Did you know that your healthy clients can obtain life insurance and potentially forego a paramedical exam without being charged a higher premium or accepting a graded death benefit while still compensating you at regular commission rates?
Did you know that qualifying clients can receive approval in 2 -3 days not weeks or months?
CPS is one of only four MGAs in the country with access to a new Accelerated Underwriting Program from Principal Financial Group and is pleased to make this program available, in partnership with the American Agents Alliance.
This exclusive platform allows producers to sell any Principal product – yes, even UL and VUL – with the possibility that their healthy clients may not need to complete a paramedical exam. The Accelerated Underwriting program allows healthy clients up to age 60 to apply for $500K of coverage, and potentially receive Super Preferred or Preferred pricing without having to complete an exam. The program will expand to allow face amounts up to $1M starting in late January 2014.
CPS has processed many such cases including a recent submission on a 41-year-old female, who applied for $250K of 20-year term coverage. This platform provided for a policy approval at Super Preferred Non-Smoker rates in less than 2 business days without a medical exam!
Here’s how it works:
First, you will need to have a producer number with Principal. Like most carriers, they will not appoint you unless you have a piece of business to be processed. If you are not currently appointed with Principal, this is a great opportunity to consider the program for yourself or a family member, and experience the process first hand before promoting it to your clients.
Once you are appointed, the next step is to complete the Accelerated Underwriting Checklist (included below) with the insured. If the client answers all questions on the checklist favorably, they can then call Principal and complete the Part B Medical Questions over the phone. Principal will then perform a MIB check, Pharmaceutical Database Check, and Motor Vehicle Report, to verify that the information provided by the client is accurate. If everything is clean, the policy will be approved within 2 -3 days without a medical exam or additional requirements.
This is not a simplified or guaranteed issue program to be recommended to any and all clients. This program is designed to avoid unnecessary underwriting on your healthy client's ages 18-60. There are no graded benefits, increased premiums or compensation reductions tied to this program.
To learn more about Principal’s revolutionary, new Accelerated Underwriting Platform, call CPS Insurance Services at 1-800-326-5433 Ext. 244. If you are new to life insurance, learn how CPS Express can help you grow revenue with or without a life license by logging onto www.cpsexpressonline.net/agentsalliance or call 949-225-7101.