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In the realm of health and life insurance, there’s a concept that can cause some confusion: elimination periods. In this post, we answer the question; what are elimination periods and explain how they can impact insurance coverage.

Understanding Elimination Periods

Elimination periods, also called waiting periods, are a common feature in both life and health insurance policies. They represent the duration of time that must pass after an approved event occurs before an insurance company pays a benefit. Although the specifics vary between life and health insurance coverage, the underlying purpose remains the same: to manage risk.

Life Insurance

Life insurance elimination periods typically come into play upon the policyholder’s death. This period serves as a buffer, ensuring that the policy has been in force for a specified duration before the death benefit is paid out to beneficiaries. Longer elimination periods may result in lower premiums. This usually results in a cost savings for policyholders. While shorter elimination periods provide quicker access to benefits, they may come with higher premiums.

Health Insurance

In health insurance, elimination periods are often associated with long-term care or disability coverage. Health Insurance waiting periods are similar those in life insurance. They require a waiting period before beneficiaries receive coverage. For example, in long-term care insurance, elimination periods determine when coverage for services like nursing home care or home healthcare begins. Disability insurance policies may have elimination periods that work in a similar fashion, they dictate when income replacement benefits are payable after a qualifying illness or injury.

Learn how ancillary sales can add important coverage options for your clients; watch our video

Understanding the Significance

The reason for elimination periods is to mitigate the risk for insurance companies. By imposing a waiting period, insurers can make certain that coverage is provided for more significant or long-term issues rather than minor, short-lived ailments. From the insured’s perspective, elimination periods can affect financial planning during times of illness or injury. In some instances, elimination periods can be covered by additional products, such as short-term care policies for beneficiaries waiting for long term care insurance to kick in.

The Impact on Coverage

Financial Preparedness

These wait times require individuals to have financial reserves or alternative sources of income to cover expenses. Understanding the length of the elimination period is crucial for financial planning.

Policy Customization

Many insurance policies offer flexibility in choosing elimination periods. Opting for a longer waiting period typically results in lower premiums, while shorter waiting periods come with higher premiums. Balancing these factors requires careful consideration based on individual circumstances.

Long-Term Care

In long-term care insurance, elimination periods range from a few days to several months. The length chosen affects when benefits become available for services such as nursing home care, home healthcare, or assisted living facilities. Adding a short-term care policy can provide coverage during the waiting period of a long-term care policy.

Disability Insurance

For disability insurance, elimination periods can vary widely depending on the policy. Individuals who pay higher premium amounts may have shorter waiting periods. This can minimize the financial impact of a disability.

Learn about protecting clients from coverage gaps

Making Informed Decisions

When selecting a health insurance policy, it’s essential to thoroughly understand the elimination period terms and their implications. Here are a few things to consider before choosing insurance coverage:

Assess Your Needs: Evaluate your financial situation, including savings, emergency funds, and potential sources of income during an illness or disability.

Understand Policy Options: Compare elimination periods offered by different insurance providers. Consider how each option aligns with your financial capabilities and risk tolerance.

Seek Professional Advice: Consult with insurance agents or financial advisors for personalized guidance based on specific circumstances and insurance needs.

Review Regularly: Life circumstances change, so periodically agents should review your insurance coverage to ensure it continues to meet evolving needs. Adjustments may be necessary as your financial situation, health status, or family dynamics change over time.

Agents who want to add these products, click here for online contract.

A professional insurance agent can help assess your needs, explain coverage options, and ensure that you make the best choice.

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If you are a licensed health agent, you should consider adding GTL Ancillary Products to your offerings. GTL offers several product choices in most states.

GTL Supplemental Health Products- click here and see what’s available

Learn the benefits of adding ancillary health products to your sales.

Here are some of the products that GTL offers to individuals:

Important; product availability varies by state. If you want to check what’s available in your area;

click here for GTL product state approval lists.

Hospital Indemnity

GTL offers Advantage Plus Elite Hospital Confinement Indemnity Insurance to help with the expenses associated with a stay in the hospital such as co-pays, deductibles and other out-of-pocket expenses not covered by a health insurance plan. Medical costs can quickly add up and beneficiaries can use the cash benefit any way they like.

Beneficiaries receive a cash benefit if they are confined to a hospital or receive any other covered care. The Advantage Plus Elite plan pays between $100 and $750 per day. The amount depends on the plan selected. Plans provide coverage for a period of either 3-10 or 15 days The benefit period resets when the beneficiary is out of the hospital for 60 days. There are also plan options that offer a 1-day benefit period with a $2,500 daily benefit amount.

Click here for Crowe online contract and add GTL to your products.

