I’m Invested with M.O.O. (Mutual of Omaha), MOO, moo (Video)

I’m Invested with Mutual of Omaha, Indexed Universal Life Express or I with Mutual of Omaha so I’ll introduce our guests here in just a moment um but a couple housekeeping things and stuff to go over really quick first of all thank you very much for spending time with us today uh we’re going to try and rock and roll through this get you out in much less than an hour unless we need to be on if you’ve got a bunch of questions and we need to be on the whole hour pardon me we’ll do it but if not probably 40 45 minutes roughly is what we’re looking at today just rough estimate um we’re here for you if you have question questions ask uh there’s a question box type your questions in that question box uh as long as they are not about something specific to you or a case you’re working on um we’ll talk about it here on the webinar so if you have questions about the product about Mutual Omaha about the barber Kurt and I use uh because obviously we use the same Barber um feel free to ask uh but again we’re we’re here for you um you know so ask those questions so we started this series four weeks ago and this this is the last of a four-part series and so week one we talked about you know how to double your income and in the last series we talked about that it was about offering index annuities and so we reviewed that and then talked about also offering ILS uh then we talked about uh some other things like uh utilizing the FactFinder uh as a tool for prospecting etc etc over the weeks and and really what a iul is ETC and today and this is the last of the four-part series we wanted to leave you with information on one of our favorite I products in the market not only is it competitive not only is it offered from a great partner carrier and and friends of ours with uh Kurt and Cindy uh but it’s competitive you know and and so if it’s not a good product it wouldn’t matter how nice and how much we love Mutual Omaha uh if the product wasn’t good so um it’s a good product and and the process is also uh really good it’s an Express product I won’t steal Curts Thunder um but it’s easy to write and in this world of labs and pyramids and everything else um sometimes simple is good actually a lot of times if you can get a competitive product I I actually like simple right because it’s easier on you but it’s also easier on your clients uh and so those those reasons and more are why we’ve chosen to have mutual Baha I as kind of the cleanup hitter in this four-part series so um again if you have questions ask uh and with that I’m going to introduce our our uh Partners on the webinar so we’ve got Kurt Williamson and Cindy Burks from Mutual of Omaha um they are my go-to with anything life related at mutual omha and they are happy to help so if you ever hit me or our team with questions need help with Mutual Omaha Life Products Kurt and Cindy are typically who get the call or the email after you call or email us here at Western marketing unless it’s something simple that that we know um so with that I’m going to I’m going to shut up and and pass it to Kurt Kurt welcome awesome thanks Jim uh guys as always Cindy and I appreciate the chance to work with Western marketing you guys are um doing phenomenal business this year without a doubt so it’s always fun for me um just real quick for those of you that don’t know me um I’ve been in this business for give or take 30 years Cindy as well I was a producer um before I lived this life of working on the carrier side um my background oddly enough is uh fairly similar to gyms we kind of have done a number of different things in this industry so I’ve been around a bit and I do things a little bit different um alongs with talking about the product and I think that I would stack mutuals product up against just about anybody’s but it’s also a little bit how do you talk about it how do you bring it up and how do you sell it um important thing also to note is that you guys have a great group of managers at Western Market you have all the resources you could ever want and Jim knows that if there’s anything strange that comes up that and I are the go-tos for that without a doubt so let’s get into an IL Express all right iuls are all the rage right that’s a big deal today everybody wants to talk about ILS everybody wants to utilize ILS and what I will tell you is that there is an insane amount of misinformation out there my daughter I’m an old dude I’m 56 my daughter and Cindy and I talk about this all the time it’s actually kind of funny my daughter’s 32 she will bring me Tik Tok videos and she’s like look at this and if my daughter knows baloney you you’d be surprised just the garbage that’s out there um and it doesn’t have to be and the cool thing is is that our iul Express is number one the first truly uh Express simplified issue I on the market there’s a couple others that are are coming up but they kind of lean on more of the accelerated side where they may or may not do Labs I will never ask for labs with an ilul Express right no blood work no Ur analysis no attending physician statements this is entirely data driven so we’ll get into this here come on all right Mutual Omaha guys you’d be hard pressed to find anybody