It seems that everyone is talking about delivering greater consumer value as a way to stand out in a commoditized product environment. Mutual of Omaha is no exception. However, their product offering comes without the usual complicating factor of an increased premium. The result is a risk management “triple threat” sale that provides truly cost effective solutions to three major concerns: Dying too early, suffering from a chronic illness, or living too long.
The Triple Threat Sale
The paragraph above says it all about the need. The issues of dying too early, living too long or falling ill along the way are very real. For some clients, however, a limited budget requires a single product solution to cover multiple risks. The challenge is educating producers and clients alike that these options are readily available from Mutual of Omaha at no additional cost:
- Income Protection: Competitive NLG pricing that is now even lower
- ABR rider for Chronic and Critical illness protection: One of the best in the business with 80% of face available, up to $1MM
- Longevity Hedge with the GRO Rider: Perfect for a 50 year old client: 50% ROP @ 65, 100% ROP @ 70, 100% ROP @ 75
Mutual of Omaha’s GUL is the only NLG contract on the market with these features included in the base premium.
Raise Awareness: Update Your Strategy for Fulfilling Quote Requests
Changing producer and client behavior takes time, and a willingness to change the way we do business. An incredibly simple way to differentiate versus other BGA’s who simply “take the order” is to make a simple addition to any customized spreadsheet used to fulfill NLG quote requests.
Add a Section to your Spreadsheet: Value Added Features Included
Change things up by adding a few lines to any summary spreadsheet used in the NLG space. It could look like this:
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Producers, and their clients, will start to ask questions about the check marks. What do they mean? How does that rider work? What does it cost? This simple addition will lead to discussions about the other risk management strategies we use every day, including the Mutual of Omaha Triple Threat Sale.
Chip Shots
There are Mutual of Omaha cases sitting in your inventory right now, just waiting for you to find them. Use these two simple ideas to pick up some quick, easy sales:
LTC/Chronic Illness Declines
Mutual of Omaha is one of the rare companies that does not restrict the availability of their Chronic Illness ABR based on underwriting class. While other carriers require the client to be a T4 risk or better, for example, Mutual of Omaha will offer the rider to any proposed insured who receives a medical offer for life insurance, regardless of the rating. It does not matter what the original sale was, declines in these product lines can all potentially be solved by Mutual’s Chronic Illness ABR:
- Traditional LTC
- Asset-based LTC
- LTC Riders on permanent life contracts
- Chronic Illness Riders on permanent life contracts
The bottom line: if the client can get an offer, they get the rider. Period.
Term Insurance
Why bring up term insurance as part of this discussion? Mutual of Omaha has a unique approach to conversions and the ABR Rider. While it is not contractually guaranteed, current company policy is to allow conversion to any permanent product, including the GUL with the ABR and GRO. What makes this powerful is that you can do it EVEN WHEN YOU ALREADY NEED CARE for a Chronic Illness. This is the ultimate “wait-and-see” planning strategy that can be done on a shoestring budget via term insurance.
Life Express SI Platform
Mutual of Omaha has a robust offering of SI and GI products for the smaller cases that good producers bring to their BGA. While the case may be small, the need to provide top flight service to these producers is apparent. Solve these cases quickly with Mutual of Omaha’s Life Express products.
Learn More
For more information about Mutual of Omaha’s value added features, please see the following resources: