David Everly: Whole Life with Accelerated Death Benefit

In the modern age, life insurance has to go further than ever before. David Everly, an Assurity Regional Sales Manager with 37 years of experience in the financial services industry, explains how Whole Life Insurance with an accelerated death benefit and limited pay options can provide your clients with the protection and flexibility they need.

FOR PRODUCER USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.

Assurity is a marketing name for the mutual holding company Assurity Group, Inc. and its subsidiaries. Those subsidiaries include but are not limited to: Assurity Life Insurance Company and Assurity Life Insurance Company of New York. Insurance products and services are offered by Assurity Life Insurance Company in all states except New York. In New York, insurance products and services are offered by Assurity Life Insurance Company of New York, Albany, New York. Product availability, features and rates may vary by state.

Episode Transcript

Speaker 1 (00:02):
[inaudible].

Speaker 2 (00:05):
Hello and welcome to the sureties podcast tips from
the insurance pros.
In this series we talk withindustry experts as they share
ideas and insights you can usetoday.
I'm your host Matt and I'm herewith our very own David Everly
who's going to discuss new wholelife insurance with accelerated
underwriting as well as theadvantages it offers to both

(00:26):
producers and clients.
As a regional sales manager,David works with sales directors
and marketers with a focus onrecruiting, developing and
strategy building.
Thanks for joining us, David.

Speaker 3 (00:39):
Thank you so much Matt.
I really appreciate that.
I personally enjoy thesepodcasts myself, so I really
appreciate being able to be partof one as well.
Thank you.

Speaker 2 (00:47):
Oh, that's phenomenal to hear.
As with all of our guests, whydon't you start by sharing a bit
of your background?

Speaker 3 (00:54):
Well, I've been in the financial services industry
for 37 years now, uh, first 15and banking services and then
the next 22 and life insuranceand protection products.
I've been both an independentadvisor as well as a company
representative.
And one of the things I'm mostproud of, uh, in these, uh, 22
years of, of working withagencies and agents across the

(01:17):
country, I've been in 49 of the50 States supporting agents and
agencies.
And I know that there are manyagents today trying to protect
families and just to be part ofthat has been one of the
happiest parts of my career.

Speaker 2 (01:33):
That's awesome.
Well, a focusing in a little biton hold life assurities new
whole life product comes withfeatures such as an accelerated
death benefit rider and limitedpay options up front.
Can you tell us a bit about themand the advantages that they
offer producers?

Speaker 3 (01:49):
Absolutely.
Well first off, let's, let'stalk a little bit.
Let's go back in time and werealize that life insurance
about 20 years ago was reallyexpected just to do two things.
And that is permanent lifeinsurance.
That is just build cash valuefor supplemental retirement and
for emergencies and thensecondarily to pay a death
benefit upon the insurance death.

(02:12):
But if you fast forward totoday, life insurance has to do
much more.
One of the reasons why we'revery proud of the new whole life
with accelerated underwriting isbecause it offers accelerated
benefit rider.
Now the quiet can access theaccelerated benefit either
through a terminal illnessoption or through a chronic
illness option, but why do weneed that?

(02:32):
Being able to have acceleratedbenefit rider on our new whole
life product and give clientsaccess to money used for things
like medical bills, treatmentcosts, longterm care expenses,
and just with lost income andalso met what we've added to the
whole light is a criticalillness rider was very important

(02:52):
because it allows the client totake from 5,000 up to 75,000 of
benefit for cancer, stroke orheart attack if they have events
such as that and they canutilize that to pay for out of
pocket costs for the healthinsurance plans to pay their
mortgage, to pay their expenses,to buy food.
And what's really wonderfulabout it is it does not reduce

(03:15):
the death benefit by one die.
Now that rider has a cost butit's a very strong benefit for
the client.

Speaker 2 (03:22):
Absolutely.

Speaker 3 (03:23):
Another feature that is really strong on our new
whole life is what we call ourshort pace scenarios.
It's very competitive for pay toage 65 as well as their 10 pay
and a 20 pay option two and whywould we do that is because the
agent and client may want tomaximize the premium and the
cash value of their policy sothey do a short pay into the

(03:47):
contract and if you take a lookat those and our new whole life,
they're going to be very, verycompetitive.
Those are great fits for salesideas such as buy, sell
agreements such as executivebonus one 62 executive bonus as
well as supplemental retirementoptions.

Speaker 2 (04:02):
Similar to our term life insurance, assurity now
offers accelerated underwritingfor whole life applications.
David, what does this mean forboth producers and clients?

Speaker 3 (04:13):
That's a great question, Matt, and what it
really means is speed upsubmission is speed to issue.
When you think about it, mostclients and agents want a faster
process.
They want to be able to submit acase faster and get that case
issued faster.
Clients don't want to wait formonths before they get a
decision on whether they'regoing to be insured or not.
So with our acceleratedunderwriting process and now

(04:34):
that our whole life is on that,what it offers that the agent
and the client is a possibilityof a same day decision and the
faster that we can get a caseissued liens, the faster we can
protect families and the fasterwe can get a case issued means
the more likely that client willtake that case and the agent

(04:54):
will place.
It

Speaker 2 (04:55):
sounds like a great addition to whole life then.
Where should producers belooking for whole life sales and
what is in your opinion the bestway to bring whole life
protection into theconversation?