that doesn’t know who we are I mean we’ve been around for 114 115 years so even with the ilul express we’re a well-known brand utilize that that’s a bit of trust that you can borrow from you Omaha that helps you with your business you got a dedicated team again you have your great management staff at Western marketing but you also have access to Cindy and I so if you need a support or trainings or stuff like that throw it at you all day fast and simple underwriting I got 24 26 26 different Awards this year for fastest to issue fastest to pay in our simplified issue portfolio when we design products we look at it with two core things number one how do we get it to your client as quickly and cleanly as possible and then how do we get you paid because we know that you’re all business owners right so if we’re getting you paid that means you’re impacting more clients recovering people the right way so that’s important that we do and structure our our processes that way here’s a couple different numbers for you if you need them right sales support these are guys that can help you with winflex illustrations and product questions and all this underwriting Express risk assessment at Mutual omaha.com you shouldn’t even need that anymore three weeks ago here’s something that came out I’m gonna let you in on there is a um system that is running in the background of all your applications right now with simplified issue uh primarily iul Express ter life Express and uh final expense it will tell you before you ever submit whether or not your client is likely to get a policy issued it will say trending favorably or trending unfavorably if it’s unfavorable stop what you’re doing don’t submit it to us we’re not going to write it but if it’s trending favorably that’s a good indicator that hey all the data that Mutual is pulling so far looks good there’s a high chance 99.99999 6% chance that it goes through does something happen one out of a couple million yeah but ideally that percentage hit ratio of something training favorably without you ever having to submit it is a great thing here’s what I will say if you are doing that application and you see at some point it says trending unfavorably stop what you’re doing it won’t count against you it won’t count against you in placement or anything because you never hit submit so it doesn’t go anywhere but that’s a good point for you to pause and go back to your client say hey when I was putting this together looks like we were pulling some information that this wasn’t going to Trend too favorably is there something I missed with you in terms of health or something that maybe I need to know right it’s a good place for you to go back and double check with your clients but ideally you should never even need this Express risk assessment um at Mutual ever again with our with the program that’s running in the background not saying don’t utilize it but really it’s already built into the system then I pipeline yeah everybody knows I PIP plan so when there’s Tech problems that’s a number for you so who’s this product designed for right there’s a lot of different instances where you can use ILS what I will tell you is this anybody that wants to dump a bunch of money into an ilul and pull it out real quickly and utilize it as some kind of get-rich quick thing this is not a way to do that this is life insurance let me say that again this is life insurance with an added benefit of a way to accumulate some money down the road right it’s not a way for you to make a bunch of money in a year or two that’s and I see people doing it all the time or trying to it doesn’t work that way it’s life insurance we’ll talk about the mechanics of that here in a minute I express clients looking for permanent coverage right iuls are a form of permanent coverage right at affordable rates those approaching retirement who are beginning to plan for final expenses well wait a minute Kurt don’t you have a final expense product yes I do it’s called living promise but maybe they want the flexibility of an IL because that’s what an IL offers it offers some flexibility or maybe they want more Insurance than you can get with a final expense our final expense goes up to $50,000 but maybe they want more um with our I express you can get up to 300,000 just depends on their age and a few other things parents with young children at home looking to replace loss income okay same thing as most other life insurance products but you can utilize it in this instance as well clients who just purchased a new home sounds like mortgage protection well yeah you can utilize it in that fashion as well clients who need their coverage issued quickly we can turn ILS and we actually have many instances where we will Instant issue iuls because with our iul Express we treat it like all our other simplified issue products we are literally pulling data we have three proprietary data sources we use the miib and as well as in telescript and we’re going to base our decision on what we get from those sources along with how you filled out the application right so we’re going to compare those and we have a number of them that get issued on the spot I haven’t heard of a carrier issuing them that quickly except Mutual again I know there’s a