PRODUCT TRAINING
For General Agents
SUPPLEMENTARY BENEFITS
Available in:
AL, AR, AZ, CA, CO, FL, GA, ID, IL, IN, KS, KY, LA,
MD, MI, MS, MO, NE, NM, NC, NV, OH, OK, PA, SC,
TN, TX, UT, VA, WV, WY
Prior to your training session:
1.
Be sure that the session time and topic are posted on the training schedule. It
should show the following:
Date
Time
Training Topic
Who Will Attend
Trainer’s Name
Preparation Required
2.
Prepare a packet of material to give to each Agent one week in advance. Instruct
the Agents to read the material prior to next week’s session and bring the material
to the training session.
a.
b.
c.
3.
Supplementary Benefits Product Brochure, R-3040-G
Application A-250 (Your State’s Version)
Marketplace Bulletin
Prepare yourself for the training session:
a.
Gather materials needed in #2 a-c above.
b.
Sample Riders for Premium Waiver (PW), Accidental Death Benefit
(ADB), Children’s Insurance Rider (CIR) and Primary Insured Term Rider
(PIR) / Spouse Term Rider (SPTR)
c.
Read all of the material
d.
Review the Training Outline
e.
Prepare the objectives and follow-up section of the Training Outline
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PRODUCT TRAINING OUTLINE
1.
This week we are training on the Supplementary Benefit
2.
Let’s review some of the key features of the Supplementary Benefits.
(Read each of the following questions out loud. After each question, call on
someone to answer it. Then ask them to tell everyone where they found the
answer. If they give an incorrect answer, ask them to tell where they got the
answer. If this does not identify the correct answer, ask someone else for the
correct answer. Continue this process until all questions have been answered
correctly.)
PREMIUM WAIVER
a.
Describe the Premium Waiver benefit.
If disabled after the policy anniversary following the insured’s 5th
birthday and prior to the policy anniversary following the insured’s
60th birthday, premiums are waived for as long as the insured
remains disabled. If disabled on or after the policy anniversary
following the insured’s 60th birthday, premium are waived until the
policy anniversary following the insured’s 65th birthday, provided the
insured remains disabled.
Where did you find that answer?
b.
Define “total disability.”
(1)
A disability which prevents the insured from engaging in any
occupation or doing any work for compensation or profit for
which the insured is or becomes reasonably fitted by education,
training, or experience. In South Carolina, disability is also
total when during the first year of disability, it prevents the
insured from engaging in the insured’s own occupation; or
(2)
Until the insured’s 16th birthday, a disability which prevents
the insured from attending school. (This does not apply in
South Carolina.); or
(3)
Total and permanent loss of the sight of both eyes; the use of
both hands or both feet; or the use of one hand and one foot.
Where did you find that answer?
c.
What are the issue ages for Premium Waiver benefits?
0 through 59
Where did you find that answer?
2
d.
Premium waiver coverage ceases at what age?
65
e.
Where did you find that answer?
If a policy has PW on the base policy and the Spouse Term Rider, who
does the PW on the Spouse Term Rider cover?
The primary insured only
Where did you find that answer?
ACCIDENTAL DEATH BENEFIT
f.
Describe the Accidental Death Benefit.
An additional death benefit if the insured’s death results, directly and
independently of all other causes, from an accidental bodily injury.
Where did you find that answer?
g.
How many days from the date of injury must the accidental death occur?
Death must occur within 90 days from the date of injury and prior to
the policy anniversary following the insured’s 65th birthday.
Where did you find that answer?
h.
What are the issue ages for the Accidental Death Benefit?
1 through 59
i.
Where did you find that answer?
On what policy anniversary does the accidental death benefit terminate
due to age?
The policy anniversary following the insured’s 65th birthday.
Where did you find that answer? (See Sample Policy)
j.
What is the maximum ADB benefit?
Base plan face amount, subject to a $150,000 maximum (all
companies).
Where did you find that answer?
3
PRIMARY INSURED/SPOUSE TERM RIDER
k.
A Spouse Term Rider can be added to what policies?
10RC, 20RC, ART, LPDT, MDT, Vitalife 10&20 Where did you find that answer?
l.
If the base policy is a term plan, what is the restriction regarding term
riders?
Only one term rider may be added
m.
Where did you find that answer?
What happens upon the death of the primary insured when there is a
Spouse Term Rider in effect?
The Spouse Term Rider will be automatically exchanged to a term
policy with the same benefits and premium as the Spouse Term Rider.
Where did you find that answer?
CHILDREN’S INSURANCE RIDER
Not approved in Pennsylvania.
o.
What three conditions must be met for a child to be covered under a
Children’s Insurance Rider?
(1)
Be the son or daughter, the stepchild, or the legally adopted
child of the insured.
(2)
Be named in the application, be born and survive to age 15
days; or be legally adopted by the insured after the date of the
application.
(3)
Be under age 19 last birthday on the effective date of the rider
or on the date of legal adoption or the date of any supplemental
application with respect to a stepchild.
Where did you find that answer?
4
p.
What are the annual premiums for all issue ages per $1,000 for a
Children’s Insurance Rider with and without ADB?
Without ADB:
With ADB:
$6
$9
Where did you find that answer?
q.
What are the minimum and maximum amounts of a Children’s Insurance
Rider?
Minimum:
$5,000
Maximum:
$25,000
Where did you find that answer?
r.
What is the coverage period of a Children’s Insurance Rider?
(1)
To the primary insured’s 65th birthday
(2)
Coverage on an individual child will cease on the earlier of the
anniversary following the child’s 25th birthday or the expiry
date.
Where did you find that answer?
s.
What happens to the Children’s Insurance Rider upon the death of the base
policy insured?
Future premiums will be waived to the expiry date of the rider.
Where did you find that answer?
t.
When can a Children’s Insurance Rider be converted?
Convertible prior to the child’s 25th birthday and before the expiry
date of the CIR. The coverage on each child may be converted
without evidence of insurability.
Where did you find that answer?
u.
If the conversion request is received on any date after the CIR has been in
force five years, what is the maximum amount allowed on the policy?
Up to five times the amount provided on the insured child by the CIR,
but may not exceed $50,000.
Where did you find that answer?
5
3.
What are some reasons that people need Supplementary Benefits insurance?
(List responses on the board. They should include the following:)
4.
Premium Waiver
Accidental Death
If the insured becomes
disabled, they might not
be able to afford to
pay their insurance
premiums
Accidental death is one
of the leading causes of
death in the U.S.
Primary Insured &
Spouse Term Rider
To save the policy fee.
So that Premium Waiver
will cover the rider
premiums if the primary
insured becomes disabled.
What are some ways you can identify prospects for Supplementary Benefits?
(List responses on the board. They should include the following:)
Customers without Premium Waiver and ADB
Customers wanting to cover both husband and wife with one policy
5.
What approaches will you use when contacting these prospects?
(ChildSafe ID, MedFacts, $3,000 Accident)
6.
Do a demonstration of how to present the features and benefits of the
Supplementary Benefits using the product brochure or product illustration
(proposal).
7.
Next week’s training session will be on ______________________ at ___________.
(day)
(time)
We will be covering the ___________________.
(topic)
Be sure to pass out materials needed for next week’s training session.
Instruct the Agents to look at the training schedule to determine what they will
need to do to prepare for that session as well as what materials they will need to
bring with them.
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