Episode Summary
This podcast episode provides an in-depth overview of American Amicable's simplified issue of final expense insurance products and valuable sales tips for agents.
American Amicable is a final expense insurance leader with over 100 years of experience based in Waco, TX. Their main final expense product is Senior Choice, available to ages 50-85 with a minimum coverage of $2,500.
Senior Choice offers three plan options based on the applicant's health:
- Immediate Death Benefit plan pays the full amount immediately at death and is for the healthiest seniors.
- Graded Death Benefit plan pays out 30% year one, 70% year two, and 100% thereafter. For applicants with some manageable health conditions.
- Return of Premium plan returns all premiums paid if death is in the early policy years, plus 10% interest. Includes a terminal illness benefit. For applicants with more significant health issues.
All plans also include a free Terminal Illness Rider that pays a portion of the death benefit while living if diagnosed terminal, and a Confined Care Rider that pays a monthly benefit if confined to a nursing facility.
A unique Grandchild Rider covers grandchildren up to age 20 for a low premium. If the grandparent passes early, American Amicable continues premium payments on the rider. It also offers guaranteed conversion to permanent life insurance up to $50,000 with no underwriting through an included conversion privilege. This rider is an excellent selling point for grandparents.
Agents can make real-time underwriting decisions using American Amicable's mobile app. Unlike some other point-of-sale apps, it provides detailed information on adverse decisions, allowing agents to contest decisions by providing additional details. This frequently results in reversing declines to approvals.
For younger clients under 50, American Amicable offers Family Choice final expense insurance with Immediate and Return of Premium plans. While simplified, Family Choice requires full underwriting.
The podcast covers how agents can pre-qualify applicants using the medical and medication listings provided in American Amicable's product guides. This helps determine the most likely underwriting decision before applying. Doing so allows the appropriate matching of applicants with the right product and plan.
It also provides a reminder that agents should ask for medication names, dosages, and reasons for being prescribed. This information can help contest any adverse underwriting decisions.
In addition to excellent products, American Amicable is known for taking top-selling agents on luxurious incentive trips annually. The agent portal provides easy access to marketing materials, applications, and other resources to set agents up for success.
For agents selling final expense insurance, partnering with the right carrier is critical. This podcast makes a strong case for American Amicable as an excellent choice given its strong portfolio of simplified issue products, valuable riders, innovative technology, and stellar agent support. Their 100+ years of final expense expertise shines through.
Timestamps
(0:00:05) - Both the senior choice and family choice are simplified issues
(0:00:46) - Welcome to our Life Insurance podcast featuring Darren Hancock from American Amicable
(0:01:43) - Crystal, give us some information about American amicable as a company
(0:02:48) - The minimum amount of coverage is $2,500 for clients ages 50 to 85
(0:04:47) - American Amicable offers term insurance that covers grandkids through 20
(0:08:46) - On-screen decisions with us allow you to contest adverse underwriting decisions
(0:12:37) - The senior choice is the primary product in the senior market space
(0:15:38) - American Amicable has two main websites that you need to get familiar with
(0:17:10) - The website can be used on any mobile device, whether it be a laptop or phone
(0:18:06) - Can you talk about the ways that premiums can be collected in sync with Social Security
(0:18:56) - Both the senior choice and family choice are simplified issues