couple other ones that are getting into the game and uh hopefully they’re competitive like to see that I like the competition but ideally if you don’t want to have to deal with attending position statements making sure your clients have to go get their physical and do chasing all these things down I express is a great option for you without a doubt who else again people who want permanent coverage already beat this horse to death here don’t like needles or lengthy Health exams right based on their answering to the questioners or the answering uh the questions on the application along with the med data that we pull right so again never going to be a year analysis no blood draws nothing like that I wanted to show this here’s and I Cindy knows and Cindy Giggles every time I put this dang slide up but I include this at almost every presentation and I do it for a reason this is who it’s built for this is my daughter Taylor my grandson Kaden and my okay son-in-law um he’s tolerable now because he’s giving me grandbabies so but think about this family and think about ways you could protect it you can do in this instance if you’re working with this family iuls on father mother children’s whole life on the kids here’s the other reason you want to work with them that happened to me back in February grandbaby number two right I’m showing you this photos and these photos for a reason because it fits all ages and if you think about this is the family unit that want to protect you can bet the first thing um at each step along the way when grandkids were born when the kids got married and all that yeah I was there to talk to them about life insurance do it all the time ilul play a big part in these guys here’s how it works and this is what this is part of the misinformation that’s out there um I’ve heard goopy things like well you pay your premium then you I have instant access to the death benefit absolutely not true that is so far from the truth it’s not even funny let’s talk about what this is and it’s literally two sentences if you can’t explain a product to your client in two sentences stop what you’re doing it’s literally every time you make a premium payment a portion is going toward your death benefit another portion is going toward an accumulation bucket that will give you options down the road that’s it that’s an ilul that’s every IL that’s on the market that’s exactly how they work but the problem comes when you try to describe what happens with the accumulation all right in order to keep a pal policy balance and what I mean by that where you keep the premiums the same you never increase them and carry that throughout the policy well how do you do that well think about it when you’re younger Insurance costs less than when you’re older so how are we able to do that we can utilize the accumulation value that’s built to compensate for some point down the road when your premiums are no longer meaning what it would cost to insure you again that doesn’t mean more like we’re wiping out your accumulation Val but we use that to keep the policy in force and keep your premiums level how does the accumulation work it usually works one of two ways it’s either going to be on a fixed or currently declared rate which means that hey when you design this you want to go in here and select the fixed rate and it’s somewhere around 2% and that’s for clients who don’t want their uh money subject to any benchmarking or it’s indexed based on the S&P 500 performance the majority of the players out there do have um some type of benchmarking involved so what this is and this is a good way to explain this your money has the capability to get all the good that occurs with gains in the market without being exposed to the risks the money is never in the stock market it is benchmarks against it what that means is every time you making a a premium payment that portion that’s going toward the accumulation it’s going to be put into a siloed cell and it’s going to be looked at in in our case hey the S&P 500 so for instance this month we’re going to take a snapshot of here’s what it’s going to look like uh or here’s what the S&P 500 is at this point in time this year 12 months from now we’re going to come back and look at that and then we’re going to index it or credit it accordingly so if the S&P 500 gained between now and then awesome depending on how we choose to do this and there’s four variations on how we can credit it it will be credited accordingly if the S&P 500 drops Zero’s your hero they are not exposed to any negative aspects of it so they won’t lose money in their accumulation that’s the cool thing about this that’s the exceptionally cool thing here’s what it looks like and I I kind of put together this table um because there are some nuances that are different with an Express product versus fully underwritten I’ll touch on fully underwritten but we won’t get too much into that today issue ages 18 to 75 for non-tobacco and tobacco all right face amounts there are three different age bands or three different bands uh death benefit bands for different ages 18 to 50 you can go from 25,000 uh at a minimum up to 300,000 from 51 to 60 it’s from 25,000 to 250,000 in death benefit and from 61 and up it’s 25,000 to 150 there’s