| Union Central's New DI Applications | |
DInamic Foundation, Union Central's new disability insurance product is now approved in all the states we typically do business in. Please make sure you have the most updated applications by clicking here and downloading from our website or contact us and we will e-mail the newest version to you...
Below is a re-cap of the new DInamic Foundation Product...
- DI protection on either a Guaranteed Renewable (we anticipate a large number of sales in the age 55+ marketplace as well as more blue/grey collar clients; GSI will also benefit from the GR product) or a Guranteed Renewable/Non Cancellable Contract
- .9 pricing in North Carolina for occupation classes 5M and 6M
- Two Multi Life Discounts available (2-4 lives = 10% discount 5+ lives = 15% discount and unisex rates)
- 15% loss of earnings rather than 20% loss of earnings for a residual claim
- Revised Business Owner Upgrade Guidlines
- COBRA Rider
- Up to $10,000 of Catastrophic Benefit
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Multi Life Sales Idea | |
One of the new features of Union Central's DInamic Foundation product is that there is a 10% discouont available with just 2 lives who share a common employer and an endorsement letter from the employer is no longer need, just a completed Multi Life Discount Form.
If you have an existing client who has a Union Central DI policy, that client can recieve a 10% discount going forward when a colleague purchases a Union Central DI policy. The new client will also recieve a 10% discount. The existing policy does NOT have to be a DInamic Foundation policy!
For more information or if you would like a list of your in force DI policy holders please contact us. |
| Two Great DI Options for Physicians | |
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We have two of the best DI products in the physician market with Principal and Union Central.
Principal's new product design for physicians includes a regular occ definition of disability up to age 70 along with a built in recovery benefit for the entire benefit period rather than the 1 or 3 year rider. They also reduced their rates making them VERY competative in this marketplace.
Union Central's new DInamic Foundation series is also a great option for physicians. They have included a number of physicians in the 6M occ class, their highest medical occupation class, making them VERY competative in that occ class as well as the 5M occ class.
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| 2010 Mid Year Sales Update | |
To quote Dickens, "It was the best of times, it was the worst of times." The first half of 2010 was just that. Record levels of submitted premium coming in and paid is pretty good as we are on track to write over a million of premium, but the bad part is what we call "wastage". Wastage is cases submitted that never get paid because they are incompleted, withdrawn, declined, or not taken when a policy is issued. Wastage has traditionally averaged about 20% a year for the 28 years I have been doing this; that is until this year. It is currently running at 40%. I have never seen wastage like this. You might think the decline rates are way up and that is the cause, but decline rates are actually down and account for only about 5% of our wastage. The other 35% falls in the other categories. We think part of it is the current economic conditions where clients apply but then change their minds. We believe this is just an anomaly and will pass as the economy improves. On the good side, we have record levels of submit and continue to sell a lot of new premium with the products we have. July looks to be a big month for us and maybe the largest we have seen yet this year. Pending premium is high so the second half looks very positive.
Sales are occurring across all of our companies with Union Central and Principal leading the way. Those two carriers can cover most of the white collar, professional, physician, and business owner markets. Our two blue/gray collar companies, Assurity and Illinois Mutual, pick up the others, and Peterson provides us with an outlet like no other for high end, complicated, and difficult to cover cases.
The overall trend across the industry is DI sales are down. The only exception to that has been one of our carriers; Principal's business is up because of their multiple product offerings as well as their revamped physican DI product. The economy is still taking a toll on new DI sales and as I said above we feel that in the wastage area. If we had normal levels of wastage we would be having the best paid year ever so I think the tide has turned from the past two years and at least in our office we are on the upswing.
We are ready to help you all have a big second half. For those of you who have partnered with us in the first half thank you, and for those who have not we are ready when you are. Prospects are once again making buying decisions and our DI sales are looking good and we expect them to be even better in the second half. We wish all of you great success for the rest of 2010. |
