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Thoughts on New Perm Term 20

titeye

Guru
783
I received an email this morning on this product. Is anyone familiar with it or has anyone investigated it?

Advertised features:
  • Permanent Level Term (reduces to $13,000 at age 70 / $10,000 at age 75)​
  • Does not expire until death​
  • “A” Excellent AM Best Rated Carrier​
  • LEVEL commissions – ALL years (plan has great persistency)​
  • EZ on-line INSTANT issue enrollment
    • 3 quick health questions
      • No terminal illness
      • No hospital, hospice, or assisted living confinement
      • Able to work 20 hours a week (does NOT have to be employed – just able to work in any capacity
  • Applicants DO NOT need to participate in a 3rd party verification call at time of enrollment​
  • An association group instant issue LEVEL term insurance plan to individuals or families
    (Association membership is $9.95 per month & is included in the rate but is non-commissionable. The onetime $25 enrollment IS commissionable)​
Accept my apologies is this product has already been discussed previously.
 
If it's the one I'm thinking about I refer people to it sometimes.

Thru an agent. He says the commissions are not very good. 30% maybe? I only send people his way that this is their only option.
 
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Had my attention until. -- Association group.

Can the close the association?
Does the coverage end?
What is not guaranteed?
They can close the association

Coverage ends at age 90 Reduces 3 times. age 65, 70 and 75.

Nothing is guaranteed.

It's cheap and it covers almost everyone. Last I one I referred out was a 42 year old that had been declined by everyone. A Stare farm agent referred her to me. Everyone I had declined or offered 2 year ROP.

They took her on $50K term for $17/mo. Plus the initial $25.

Far better than nothing. I tell the guy to not even worry about a referral fee or gift. But he sends something anyway every 3 or 4 cases.
 
Coverage ends at age 90 Reduces 3 times. age 65, 70 and 75.
.
The deduction is similar to Protective's Custom Choice which I see as a value. And it is contractual.

My concern with association plans- does or can the coverage be terminated. I have seen associations close and coverages end.

People seem to forget the non guaranteed parts when they get that notice.

However, someone that has multiple declines probably has few choices. And yeah, I am referring it away also. If not simply walking away.
 
They can close the association

Coverage ends at age 90 Reduces 3 times. age 65, 70 and 75.

Nothing is guaranteed.

It's cheap and it covers almost everyone. Last I one I referred out was a 42 year old that had been declined by everyone. A Stare farm agent referred her to me. Everyone I had declined or offered 2 year ROP.

They took her on $50K term for $17/mo. Plus the initial $25.

Far better than nothing. I tell the guy to not even worry about a referral fee or gift. But he sends something anyway every 3 or 4 cases.
The email I have suggests it may be different from what you are describing.

This one I have is advertising....
  • One affordable monthly payment of only
$49.95 (ages 18-39) - $54.95 (ages 40-54) - $59.95 (ages 55-74)

$89.95 for family option – $20,000 primary insured, $10,000 spouse, $5,000 each dependent up to age 26
Cost NEVER increases
  • Includes additional $20,000 of accidental death benefit – effective first day!
$20,000.00 “perm-term” effective after only a 12 month wait (not 24 like other plans)

The name is Insurance Services of America.
 
The email I have suggests it may be different from what you are describing.

This one I have is advertising....
  • One affordable monthly payment of only
$49.95 (ages 18-39) - $54.95 (ages 40-54) - $59.95 (ages 55-74)

$89.95 for family option – $20,000 primary insured, $10,000 spouse, $5,000 each dependent up to age 26
Cost NEVER increases
  • Includes additional $20,000 of accidental death benefit – effective first day!
$20,000.00 “perm-term” effective after only a 12 month wait (not 24 like other plans)

The name is Insurance Services of America.

I'm 70 and have a few 70ish med issues.

So I would be cool finding an option. With Guarantees.
 
The email I have suggests it may be different from what you are describing.

This one I have is advertising....
  • One affordable monthly payment of only
$49.95 (ages 18-39) - $54.95 (ages 40-54) - $59.95 (ages 55-74)

$89.95 for family option – $20,000 primary insured, $10,000 spouse, $5,000 each dependent up to age 26
Cost NEVER increases
  • Includes additional $20,000 of accidental death benefit – effective first day!
$20,000.00 “perm-term” effective after only a 12 month wait (not 24 like other plans)

The name is Insurance Services of America.
Probably is. But same kinda platform.

The association can be ended at any time though.

But for people with no options, it’s an option.
 
.
The deduction is similar to Protective's Custom Choice which I see as a value. And it is contractual.

My concern with association plans- does or can the coverage be terminated. I have seen associations close and coverages end.

People seem to forget the non guaranteed parts when they get that notice.

However, someone that has multiple declines probably has few choices. And yeah, I am referring it away also. If not simply walking away.
I’ve shared the contact with a few other agents. I don’t think any of them have referred any prospects.

Personal choice. I’m glad it’s there. I had a couple that would qualify for CICA once I got it. I offered to them and they prefer to stay with the association plan.
 
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