two risk classes standard non-tobacco standard tobacco indexing strategies 100% participation High participation lower participation Bank of America agility index what the hell does that all mean all right what I will tell you is when you are utilizing the iul express with Mutual of Omaha you stay with the default which is 100% participation the reason why is that you don’t want to have to get into the U explanation of all these crediting strategies are there some good points and bad points to all of them yes this is not where you’re going to Monkey around with them stick with the 100% participation what I will tell you is all four of them indexing strategies track within about a quarter point to a half point of each other historically when we do some back testing so I don’t see a giant advantage of one over the other yet I’m curious to see this Bank of agility index one is relatively new only had it for a year um but again past performance is no indicator of future so what am I going to do I’m literally going to leave it at 100% participation what’s the other problem with ILS well typically you have to do some kind of wind Flex illustration right anybody like monkeying around with wind Flex I don’t mind it I mean I do it quite a bit but um it’s not like where I want to spend my time you don’t have to do a wind winflex illustration with an ilul Express should you choose easy solve and I would recommend that you do that all the time with an ilul Express it will automatically default to this 100% participation and it’ll create a balanced policy that will last a minimum of 20 years or and that’s if it never gets credited or out to the age of 120 now you should be saying well wait a minute Kurt didn’t you say this was a form of permanent Insurance yes it is a form of permanent insurance if it performs like it should if the S&P 500 that we utilize as a benchmark explodes Goes to Hell and never gets credited okay well then some other things may happen has that ever happened in the past no do I think that’s ever going to happen in the future also no why because there’s too much money involved in that so I don’t think that’s ever going to happen and here’s the cool thing http://www.s simplify or Mutual omaha.com simple has got our historic crediting you can go in there and look at what has Mutual vaha credited and that’s a whole another presentation that we can get into the nuances of that but know this keep this easy this is meant for easy cases this is not meant for you to get in here and manipulate all this different stuff it is literally meant for you to get in here do a policy for somebody that understands exactly what this is and I’d encourage you guys ask question what do you want your insurance to do for you ask your clients that question that that’s a good guide of where to go with this um but if you choose easy solve our system will automatically create uh an NAIC compliant illustration when your client signs the application that the signatures will automatically be applied to it you will never have to Monkey around with it so keep it easy don’t get too involved with the indexing strategies if you do want to learn about them and again that’s something we can get into down the road but stick with the default it’s a good performer historically it’s been good great for us so stick with that permanent Insurance solution right simplified underwriting we talked about that in addition to the death benefit iux l express also has the potential to accumulate a type of cash value which is credited based on the performance of the S&P 500 I can’t hit this enough it’s based on the performance but it is not in the stock market right we just use that as a benchmark and a way to credit again here’s how it works cost of Insurance increases as the client gets older okay that doesn’t mean premiums increase that’s not what this is saying if when we’re designing a product in I we understand that to ensure somebody at the age of 20 is different than to Ure somebody at the age of 50 okay so how do we do that where we keep the premiums affordable but also allow them to accumulate some more aggressive money along the way rather than your typical cash value that’s done in the whole life policy at some point in time the client premium is no longer going to cover the life of of cost of life insurance that’s okay we already understand that because in the design we start taking money out of the accumulation value to help cover the higher charges and keep the policy in force throughout the client’s lifetime every UL works the same way it’s no different that’s what an accumulation is for so again going back to the main reasons and how it works every time you make a premium payment portion goes toward the death benefit the other portion goes toward the accumulation bucket that allows you to do a number of things and I’ll show you some options here um in a minute but that this is the basics and this is what I want you to understand and when you’re trying to educate your clients on this stuff this is exactly how I describe it if you get into indexing strategies and point-to-point crediting and all these other things your clients number one don’t care well I shouldn’t say don’t care there are probably two people in two