If you’re looking for a product that pays excellent commission and takes little to no time to write and issue, this is going to be more exciting than the next season of Game of Thrones. Or The Walking Dead. Or whatever show you’re into.
It is possible to write life insurance – from your phone – in 10 minutes or less.
Here’s what you need:
- Internet access
- A computer, tablet, or phone
- Be licensed with AIG
That’s it. There are two life products I’m going to cover that you can easily write from your phone in a pinch: GI Final Expense and Term.
That means you have two potential client types to sell to:
- Older, unhealthy clients and
- Younger clients.
This is such an easy sale – it’s almost too easy.
Life Insurance for Unhealthy Clients
If you have clients that can’t pass underwriting, AIG’s Final Expense Insurance is phenomenal. It’s Guaranteed Issue (GI), but the rates are still competitive.
If you’re an Illinois agent, your obvious first step would be to filter out all your clients that are on a Blue Cross Blue Shield Med Supp – that’s the easiest way to separate out clients who would be a natural fit for this product.
This is e-app only, and all the agents who have done this say it’s almost unreal how simple it is. I’ll walk you through it now.
Go to https://www-115.aig.com/ and log in using your username and password.
Click on “Quote” in the menu. You might also see an orange button that says “Get Quote.” Either way, click on that button to get started.
Follow the prompts.
You’re officially in the e-app. You have 6 sections to complete:
- Quote
- Personal Info
- Beneficiary
- Payment
- Consent
- Complete
The first section – Quote – asks for basic client information. This will take you to the official quote. You can stop there if you just need to grab a quote for a client, or you can continue on if they’re ready to buy.
If you’re ready to start the app, select the option your client wants, and continue on.
The second section – Personal Info – asks 3 basic questions.
Then, you’ll fill out the client’s info (name, address, contact information).
As you scroll, you’ll find yourself in the 3rd section – Beneficiary – and then the 4th section – Payment.
The payment options are credit card or bank draft.
Then, you’re already at the end of the app with disclosure agreements and the signature.
It really takes less than 10 minutes.
You can play around with the quoter to see the different rates, but I’ll think you’ll find that especially for a GI life product, these rates are as good as you’re going to find.
Here are a few samples (as of May 2018):
|
$5,000 |
$10,000 |
$15,000 |
$20,000 |
|
|
Female, 65 |
$28.26 |
$54.51 |
$80.76 |
$107.02 |
|
Male, 65 |
$37.55 |
$73.09 |
$108.64 |
$144.18 |
|
Female, 70 |
$36.21 |
$70.41 |
$104.62 |
$138.83 |
|
Male, 70 |
$47.57 |
$93.14 |
$138.71 |
$184.28 |
Be sure your client knows that since this is a GI product, the full benefit amount doesn’t go into effect until after 2 years. If they die within the first 2 years, their beneficiary will get all the premiums paid + 10%. That’s in the application, so you won’t miss it, but just keep that in mind when you’re pitching the product.
Life Insurance for Younger Clients
If you have any younger clients or clients that need term life insurance, AIG has also made this incredibly easy.
I’ll show you my favorite way to go about this.
Go to Google and type in “Rapid Rater.” Click on the first link that comes up.
Fill in the boxes for your client, and just so you know, the cost of the life insurance is the same no matter which state or zip you’re in.
When you hit submit, you’ll get all your options. If your client asks you how much their rate would be, you can see the rates for each term and for each health category.
This particular quoting system is really handy, because all the rate options are right there on one page.
As soon as you click an amount in the table and select “start application,” it will take you to American General’s website, and you can write out the application like normal. Just log in, select your writing number, and click “Start a New Application.”
You’ll be taken to American General’s e-app, and it works just like the one we went through previously, though it does have a different design.
You have 6 sections:
- Product Selection
- Policy Configuration
- Primary Insured
- Beneficiaries
- Payment
- Agent Report
With Product Selection, you’re simply choosing from drop-down menus (state, product type, insurance company, product).
In Policy Configuration, you specify a few details about the term insurance.
In Primary Insured, you’re filling out basic information about your client (name, address, etc.).
It’s a typical e-app, and it looks just like the paper app, except you can’t make a mistake on the e-app – it won’t let you.
You’ll then move on to beneficiaries, where you’ll fill out basic information again (name, date of birth, etc.).
You’ll then be taken to Payment. EFT is the only option here.
You’ll then fill out your own contact information, and you’re done! Your client can sign it electronically, or they can sign it in your presence.
If you’ve ever wanted to sell life insurance, but you were worried about long applications and wait times, you no longer have any excuses.
If you have any questions about AIG’s GI Final Expense insurance or their Term insurance, please comment down below.
Otherwise, get contracted if you haven’t already so you can start writing some life insurance!
