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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.

Transamerica has received approval for their Long Term Care rider in Connecticut.   They are now able to offer the Trans ACE GUL “Guaranteed Universal Life” product with a long term care rider in Connecticut.   Other companies have been able to get approvals for life/LTC combo plans in CT but they are always single deposit products or limited deposit.  The Trans ACE is a true GUL policy that can be paid monthly like any other permanent life policy.  Adding the LTC rider will increase the premium but the overall rider cost is much less than the cost of buying a stand alone Long Term Care Plan.   Highlights and unique features….

• Any money not used as long term care is paid out to beneficiaries at death via the plans GUL death benefit.
• The cost of the Long Term Care rider is substantially lower than buying a stand alone LTC plan.
• If the Long Term Care is never used, the GUL will still pay the full death benefit upon death.
• The plan comes with a return of premium feature which returns 100% of paid premiums. The premium can be taken back in year 15, 20 and any year after 25.
• Premiums for the policy (GUL and LTC rider) can be paid monthly.

Click the links below for product summaries

Trans Ace Product Summary Sheet

Trans Ace LTC Rider summary

Trans Ace LTC Rider Quick Guide

If you are a broker that would like to offer this product to your clients, you may email Ed Crowe at Edward@Croweandassociates.com or call at 203-796-5403

American National has the lowest 10, 20 and 30 year term policies in the business. They also have the lowest cost ART insurance by far.   Recently, they have revised the Guaranteed UL and IUL policies.  The IUL life policy has a 14% cap on the annual point to point which higher than almost every IUL in the industry.

Example on the ART- A 55 year old male rated preferred (not rated super preferred) would be able to get 1,000,000 of coverage for $69.98 a month   CLICK HERE TO RUN TERM QUOTES

Crowe and Associates can provide training on the products.  We can also set up contracts for individual brokers and General Agencies.  The General agency contract is set up with a hierarchy structure to allow down lines to be paid directly from the carrier with the override going to the GA.   We will also provide an SGA contract to any agent or agency that writes $50,000 of annualized premium.

American National GA Contract

American National Agent Contract

American National Comission schedule

For more information, contact Crowe and Associates at 203-796-5403 or email Ed Crowe at Edward@Croweandassociates.com

There are hundreds of life insurance products out on the market for brokers and agents to sell.  This post will provide a high level list of the best plans in each category: Term, UL, IUL (Med Exam Required), Term, UL, IUL (No Med Exam), Guaranteed issue Life and Final Expense (simplified issue). Read more

Life Insurance For Lupus Patients

PLEASE NOTE:  This blog has been updated:  CLICK HERE FOR UPDATED INFORMATION

Few life insurance companies will provide life insurance for Lupus patients.   Therefore, the majority consider Lupus to be an automatic decline regardless of the persons overall health.   Those that have lupus and want a policy, do have options, they just need to know where to look.

Some well rated insurance companies that will offer permanent insurance to Lupus sufferers. They offer plans with simplified underwriting.  This means that the applicant answers questions on an application.  The insurance company will then review medical records on the MIB “Medical Information Board” to determine if the answers are accurate.  This process is much faster with policies being issued in 2 to 5 days.

There are also a number of companies that offer guaranteed issue policies that anyone can obtain.  A plan without underwriting should be the last resort however, as the rates can be much higher than a standard plan.  They usually have a graded death benefit and higher rates than the simplified issue plans. Companies also run programs which can be advantageous to the client by offering them a table program. Table programs allow the client to get a standard policy rating when they would normally have a sub standard policy.  Sub standard policies have much higher premiums compared to a standard table rated policy.

We work with hundreds of insurers and would be happy to help you find a life insurance policy.  Please feel free to call or email us at any time.  As a side note,  the Lupus foundation of America is a good resource for those who have been recently diagnosed with Lupus.  Click here for the site LUPUS FOUNDATION OF AMERICA SITE

Do you have questions about this blog?

We are happy to answer any questions you may have.  Give us a call at 203-796-5403 or email Edward@croweandassociates.com

Vantis Life offers a 100% guaranteed issue life insurance plan with the lowest rates available in NY.  The plan is 100% guaranteed issue with no health questions or verification phone calls.   Anyone will be accepted in this plan regardless of all health conditions.

The plan will also build a cash value which can be borrowed against in future years.  Premiums will never increase and the policy can not be cancelled as long as payments are made.  Issue ages in NY are 50 to 75 years old with coverage amounts from $5,000 to $20,000 dollars.

Vantis was founded in 1942 and is currently rated A-(Excellent) from A.M. Best.  They offer the Guaranteed Golden Plan in 45 states throughout the country.

Rates and applications may be accessed below

Vantis GG rates NY

Vantis Application NY

 Applications may be printed out and sent into Vantis directly or they may be sent to Crowe & Associates for processing. Crowe & Associates will review applications to ensure they are complete prior to submission to Vantis.  Applications can be sent to Crowe & Associates by the following methods

Fax- (203)-567-6235

Email- Edward@Croweandassociates.com

Mail- Crowe & Associates, 155 Main Street, Suite 205 Danbury, CT 06810

Additonal questions may be emailed to Edward Crowe at Edward@CroweandAssociates.com or by phone at (203)-796-5403

There have not been many options for brokers or agents looking to offer affordable guaranteed issue life insurance plans to their clients.   Now they have the ability to offer the lowest cost guaranteed issue plan available through Vantis Life. 

Vantis offers a true guaranteed issue plan without health questions or a phone interview.  Rates are simply the best available in this class of plan with a better price point than major competitors such as AARP/NY Life, Gerber, Mutual of Omaha, and others.

The plan is available in most states including NY.  Face amounts run from $5,000 to $20,000  for people ages 50 to 80 in most states. Individual producers may can fill out the attached contract to be appointed. Agencies may establish a higherarchy with sub agents assigned to them.  Agency contracts have been attached as well.  Both agencies and individual agents must complete and submit a background form which is attached.

Completed contracts may be faxed to (203) 567-6235 or emailed to Edward Crowe at Edward@croweandassociates.com

Vantis Rates

Vantis Background Check Mandatory all contracts

 Vantis Agency Contract NY

Vantis Agency Contract All Other States

Vantis Individual Broker Contract All States

Vantis is offering the lowest cost guaranteed issue life insurance plan on the market today.  A number of companies compete in this market such as AARP via NY Life, Gerber Life, Mutual of Omaha and others.   Vantis currently has lower pricing than all of them.

The plan is a true guaranteed issue life insurance offering as it does not have any questions to answer and they do not conduct a phone interview.  The plan in available in most states including NY.  It is offered to people ages 50 to 80 with face amounts from $5,000 to $20,000.   Because of its whole life platform, the plan does offer a cash value which runs about 40% of paid premium after 6 years.

The rates hold up against non guaranteed final expense plans that ask health questions.   This plan is ideal for anyone with major medical conditions looking for life insurance.  Agents and brokers can also offer this plan to their clients.  As with most guaranteed issue contracts, the plan does have  a 2 year graded benefit.

Rates have been attached for review

Click here for Vantis Rates

Do You Have A Competitive Life Insurance Rate?

The old saying goes that you should keep you life insurance policy once you purchase it because it costs more as you get older.  This saying is only partially true for most and can cost you thousands is you follow it. Many believe that this was simply a ploy by insurance carries to help keep business on the books and prevent people from rate shopping once they had a policy.

Read more