occupations that will care one of them will be engineers and the other ones will be project managers those two will maybe care but at the end of the day I look at it as like you’re peeling an onion right it’s hey this is what it is this is the problems that you told me this is what it solves if they want to get into the inner workings of it great but at the end of the day I’m not getting into that there’s no reason to this here’s some value ads again minimum guaranteed coverage for 20 years okay that means again if the S&P 500 never gets credited fual it’ll last at least 20 years or out to age 80 depending on the age of the person the ability to have coverage to age 120 this is the most likely scenario when we’re doing these illustrations we base on a average crediting of around 5.9% the historical average crediting with mutual is around seven so we know that on average these policies when they’re put together correctly and again that’s what the easy solve does for you will carry out to the age of 120 longer than any of us are going to be around built-in features these are our um living benefits chronic critical terminal illness here’s the best way to explain these and I don’t get too carried away with these either I like to keep these things uh fairly simple for my clients and I don’t want you to to mistake when I say this that I’m not disclosing everything to my clients that’s not what this is at all but I’m I’m very much in tune with what’s called concept buying and concept selling right I want them to understand the concept of what I’m talking about the basic mechanics of how this works and what problems it solves right so if I’m in a competitive situation and they say well what happens if I get sick or whatever I’m like hey you can access a significant portion of your death benefit if you have a terminal critical or chronic illness that’s it I don’t go any further than that that that’s that’s what they need to know that’s an important feature those are built in those are not anything that costs your clients extra um and they’re called living benefits and they’re great and again I’ll show you what I’ll do when I get done with this presentation I’m going to show you the simplified website where you can get into some more details of it competitive cash value accumulation based on the S&P 500 again based on the s&p500 it’s benchmarked to that it’s not in it not in the stock market so you can realize the performance of it without the risk inherent to it exact same underwriting as our term life Express there is no difference between this and our term life Express and oh by the way for those of you that do write term life Express I do appreciate that keep in mind that you can convert that to a standalone whole life policy or you can convert a turn life Express to an I express we’re one of the few companies that will allow that in the simplified issue no cost Riders these are included with all our I express the living benefits terminal chronic critical illness waiver of surrender charges for partial withdrawals guaranteed insurability rider what does that mean that means um at certain life events like when they get married buy a first home birth of their first child they can ask to increase their face value you also hear it called specified amount when you hear the term specified amount it means death benefit but the guaranteed insurability writer means that they can go in and increase their depth benefit um without any underwriting right and again it depends on on their age and and all this when they decide to do that but that’s a quick phone call hey I’d like to bump my insurance up 25 30 grand okay great can I do that sure because we don’t require any additional underwriting with that laughard Rider what does this mean laps card Rider means that if for whatever reason you’re behind in your premium payments we’re going to take money from the accumulation amount to keep the policy in force as long as we can because if you take loans out against an ilul and your policy lapses that creates a taxable event well we don’t want that happening so we designed this for a reason that’s why we have the labs guard and that’s included again no cost there are a couple ones um different ones that you can choose to add if you would like what I would say about these is probably that the majority of you will never use these because uh if you’re utilizing this the way I think you should which is the easy solve these are not available with the easy solve uh and again easy solve is one of these that keeps it streamlined keeps it easy you don’t have to create an illustration it does it for you should you choose to do an illustration you can you can overfund these just like you do a fully underwritten you can uh do all kinds of different things with it but for me if I’m using an I express I’m doing an easy solve because I want to keep this simple but at any rate should you choose to if you want to design and do a winf Flix uh design yourself on this you absolutely can here are four uh cost writer so added cost writers that you can add to the policy should you choose accidental death benefit writer provides an additional cash benefit uh in the event of a death due to a covered accident dis disability continued