It's a vital offering for both agents and clients! CareValue offers many insurance products to serve the needs of all your clients and build your book of business. From final expense to term life to annuities, life insurance covers a wide array of needs and use cases.
Final expense can be a boon to families in their greatest time of need. Term life insurance can help clients who just want coverage without needing permanent coverage. Whole life insurance and annuities can serve as investment vehicles or other parts of your clients’ financial and tax planning strategies.
No matter what your clients’ needs, CareValue has top-rated products to serve them. And our incredible behind-the-scenes support helps you help them.
Why CareValue for Final Expense?
Final expense insurance can save loved ones a lot of money and stress at the time of a death. With the high cost of funerals, the last thing anyone wants to think about after they lose a loved one is paying for and planning final arrangements. Final expense insurance can help ease that burden by paying for many of the costs associated with funerals.
The driving force of CareValue is to provide insurance professionals with products from top-rated carriers and services designed to leverage their time, grow their businesses and put them in a position of distinction. This is accomplished first by cultivating relationships with financially strong and exceptionally rated carriers. We then equip our marketing staff of licensed insurance agents with product and sales knowledge, and back-office support geared exclusively for a motivated national sales force.
When you work with CareValue, you get access to:
Why CareValue for Term Life?
CareValue’s Term Life Quote Engine shows the A-rated carriers that fit your clients’ needs by providing comparisons of not only the lowest rate, but all the rates that make up a quote.
Term life insurance provides life insurance coverage for a specified period of time. After the term ends, the client can either drop the policy or pay additional premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term life insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.
Term life insurance builds no cash value, unlike permanent life insurance products such as whole life, universal life, and variable universal life. Term life insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not expect a return of premium dollars if no claims are filed. Most term life insurance carriers offer additional riders that increase the insured’s protection against risk.
Though annual renewable term insurance is available, the much more popular product is guaranteed level premium term life insurance, where the premium is guaranteed to be the same for a given period of years. The most common terms are 10, 15, 20, and 30 years. With this type of product, the premium is the same each year, and is based on the summed cost of each year’s annual renewable term rates, with a time value of money adjustment made by the insurer. Longer terms have higher premiums because individuals are more expensive to insure as they get older. Most carriers include a renewal option and allow the insured to renew for a maximum guaranteed rate if the insured period needs to be extended.
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Why CareValue for Whole Life?
The premiums on whole life insurance (sometimes called cash value insurance) are generally more expensive than term life for a couple of reasons.
Whole life insurance costs more because it’s designed to build cash value. But keep in mind that a life insurance policy shouldn’t be an investment or money-making scheme—it’s simply meant to provide security, protection and peace of mind for your family should the unthinkable happen.
For very-high-income people who have maxed out their 401(k) plans, IRA and Roth IRA options, a whole life insurance savings strategy can make sense, especially if they have a need for life insurance. Another viable option for high-income individuals could be the use of a tax-deferred, non-qualified annuity if they don’t have a need for life insurance.
Why CareValue for Universal Life?
CareValue provides everything you need for success: continuous education and training, quality marketing materials, timely industry insights and market trends, and the best administrative support in the business.
For Financial Advisors:
Universal life insurance is a type of permanent life insurance based on a cash value. Premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index. Universal life insurance normally offers a lifetime guaranteed minimum death benefit, a tax-free death benefit, transfer of benefit to beneficiaries, a guaranteed cash surrender value, and some of the highest commissions available.
Why CareValue for Juvenile?
Advisors and Agents - can grandparents take out life insurance on a grandchild? Selling life insurance for a child provides more than just a financial security net to help pay funeral expenses if the unthinkable happens to that child. Most juvenile life insurance plans offer a non-cancellation clause and the ability to borrow against the cash value of the plan. Grandparents can give those gifts to their grandchild by taking out a life insurance policy on them.
Grandparents are often considered extended caregivers of children, so they usually have the right to purchase life insurance in the grandchild’s name. These policies are typically small, such as $10,000, and designed only to cover funeral expenses if the child dies as a minor. Some states require the child’s parents to sign off on the policy, but most states allow grandparents to purchase the life insurance without the parents’ permission or knowledge. Typically, the grandparents need basic information on the grandchild, such as address and Social Security number.
One of the benefits of Selling a juvenile life insurance policy to your Senior clients is that you can give their grandchild the ability to be insured as an adult. Most juvenile policies guarantee adult coverage as long as the premium is paid, regardless of their grandchild’s health. If their grandchild develops a chronic or terminal disease, he is unlikely to be able to buy his own life insurance at that point. However, if he has continued to pay for the insurance your Senior client has purchased for them as a child, they won’t lose his coverage. Some policies double when the child turns 18 with no premium increase, while others offer a higher amount for an additional fee. Some let you pay a lump sum when their grandchild is a minor, they pay no further premiums until they become an adult, at which time they can opt to begin paying a monthly premium for the guaranteed coverage.
Many juvenile life insurance plans build cash value over time, meaning your Senior Client — or their grandchild, when an adult — can borrow or withdraw from the cash value. They can use this money to help prepare for his future, such as paying for education or perhaps as part of a down payment on a first house.
Beneficiaries and Ownership
Your Senior Clients don’t have to name themselves as the beneficiary of their grandchild’s life insurance policy. Many grandparents name the child’s parents instead, as they are the ones who would need the money to pay for expenses if something happened to the child. You as the insurance professional can also suggest to name another family member, such as a sibling. However, they still own the policy while their grandchild is a minor, regardless of who is named as a beneficiary. When the child turns 21, they must either turn ownership over to the insured or lose the insurance — most policies don’t let grandparents continue to pay once the child becomes an adult, although there are exceptions. Also, if your Senior client dies before the grandchild turns 21, his parents have the option to continue the insurance in their names instead of the grandparents in most circumstances.
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Why CareValue for Annuities?
Annuities are the foundation for wealth accumulation, wealth transfer, and retirement protection, providing the security of a “lifetime income.” Your client will pay money into them for a certain amount of time and then, once they reach a certain date they will begin to received regular payments for a set period of time. Unlike other types of investments like stocks, bonds, or mutual funds, annuities are a guaranteed steady stream of income. Annuities are a great source of supplemental income for those fearing their Social Security benefits might not be enough for them to continue their quality of life. Also, annuities have great tax benefits, the money in annuities grows tax deferred until your client starts to withdraw; and, once they begin withdrawing, only the gains made on the annuity are taxed.