OMFN Income Certain SM Market Opportunity Boomers are
OMFN Income. Certain SM
Market Opportunity Boomer’s are running out of time and need an innovative solution for their Protection and Retirement Income Needs SM
Income. Certain Provides an Innovative Solution for YOUR client SM
Income. Certain Plan For Tomorrow Today!! Income. Certain can help plan for tomorrow today by: • Providing the protection to meet the needs today, such as: • • Mortgage Credit Debt Outstanding Loans College Education • Providing a way to accumulate funds for retirement – with every premium payment, funds are accumulated that will be returned at the end of the term • Providing a guaranteed income stream for 10 years that can be used to supplement retirement income at the end of the term
Income. Certain Advantage With Income. Certain, a person has 3 Guarantees: • GUARANTEED that premiums will remain the same for the entire duration of the term!! • GUARANTEED death benefit!! • GUARANTEED to receive monthly payments for a 10 year period at the end of the term!!
Income. Certain Policy Basics • 15, 20, 25 or 30 Year Guaranteed Level Term Product to Age Range 65 -70 • Issue Ages: 35 -55 (Age Last Birthday) • Term Periods vs. Issue Ages Term Period Ages 30 Year Term 35 -40 25 Year Term 41 -45 20 Year Term 46 -50 15 Year Term 51 -55 • Minimum Face Amount: $50, 000 (No Maximum Limit) • Return of Premium Rider (ROP) is required on all policies • Non-Renewable and Non-Convertible
Income. Certain Premiums • Premium rates are guaranteed for entire term of policy • Unisex rates • Standard Non-Smoker and Smoker rates only • Smoker rates apply to cigarette use only last 12 months • Premium rates are banded (standard premium modes apply: . 51; . 26; . 09) • Band 1: Face Amounts $50, 000 thru $200, 000 • Band 2: Face Amounts $200, 001 and higher • Policy fee included in the premium rates • Premium purchase rate sheets available for easy use • Signed illustration not required
Income. Certain Death Benefit Payouts • Guaranteed level death benefit to ages 65 -70 depending upon issue age • Death benefit options during term period • Lump sum payment, or • Standard settlement options • Option to add Ultimate Income Rider at issue • Provides a $25, 000 lump sum payment at death, and • A 10 year guaranteed monthly income • Based upon premium payment amount
Income. Certain Ultimate Income and Filling out the Application - Basics • Plan of Insurance: Income. Certain • Face Amount (Note: This is not the total amount paid out by the rider, this is the face amount of the policy at death) • Listed on illustration output and Money Purchase Sheet • Ultimate Income Payout • Initial Lump Sum: $25, 000 • Monthly Income: Based on Premium amount. Consult Illustration Software or Money Purchase Sheet • Years: 10 • Final Lump Sum: $0
Income. Certain Ultimate Income and Filling out the Application - Money Purchase Sheet Face Amount Years Initial Lump Sum *Note: Final Lump Sum is always $0 Monthly Income
Income. Certain Ultimate Income and Filling out the Application - Illustration Software Initial Lump Sum Monthly Income and Years Face Amount Final Lump Sum
Income. Certain
Income. Certain Living Benefit Payouts • Policy surrender option during term period • Standard Return of Premium terms and conditions apply • Policy surrender option at end of term period • SPIA payment option • Guaranteed 10 year monthly payment • Payment includes an account bonus based upon face amount • 10% bonus on ROP: $50, 000 thru $200, 000 • 20% bonus on ROP: $200, 001 and higher • Lump sum payment option • No bonus • There will be limited taxation on the monthly payment option
Income. Certain Benefit Example What benefits are available for a 45 year old male, non-smoker with a monthly payment of $200?
Income. Certain Benefit Example – Living Benefits • GUARANTEED Return of Premium: $60, 000 ($200 x 12 x 25 = $60, 000) or • GUARANTEED 10 year Monthly Payout: $663. 80 • GUARANTEED 10 Year Total Payout: $79, 656 (Includes 10% bonus) ($663. 80 x 12 x 10 = $79, 656)
Income. Certain Benefit Example – Death Benefits • GUARANTEED lump sum death benefit: $154, 643 or • GUARANTEED Ultimate Income Benefits: • $25, 000 Initial Lump Sum • $1, 428. 98 per month for 10 years • Total Payout: $196, 477. 60 (($1, 428. 98 x 12 x 10) + $25, 000 = $196, 477. 60)
Income. Certain Underwriting Guidelines • Accept/Reject – for all issue ages up to the non-medical maximum amount of $200, 000 (refer to Home. Certain Guidelines) • Fully underwritten for face amounts over the non-medical maximum amount (refer to Saver’s Select Guidelines) • Underwriting guidelines are based upon total coverage in force and/or applied for with OMFN (see next slide for non-medical underwriting guidelines when existing OMFN business is in force) • Standard to Table 4 - Decline if over Table 4 rating • No substandard tables will be issued • Any Flat Extras will be converted to an appropriate table rating
Income. Certain Non-Medical Underwriting Guidelines • Total Income. Certain amount applied for and in force can not exceed $200, 000 • When an existing simplified underwriting policy with OMFN is in force, the total in force and applied for amount cannot exceed $250, 000. • The Income. Certain face amount cannot exceed $200, 000 • When an existing fully underwritten policy with OMFN is in force, the total in force and applied for amount cannot exceed $500, 000 • The existing in force OMFN policy must have been issued within the last 12 months from date of Income. Certain application and approved at standard or better rate classification. • The Income. Certain face amount cannot exceed $200, 000
Income. Certain Questions?
Income Certain Help Your Clients Plan for Tomorrow Today With Income. Certain!
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