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Cancer Insurance

Precision Care Cancer Insurance helps policyholders who are diagnosed with cancer access advanced treatments that may not be covered by insurance. Precision Care lets policyholders access TGen’s world class Cancer Physicians and their cutting-edge genomic sequencing services. It also provides cash to pay for the services and the specialized cancer treatments. Learn more about Precision Care, just go to: outsmartmycancer.com.

If the beneficiary is diagnosed with cancer, TGen (the Transitional Genomics Research Institute) an affiliate of City of Hope nonprofit medical research institute receives a biopsy of the tumor, and the DNA is sequenced in TGen’s lab. Once this is done, doctors use the findings to suggest treatments that have been used to target the same mutations. For more information about TGen, visit www.tgen.org.

Cancer Heart Attack & Stroke Insurance

GTL also offers Cancer, Heart Attack and Stroke Insurance that provides beneficiaries a lump-sum benefit amount paid directly to them regardless of other health coverage they may have upon diagnosis of cancer or if they suffer either a heart attack or stroke. The amount of the benefit can range to as much as $50,000 for any of the covered diagnoses. The amount depends on the coverage chosen at the time of enrollment.

Short-Term Care Insurance

Recover Cash is short-term care insurance that GTL offers to provide coverage for several care options. Options include assisted living facilities, nursing homes, or in the enrollee’s home. Because there are gaps in health insurance coverage, Recover Cash provides a way to pay out-of-pocket expenses. Policyholders have access to TCARE’s Family Caregiver Concierge Services. This service provides support to caregivers to help prevent burnout. Policyholders receive this cash benefit directly and can use it any way they like.

GTL helps with both financial support and family caregiver support from TCARE. This helps the beneficiary and their family member through a difficult time.

Short-Term Home Health Care Insurance

Short-Term Home Health Care Insurance helps cover deductibles and co-pays for home health care services. The policy offers several riders to choose from as well as a Short-Term Home Health Care Aide Benefit and a Prescription Drug Benefit.

GTL’s Short-Term Home Health Care Insurance pays a daily benefit for many types of home health care services. Benefit amounts depend on the plan selected. There is a maximum benefit period of 360 days. A Licensed health care provider must certify the cognitive impairment or inability to perform at least two of the six activities of daily living (bathing, dressing, eating, continence, toileting or transferring) without substantial assistance.

Critical Illness Insurance

Critical Provider Plus is critical illness insurance that helps alleviate the financial hardships that come with a critical illness or accident. Coverage options range from $10,000 up to $100,000. The coverage pays up to two times for two separate critical illnesses. GTL issues policies to anyone from age 18 to 64. Lifetime maximum benefit amounts are between $25,000 and $250,000.

Please note: the information in this post is for use by licensed insurance agents only and is not intended for use by consumers. If you are looking for an agent to assist with the purchase of one of the GTL products, please contact our office either by email at teal@croweandassocites.com or by phone 203-796-5403.

Life Insurance with major medical condition

It is possible to buy life insurance with major medical condition.  If the condition is severe, you should expect to pay more than someone without a major medical problem. The rate you pay will be a higher price, but you are still eligible.   Both Term and permanent life policies are available on a guaranteed issue basis.

To find out about what life insurance for those critical illness covers, how it works and why it might be right for you,contact our office at 203-796-5403. We work with many life insurance plans that will cover a number of major medical conditions.  These conditions include; heart disease, Diabetes, breast cancer and obesity as well as a number of other conditions.   Ideally, if the condition is not severe you may be able to apply for an underwritten life policy.  The lowest price policies require a medical. This is great; if you can get approval.  For those with a major health condition and other conditions, it may not be possible.  Those with server or multiple conditions should look at simplified or guaranteed issue plans.

Life Insurance with major medical condition: Simplified issue plans

Simplified issue plans do not require a health exam.  The applicant fills out an application with health questions.  The answers are verified by the insurance company checking a drug record or pulling the MIB.  If the client has a condition that is not severe, the insurance company will issue a plan.

Guaranteed issue life insurance:

These policies can be either term or permanent insurance.  Guaranteed issue means anyone can get the policy regardless of current health status.  To quote the lowest cost guaranteed issue term and permanent policy use the link provided below. This link will take you to our MEC99 site which can be used to get an instant quote.

In fact,  it can be very difficult to get guaranteed life insurance under the age of 40.   Our guaranteed issue policy is available to anyone from age 18 and over.

CLICK FOR INSTANT GUARANTEED ISSUE LIFE QUOTE

Life Insurance for Lupus Patients

It is possible to get life insurance for Lupus patients.

