Benefits Basics
Cincinnati Life is the only carrier
Enrollment is March 21st – April 8th
Payroll – Weekly on Friday
First Deduction May 6th
Contract Date June 1, 2022
Contract Date is 6/1 (Coverage is date of app).
PLEASE SELL ALL WITH ADB AND WOP AND USE THE CORRECT RATES
Term Life / Term ROP
Whole Life 65 / 100
EasySend Production Application Link
Copy and Paste the company name "S and K" into the Employer field on the first page.
Highlights
SALES GUIDELINES:
1. Product Options: We will use ROP Term 20 and Whole Life to 100 exclusively for this enrollment
\* ROP Term 20 for all ees under age 50 (or who will not attain age 50 by Feb 1st Contract Date
\* WL 100 for all ees age 51+ (or will attain 51 by Feb 1st Contract Date)
\* We are not using Term 10 or 20 as their group term will be viewed as cheaper, and we don’t want to confuse them with grp vs. individual term
\* As discussed prior, buying some form of permanent coverage, even in smaller amounts will serve ees needs for the long term-
Worksite Rate Sheets: We will use ROP T20 and WL rates with Waiver of Premium & Accidental Death Benefit and Children’s Term Rider if desired (see attached)
*Broker sells a plan design which automatically includes WAIVER OF PREMIUM and ADB…as features that come with the face amount choice… do not offer to add them, funtion like they are built-in
* ROP T20 min face is $25k, and can be purchased at $50k, $75k, and $100k up to their age-specific GI limit.
* WL 100 min face is $5k, and can be purchased up to $100k s/t age-specific GI limit
UNDERWRITING Guidlines
"IF”: Term Life insurance provides guaranteed protection for a specified time period and pays a benefit if you die in this period of time.
“WHEN” Whole life insurance is permanent life insurance and costs more than term because the policy is designed to cover you for your whole life.
”THEN”ー Return on Premium life insurance with a money-back guarantee after the 20 years.
Employee Guarantee – any combination of WL/Term/Term ROP.
Ages 18 – 50 = $100,000 / Ages 51 – 60 = $75,000/ Ages 61 – 70 = $25,000
Spouse Guarantee Must work outside the home 20 hours or more per week
Ages 18 – 60 = $15,000 WL Products Only / Ages 18 – 60 = $25,000 WL/Term/Term ROP with stipulation that employee purchased on self. Non-Working Spouse can purchase
Ages 61 – 70 = Simplified Issue
Dependent Children Guarantee
Ages 15 days – 17 years = $10,000 WL Products Only
Ages 18-25 = $10,000 WL Products or $25,000 of Term/Term ROP.**
**Choose one of these options for Guaranteed Issue
Must be Full-time Student, unmarried, and not in the military.
Grandchildren
Ages 15 days -18 years = Simplified Issue Whole Life Products Only