plan of Premium writer if you have a covered disability the writer will contribute a certain amount to the policy while the disability continues that’s just kind of keep it in forth so if you get hurt can’t work and it’s a what we would term a cover disability uh it will help keep the policy of force disability waiver of policy charges all right that’s very much the same thing um it’s just a proportionality difference between that one and a plan PR one of them is policy charges one of them is the premium dependent children’s writer from the age of four 15 days out to the age of 20 years that is a writer that you can add on our AO Express but again guys if I’m being honest with you and keeping this simple I’m never doing these that’s not that I don’t think they’re valuable I do but for me if I’m doing an ilul Express I’m choosing an easy solve and I’m keeping this very simple for my clients because let’s be honest about it why would we do an I express when you and I both know that Express and simplified products probably cost a little bit more than fully under why well I’ll tell you why every time you make a sale to a client you’re making three you’re making one to your client that’s the obvious one number two to yourself is this the right thing I should be doing and number three the carrier hey Mr Mrs Omaha this is why you want to write this because we know less information about this particular client with the iio express again keep in mind this is all data driven there’s no physical here this one we know less with less knowledge comes more risk what does higher risk mean for an insurance company we’re going to charge a little bit more now is it like double or triple no not at all it’s not it’s very competitive and in some cases it’s very close to the against depending on the age um to the fully underwritten but there’s a cost to convenience there’s also a reason that I sell a boatload of this I’m GNA sell a quarter billion dollars of this this year and it’s a huge amount because it’s extremely powerful and it gets your clients covered quickly rather than on average somewhere between 16 and 30 days for a fully underwritten okay I know which way I’m going if I can if I can manage it so just a couple ideas for you and I’ll show you a place if you want to learn some more about those particular writers again they’re just like I described not too tricky so here’s some crediting and I want I want you guys to see this this is about the easy solve right and we can see that here’s what the S&P 500 returned since 2002 this table goes up to 21 right 2002 it had a negative 23% okay what did that mean well that means that in the accumulation amount your client didn’t get hit they just didn’t get credit at anything that year okay great next year it went up 26.385897 so because we take the risk when the Market’s turn down that’s why we have a cap right our cap right now on the 100% participation is like 99.5% which means if the market goes up 20% the most they’re ever going to get is 9.5 if the market goes down the worst they’re ever going to get hit is zero zero is your hero that’s a good thing so you can see several instances there look at 2008 everybody you know I’m sure there’s some folks been around since then that was I remember watching my 401k and crying because it was ridiculous I knew it was going to come back and I had the time Horizon but if they had their money in the market they would have lost almost 40% of that compared to the fact that hey they just didn’t get credited that year all right and then in the ensuing years 9.5 now 9.25 so keeping it in mind and understanding why we do this the way we do is that the insurance company takes all the risk in terms of a negative Market Market return your client takes zero right that’s a good thing here’s an instance that I’ll show you and again going back to the historicals I won’t beat this too much if your client or if the in this 100% participation we’ll say the cap is 9.25 right if this year compared to next year the market went up 7.5 we will credit them 7.5 if the market goes up 15% we will credit them 9.25 why well our cap is 9.25 if the market dropped 38% then what would we credit them well we just wouldn’t credit them at again that’s the reason we do this is because the insurance company takes the risky years your client benefits from having um their money Benchmark against a pretty well performing index I would say two ways to do this you can literally do most of the quotes on your phone you can run an IL quote on your phone those of you who use Android or uh Apple just go to quotes for sales professionals you can download this it literally you could do them all you don’t have to run an illustration you can run all of our simplified issue products right off your phone if you want to do a full-blown illustration great go ahead you can absolutely do that but again my rationale in my brain is that if I’m doing an A A Express product of any kind if it’s going to do it for me yeah I’m going to do that I don’t like playing around in wilex all that much but should you choose to customize it a little bit Yeah feel free nothing wrong with that um again it automatically I on I go it automatically Ates the easy solve signatures are going to be