Term or permanent life insurance can be difficult to get with a history of lupus. This is due to the increased risks associated with the disease. However, it does mean someone with lupus cannot get coverage. It may cost more for a person with Lupus to get life insurance compared to someone without a health condition. The reality is if you have lupus there is a good chance that you will pay a higher premium rate for term or permanent life insurance.

They type of Lupus you have can determine how much more you need to pay for life insurance.  Everyone with Lupus can get a policy but the cost they will need to pay is the issue.

Types of Lupus

Discoid Lupus

This form of lupus affects only the skin and can cause rashes. It can go away and then come back. Discoid lupus is associates more with women than men and most commonly occurs between the ages of 20 and 48. About 10 percent of people with discoid lupus,  progresses to systemic lupus.

Systematic Lupus

This kind of lupus can affect just about any part of the body.  The symptoms can be mild to severe and tend to come and go.  Common symptoms include painful joints, rash, fever, hair loss, loss of circulation, ulcers and major fatigue. 

Which type of insurance to apply for:

If someone has either Discoid Lupus and no other health complications or Lupus that has been dormant for many years, they can apply for a fully underwritten insurance policy.    Insurance carriers offer the best rates if you purchase a fully underwritten policy.  For those that have Systematic Lupus or Lupus with other health complications, they should apply for a simplified issue or guaranteed issue policy.  Call our office for more specific details.  We have included a link to our lowest cost guaranteed issue term and permanent life policies below.  You can click the link to get a quote and or apply. The link will take you to our MEC99 quote site which allows you to get an instant quote

Click for guaranteed term and permanent insurance quotes

Term Life Insurance Without Medical Exam

John Hancock SmartProtect Term with Vitality provides up to $1,000,000 of term life insurance with a medical exam. There are a number of companies that offer term life insurance without Medical Exam. The difference with the Hancock policy is the rates.  Most non medical term policies have rates that are 20% to 40% higher than comparable life policies that do require an exam.  The John Hancock SmartProtect plan has  both rates that are competitive and plans that are fully underwritten.  Rates can go even lower if use the Vitality Program.  It gives the insured a free Fitbit.  You   can be use the Fitbit to track your progress toward a healthy lifestyle.  In fact, if you use the Vitality program you can lower your rates even further.

As an example:

A 46 year old male in good health can get $1,000,000 of SmartProtect term for 20 years for only $133 a month.  If they use the Vitality program the rate can go as low as $86.75 a month.  The rates with Vitality actually  come out lower than the most competative life policies that do require an exam.  The product is available to anyone age 20 to 60 and policies can be issued in about 3 days after submission of the application.

Please note that this policy does not require a medical exam but it does check on current health.  In fact, this is not a guaranteed issue plan, some people will not be approved for a policy.  Some companies may not accept people who have major health conditions.   You can buy Term Life Insurance Without a Medical Exam.  Contact our office if you want a quote or have any questions.  Either by Phone- 203-796-5403 or email at Edward@croweandassociates.com

Click the links below for additional information on the policy:

John Hancock SmartProtect Term with Vitality pre qualification form

John Hancock SmartProtect Term with Vitality application

Single Premium Life Policies

The primary benefit of life insurance is to leverage money to create an estate.  This benefit can provide for survivors or to leave something to an organization or charity. Single premium life policies  (sometimes called SPL) are a type of life insurance.   In this type of policy you pay a lump sum of money into a new policy in return for an instant death benefit.  This policy is guaranteed to remain paid-up until death. There are many different versions of single pay policies available. These policies offer a wide range of investment options as well as withdrawal provisions.

With single-premium life policies –

The cash you invest applies immediately.  In Fact, this enables the policy full funding. The size of the death benefit depends on the amount invested, insurance company used, type of underwriting, age and health of the insured.  With these policies, a younger person is normally has a longer life expectancy.   This gives the funds you pay for the premium more time to grow before the insurer expects to pay out the  death benefit. The larger the amount of money you initially contribute to your policy, the greater your death benefit will be.  For example, a 65-year-old female might use a $25,000 single premium to provide a $55,000 income-tax free death benefit to her survivors/beneficiaries.  Whereas a 50-year-old male’s $100,000 single premium might give a $400,000 death benefit.

Many companies have provisions in the policies which allow for a partial withdrawl of cash value in the event that you need money. Other policies guaranteed a full refund of cash value at a certain point (often 6 years ).  A policy can always be surrendered for cash value but policies surrendered prior to maturing may have surrender charges.  Single premium plans should not be used with money that you may need to spend or to live off of.  If you have a lump sum of cash that you don’t need right now and you want guaranteed life insurance protection for your family or your favorite charity, single-premium life insurance can be an ideal solution.

However you choose to use a single-premium life insurance policy, remember to consider your personal financial situation.  You also want to think about other retirement vehicles already in use.   This way you can select and shape your policy to best match your needs.

