GREAT WESTERN: GUARANTEED ASSURANCE Flashcards
Great Western Final Expense Products:
Great Western Final Expense products are:
(1) Assurance Plus and (2) Guaranteed Assurance
What are the Features of Great Western’s Guaranteed Assurance Product?
The Guaranteed Assurance product is a GRADED BENEFITS PRODUCT. There is no underwriting questions or qualifications necessary to get the Guarnateed Assurance product. When using Great Western, the Guaranteed Assurance product is the preferred product. You should always us the Voice Authorization Signature process with Great Western.
What is the age range of the Guaranteed Assurance Product?
Age Last Birthday: 40 - 80
What is the Face Amount of the Guaranteed Assurance Product?
Male/Female:
$1,000 -$40,000
What is the Death Benefit feature of the Guaranteed Assurance Product?
Great Western’s Guaranteed Assurance product has a LIMITED DEATH BENEFIT for the first 2 years for non-accidental death. However, it will return 110% of the premiums paid less any policy loan.
What is the ACCIDENTAL DEATH feature of the Guaranteed Assurance Product?
Accidental Death: Pays out the full face amount if the insured dies of accidental causes during the first 2 years, (so if the death is non-accidental within the first 2 years, the policy will only pay/return 110% ofthe premiums paid less any policy loans).
What is the Child/Grandchild Rider Option of the Guaranteed Assurance Product
Child/Grandchild Rider: Optional coverage that the applicant can purchase at the time of application for only $1.00 per month. This rider will pay $2,500 on the death of a dependent child or grandchild.
GENERAL QUESTION: What is a GRADED BENEFIT LIFE INSURNCE POLICY?
A graded benefit life insurance policy is a type of life insurance policy that typically offers a limited death benefit for a specified period of time, often the first few years of the policy. The death benefit gradually increases over time until it reaches the full amount specified in the policy.
Graded benefit policies are typically designed for individuals who may have difficulty obtaining traditional life insurance coverage due to health issues or other risk factors. They are often marketed to seniors or individuals with pre-existing medical conditions, and may be offered without a medical exam or health questions.
The graded benefit structure allows the insurance company to take on a greater risk by insuring individuals who may have a higher likelihood of dying within the first few years of the policy. The limited death benefit helps to offset this risk.
Graded benefit policies may have higher premiums than traditional life insurance policies, and the death benefit may be limited for a period of time, typically two to three years. After the initial period, the death benefit will gradually increase until it reaches the full amount specified in the policy.
GENERAL QUESTION: What is a GUARANTEED ISSUE life insurance policy?
What is guaranteed issue life insurance?
Guaranteed issue life insurance is a type of whole life insurance policy that allows you to skip health questions and or undergo a medical exam. 1. In some spaces, you may hear it referred to as guaranteed life insurance or guaranteed acceptance life insuranc
GENERAL QUESTION: What is a LEVEL DEATH BENEFIT?
A level death benefit is a payout from a life insurance policy that is the same regardless of whether the insured person dies shortly after purchasing the policy or many years later. It can be contrasted with an increasing death benefit, which rises in value over time as the policyholder ages.
GENERAL QUESTION:
What is an INCREASING DEATH BENEFIT OPTION in permanent life insurance policies?
An INCREASING DEATH BENEFIT is an option offered in permanent life insurance policies. It rises in value over years.