Speaker 3 (05:07):
There are a number of sales ideas out there for whole
life, but I'm going to targetthree that I think stand out.
The first is around policyreview.
We know that there are a numberof policies in the market that
either underperforming or don'thave living benefit options like
our new whole life will have.
So by talking to these clientswith these older policies that

(05:28):
have passed value, there's anopportunity to roll that cash
value out over to our new wholelife and give the client a
stronger benefit, not only ofdeath benefit, certainly as a as
a safety net, but also give themliving benefits in the form of
accelerated benefit rider aswell as a critical illness rider
.
Another strong sales ideasaround supplemental retirement

(05:50):
planning.
We know that there's a lot ofclients who are looking to
supplement their income fortheir retirement.
Well, one of the options we havewith our whole life is to pay to
age 65 and so by say a 45 yearold male or female funding that
as from age 45 to 65 they canbuild up strong cash value.

(06:11):
We have a death benefitprotection while they're saving
additional cash and at age 65start receiving cash from the
cash value of the whole lifepolicy.
That could be a tremendous salesidea for agents as well.
And then finally, the last salesidea I'll give you is around the
executive bonus or one 62executive bonus.

(06:33):
We know that one of the biggestexpenses for small businesses is
recruiting and retaining keypeople.
As you know, if you, if a smallbusiness has a really good
person, eventually a largercompany's going to notice that
and possibly offer them morebenefits or a better income.
One of the ways to somewhatmitigate that is to offer those

(06:54):
employees strong benefits wherethe one 62 executive bonus, what
we can do or what the smallbusinesses can do is offer a
benefit that pays a lump sumbonus to that employee for every
year that they stay with thecompany.
Now, what does the employee get?

(07:14):
They get strong benefits, deathbenefit, cash value when they
retire, plus the living benefitsof accelerated benefit rider and
possibly the critical illnessrider.
What does the company get?
Well, they get an upfront taxdeduction and they get to keep
their key employee for a numberof years.
So that can be another strongsales idea.
Now along with a number of othersales ideas like college

(07:37):
funding, children's insurance,reallocation of assets into a
life insurance policy, those canall be strong prospecting points
for an agent.

Speaker 2 (07:47):
That is a very wide variety of uses for a very
flexible product.

Speaker 3 (07:52):
Absolutely.

Speaker 2 (07:53):
Now moving on now lastly David.
What tools does assurity have tohelp producers prospect and to
close whole life sales?

Speaker 3 (08:02):
Sure.
Matt, one of the things we'revery proud that our marketing
department has put together somereally strong consumer facing
pieces that can help an agentprospect pieces on things such
as funding for collegeeducation, the accelerated death
benefit rider and how it works,how limited pay options work and
the best use for them.
Also children's insurance ownedby both parents and children's

(08:24):
insurance owned by grandparentsand finally accelerated
underwriting, how it works andhow it benefits both the agent
as well as the client.
Another resource we have is yourregional sales team.
Please feel free to reach out tothem.
They'll help you inunderstanding all the
opportunities you have withmarketing pieces, with assurity
as well as our new whole lifeproduct and also help you grow

(08:45):
your business and bring inadditional cases.

Speaker 2 (08:48):
That was great.
Is there anything more that youwould like to say about her
whole life, David?
I

Speaker 3 (08:53):
think that the whole life is a product that is
certainly strong for its time iscertainly one that is needed for
clients who are looking for notonly death benefit protection
and cash value growth, but alsofor living benefits in the form
of accelerated benefit rider aswell as a critical illness rider
as a product for this time andcertainly one that can help you
grow your business overall.

Speaker 2 (09:15):
That was a phenomenal overview of our whole life
product and I'm excited to seeagents across the country taking
advantage of this great product.
Thanks so much again for joiningus today.
David.
Thank you so much, Matt.
I really appreciate it and toour listeners, thanks for tuning
in to assurities tips from theinsurance pros to learn more
about our new whole lifeinsurance product.

(09:36):
Contact your regional sales teamor email
[e-mail] andwe'll be happy to connect you
with a representative.
Thanks for listening.

Speaker 1 (09:51):
[inaudible]

Speaker 2 (09:52):
for producer use only not for use with the general
public, not for use.
In New York, assurity has amarketing name for the mutual
holding company.
Assurity group incorporatedhinted subsidiaries.
Those subsidiaries include butare not limited to a surety life
insurance company and a suretylife insurance company of New
York insurance products andservices are offered by a surety
life insurance company in allStates except New York.
In New York, insurance productsand services are offered by a
surety life insurance company ofNew York, Albany, New York.

(10:15):
Product availability, featuresand rates may vary.

Speaker 1 (10:23):
[inaudible].