Vantis Life Sales Contract North Carolina

Vantis Life Sales Contract North Carolina offers a number of products in North Carolina including the Guaranteed Golden Product.  Guaranteed Golden is a life insurance policy for people from ages 50 to 80 that is 100% guaranteed.  There are no health questions.  In fact, anyone in the applicable age range who applies can obtain a contract.   The policy has the lowest rates for a guaranteed issue life plan available.  Additionally, it will  build up a cash value over time.  The plan works very well for agents that currently write both Medicare and also final expense business.

Crowe  and Associates can set up both independent sales people and agents with a direct pay contract.  Agents can receive their commission  pay directly from Vantis.  We can also set up agency contracts at the GA level.  The contract will  also allow for downline agents to receive pay directly from Vantis.  The override pay will go directly to the agency.

You can either call us at 203-796-5403 with any questions or email us at Edward@croweandassociates.com.  Crowe and Associates is happy to help you with any health insurance or investment needs you might have.  We want you to feel comfortable with your choice of health care coverage providers.  We can find a plan that will fit both your health needs and your budget.  Please contact us if you would like more information.

CLICK HERE FOR  LIFE SALES VANTIS CONTRACT NORTH CAROLINA

Vantis Life Sales Contract Georgia

Vantis Life offers a low cost guaranteed issue final expense plan called Guaranteed Golden. You should read this post if you have any interest in this policy.   The policy is offered in face amounts of $5,000,  $10,000, $15,000 as well as $20,000.  This is a 100% guaranteed issue plan.  In fact, the plan does not have any type of medical questions to answer.   Both brokers and agents can offer the Vantis plan to their clients who reside in Georgia.  Additionally, we are able to set up GA contracts for agencies if they are interested.

Vantis will not issue a writing number until a client application has been submitted.   Please note however that Georgia is not a same time state. Therefore,  you must submit you contracting paperwork first before you can turn in an application.  If you have questions regarding this product, please contact us.  You can either call our office at 203-796-5403 or email us at Edward@croweandassociates.com.

CLICK HERE FOR LIFE SALES CONTRACT VANTIS GEORGIA

Vantis Life Sales Contract Tennessee

Crowe and Associates is offering agents some important information about Vantis Life Sales Contract Tennessee.  If you are looking to sell the best priced Guaranteed Issue life insurance plan in Tennessee, Vantis life is the right choice.  The Guaranteed Golden Plan is a 100% guaranteed issue plan. In fact, there are no health questions or knockout questions of any type.  These policy rates are surprisingly low for a policy that guarantees acceptance to everyone who applies.   Additionally, the policy will build a guaranteed cash value over time.

We have the ability to set up contracts for both individuals and agencies in Tennessee.  Agents will receive commission pay directly from Vantis.  Although, Vantis pays the overrides directly to the agency.  After the agency receives the override pay they will send that amount to the agent.  The client can pay the policy premium either by receiving a bill from the company  directly or set up on a  automatic draft through a checking account or a credit card.

CLICK HERE FOR THE VANTIS –  LIFE SALES CONTRACT FOR TENNESSEE

Please contact us if you have any questions about health insurance or investments.  We will be happy to answer you.  You can reach us either by phone at 203-796-5403 or by emailing Ed at Edward@croweandassociates.com.  We are a full support agency.   We want to see all our agents succeed and will do whatever we can to make that happen.

Vantis Life Sales Contract Wisconsin

Crowe and Associates wants to offer agents a chance to sell policies for Wisconsin residents therefore, we are offering Vantis Life Sales Contract Wisconsin.  In fact, Crowe and Associates is an FMO.  We are located in Connecticut.  We offer Vantis life sales contracts to both agent and broker as well as  GA contracts for insurance agencies.  Vantis life offers a number of products in Wisconsin. In fact, the most popular product is the Guaranteed Golden Final Expense plan.  The product has very good rates for a guaranteed issue life offering and is available in tough insurance states including WI and NY

The GG plan is a good fit for brokers and agents that run final expense and Medicare appointments. It is also a great addition for an agency that already has down line agents.  Vantis will administer the payments to the down lines along with the overrides to the agencies. Vantis will not issue a writing number to agents until they submit their first client application.  Rates compare very favorably to other Guaranteed Issue life plans.   A link to contracting has been provided below.

If you have additional questions, you may either call our office at 203-796-5403 or email us at Edward@croweandassociates.com.  We are a full support agency, we are here to help all our agents succeed.  Please feel free to contact us if you need help with your sales.

CLICK HERE FOR THE VANTIS –  LIFE SALES CONTRACT FOR WISCONSIN