).
Q: Who orders exam? A: We give you the option. You can order the exam through your service provider or we can handle for you, utilizing our Service Pro-vider, Superior Mobile Medics/ExamOne.
Q: How and when do I get contracted?A: Contract and appointment guidelines vary by Carrier and State. Our Contracting Specialist is here to guide you through the pro-cess.
Q: Is insured covered while case is in underwriting? A: If money was submitted with the application the insured is covered while the case is in Underwriting. Please be sure to refer to the Temporary Insurance agreement within the application for complete details. Each carrier is different, many will limit the amount of insurance and period of time which are also subject to the terms of the agreement.
Q: How long does it take to get case approved? A: Once all requirements have been satisfied and the case is in the Underwriter’s queue the case can be approved in 2-5 business days (depending on carrier). Now, how long it takes to get a case completed and in the Underwriter’s queue will vary from case to case. A clean case with a fully completed application can be approved in as quickly as 2 weeks. Cases that are received incom-plete, require medical records and/or financial justification may take 3-5 weeks for approval. Additionally, in some instances, more challenging or non-standard cases may take longer for final approval. We will provide updates and communicate with you through-out the underwriting process.
FAQs
z How to Get Started with CBIZ Life Insurance Solutions z Carrier or Product Questions z Forms z Illustration / Quote Requests z Key Person / Buy-Sell Agreements / Executive Bonus Plan / Succession Planning / Employee
Retention / Estate Equalization
z Licensing / Contracting /Appointment Questions
Shauna AusfeldtAnalyst, Product & Carrier IntelligencePH: [email protected]
Don KimDirector, Product & Carrier IntelligencePH: [email protected]
Carolyn WehnerCorporate Licensing AdministratorPH: [email protected]
z Application Support z General Case Questions (i.e. exams, APS, requirements, forms, underwriting, etc.) z New Case Submission (Formal/Informal) z Pending Case / Delivery Requirements
Leah FisherManager of National Strategic ServicesPH: [email protected]
Eugene RoblesSr. Relationship ManagerPH: [email protected]
Emily ReillyRelationship ManagerPH: [email protected]
z Commission Questions z Inforce Policy Questions z Conversions z Policy Service Forms (i.e. owner & beneficiary changes)
Erin BossemeyerAnalystPH: [email protected]
Emily ReillyRelationship ManagerPH: [email protected]
LICENSING & CONTRACTINGADVANCED PLANNING & CASE DESIGN
NEW BUSINESS
COMMISSIONS POLICY SERVICE
MARKETING CORNER
Sample Client EmailWe’ve made it simple...
Just click the “Create Sample E-mail” button below with a link to the CBIZ LIS fact finder. Once the client fills out the information just return it to us and we will roll up our sleeves and get started.
Create Sample E-mail
Send Fact Finder
Need to gather information on your client? Just send the fact finder below and return it to us.
Sample Life Insurance Quote for a 45 Year Old Male
Sample Life Insurance Quote for a 42 Year Old Female
• 45 Year Old
• Non Smoker
• High Cholesterol Controlled with Medication
• Death Benefit: $500,000
• Risk Class: Preferred Non Smoker
Term Duration Monthly Premium Annual Premium
10 Year Term $38.02 $445.50
20 Year Term $59.82 $701.50
30 Year Term $112.57 $1,308.99
• 42 Year Old
• Non Smoker
• High Blood Pressure Controlled with Medication
• Death Benefit: $500,000
• Risk Class: Preferred Non Smoker
Term Duration Monthly Premium Annual Premium
10 Year Term $26.66 $309.99
20 Year Term $38.97 $453.99
30 Year Term $63.98 $740.00
Send Link to Policy Review Video
Learn the importance a policy review
can play in your clients life.
Send Video To Client
Karen Grasso - St. Louis Market Leader
CBIZ Life Insurance Solutions makes it easy to provide Life Insurance protection to your clients. They assist every step of the way from quote to policy! Our associates in LIS are knowledgeable and provide outstanding service. They offer consultation and guidance to help determine the right solutions. I highly recommend utilizing their services!
Karen
CBIZ SUCCESS STORIES
Case StudyJohn and Bill dreamed of opening a rustic Italian restaurant in their hometown of Portland. After years of hard work, theirinvestment pays off. Their restaurant has become well established and a local favorite. They are enjoying their success untiltragedy strikes suddenly and Bill passes away from a heart attack. What follows is a hard lesson in how not properlyplanning today can affect the future of your business.
Bill’s shares were inherited by his wife Ann via his Will and,because there was no Buy Sell Agreement in place, Ann was not obliged to sell the shares to John and John is not obliged to buy the shares from Ann. Furthermore:
• There was no agreed price or timeframe for the transfer of Bill’s shares.• There was no insurance in place to enable John to buy the shares, and• John doesn’t have enough funds to buy out Ann and doesn’t have the capacity to borrow the money.
To further complicate matters, Ann is entitled to the same management rights and share of profits as her deceased husband, while John is do-ing 100% of the work and receiving only 50% of the profits.
This outcome could have been avoided if they had consulted a financial advisor and executed a Buy Sell Agreement funded by life insurance. By using this strategy, Ann would have received the insurance proceeds in exchange for handing over her interest to John.
As a result, Ann would have been fully compensated, while John would have taken ownership of 100% of the business and received 100% of the profits.