simplified issue whole life & modified whole life “guaranteed heritage program”

Simplified Issue Whole LifeSimplified Issue Whole Life&&

Modified Whole Life Modified Whole Life

““Guaranteed Heritage Program”Guaranteed Heritage Program”

““Guaranteed Heritage Program”Guaranteed Heritage Program”SIWL & Mod WLSIWL & Mod WL

These two products were designed to meet the “last expense” needs of Americans in general and more specifically those of an aging Baby Boomer population.

Simplified underwriting combined with rapid issue and quick compensation make it appealing to both the applicant and the producer.

““Guaranteed Heritage Program”Guaranteed Heritage Program”Simplified Issue Whole LifeSimplified Issue Whole Life

• Minimum policy $1,000• Maximum policy $25,000 to age 65• Maximum policy $15,000 ages 66 to 80• Issue ages 0-80 ALB• Sex distinct rates• Guaranteed premiums & Cash Values• Commissionable Annual policy fee $50.00• Minimum Modal premium $15.00

0-80


Blended rates, not tobacco/non-tobacco

are used with these products to simplify underwriting and increase overall compensation for the writing agent


Simplified Underwriting:• Issued “Standard” through Table 6• Ages 0-70 : up to $15,000 based on application only• Ages 71-75: up to $15,000 based on application & TI• Ages 76-80: up to $15,000 based on application & APS• Amounts between $15,000 & $25,000 based on application and

additional information (varied based on age an amount)

Premium Factors:• Semi Annual = Annual X .51• Quarterly = Annual X .265• Monthly (BD or LB) = Annual X .085


Modified Whole LifeModified Whole Life

Both products use the same simplified application. The Liberty Bankers Life underwriters first determine if a case falls within 6 Underwriting Tables. If not, they proceed to determine if the case can be issued within 14 Underwriting Tables and then issue the Modified Whole Life. Any applicant falling outside 14 Underwriting Tables is declined.

Their objective is to issue policies whenever possible. There are relatively few cases where one or the other of these plans can not be issued. In order to assist the agent in determining those cases that fall outside the acceptable parameters and may be “declines” Liberty Bankers Life makes an “Agent Field Underwriting Guide” available.

““Guaranteed Heritage Program”Guaranteed Heritage Program”Modified Whole LifeModified Whole Life

• Benefit equals Return of Premium + 10% during the first 3 years

• 100% Benefit in year 4

• 105% Benefit in year 5

• 110% Benefit in year 6 and after

The plan “makes whole” the insured who reaches the sixth year by increasing the coverage to make up for a slightly higher premium than the SIWL.

““Guaranteed Guaranteed Heritage Heritage Program”Program”

Modified Modified Whole LifeWhole Life


• Minimum Policy $1,000• Maximum Policy $15,000• Issue Ages 40-80 sex distinct ALB• Guaranteed Premiums• Guaranteed Cash Values• Guaranteed coverage increases• Premiums slightly higher than SIWL• Same Premium Factors as SIWL


Simplified Underwriting:• Ages 40-70 up to $15,000 based on application

only• Ages 71-75 based on application & TI

(telephone interview)• Ages 76-80 based on the application and APS• Field Underwriting Guide available• 800 “call in” assist number

Issued StandardTo table 14


Modified Whole LifeModified Whole Life

Liberty Bankers Life provides quick underwriting and turn around time out of its Austin TX service office where its professional staff understands that “nothing happens until a sale is made” in our business.

Compensation is paid weekly and the commission levels are the same for both products.

Check with your MGA to see what the commission levels are and what other benefits may be available


You can bank on it!

Check us out at www.libertybankerslife.com

simplified issue whole life & modified whole life “guaranteed heritage program”

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