applied for those of you that have played around an ilul space before you all know that um typically in the middle of most illustrations is the place your client has to sign off on it’s a disclosure page talks about the performance and the benchmarking whatever company it is if you utilize the ilul express when they sign off digitally on their on the application those signatures will be applied to a self-generated uh illustration and you’ll never have to play around that’s a good thing that makes this easy and that’s why I can turn these in you know a matter of a day or two and again even some of them I get instant issue that’s pretty cool here’s the power of an IL Express right again it works like every other I um in terms of just the basic mechanics but what if I don’t want life insurance or need as much in 30 years okay great and in this instance we’ll say the guy’s 33 he bought a $250,000 policy and he was getting to retirement age right let’s say he was going to turn 63 and he said you know what I don’t want to make any more insurance payments I don’t want to make any more payments on anything what could I do that yeah that’s the flexibility of an IL here’s what’s going to happen right there he called mutual and said hey I’ve been paying on this policy for 30 years I don’t want to do it anymore what could I do to have a paid up policy so in turn if it performed like this and if the average return was 5 87 he could call up and say hey you know what I don’t want to make any more insurance payments what would that look like we’ll say okay we’ll drop your death benefit from 250 to 200,000 done keep it till the age of 120 right that’s the power of the accumulation bucket within an IL because it gives you flexibility he could also take out tax-free income out of it right if he took a loan against the policy and it was still en forc and wouldn’t lapse that money the loans taken out against ILS are non- taxable event all right but for me again you can utilize that as an income stream and retirement and all this I like this this is exactly what I’m doing with mine when I turn 67 done I will have no more Insurance bills but that’s the cool thing about when you talk about how an i Works hey well what’s this accumulation bucket for well it gives you options down the road gives you a way to use get some taxfree money down the road it also has a way for you to potentially have a pay the policy all right that’s a good thing having options with an IL is pretty powerful stuff go to this website moma.com simple product resources all this great stuff is in there literally gives you details on all our simplified issue products what I’d encourage you to do definitely with ILS um along with these training videos and that I want you to look at the specific I training videos they’re they they’re very good on um understanding the mechanics I think I do a decent job about it because I like to keep it simple in my brain because it’s hard for me to keep track of everything that I do know so I know where my resources are at and I’d encourage you to do that that’s that’s an important part of it the other part of it is that um get a couple ways of explaining it because you’re going to have clients that may ask different questions or may need the product positioned a certain way for them to understand it great I got all that stuff I got client facing brochures highlight sheets all this stuff highlight sheet I still use I keep that in front of me when I’m talking to clients here’s two videos these two videos are awesome they’re 10 minutes or shorter in length right iul Express protection that lasts uh the producer training video both of those are great it identifies helps you identify the target market how they work um how you can go in and quote it and I think just as importantly how do you talk about this with your clients how do you bring it up again I fall back on the fact that I’m big on the concept concept selling side which is I’m going to introduce them to the concept that solves an issue that they said to me I’m always going to ask the question of what do you want your insurance to do for you right and then they like oh you know I just want it to cover me when I die I’m like okay well what does that mean do you want it to cover just your funeral expenses or do you want to leave a little bit do you want to cover this that or the other so there’s a deeper question involved there when I asked that question of what do you want your insurance to do for you but those two videos do a pretty good job of explaining that there we are me and Cindy again guys you have your management staff by by far and those guys at Western Jim certainly included probably just as knowledgeable as I am I mean I’m pretty good I’ve been doing this a long time but I’m also a mutual VMA guy um but without a doubt if you there’s something that Cindy and I can certainly do we’d be glad to help you but um I’d entertain any questions again the idea behind this and I kept this really short but that’s how I want this in your head I don’t want you to think that I need an hour hour and a half to explain this I don’t even the most complex I I can do in about to any client I can explain to in about 15 minutes I don’t need much time to do it and that’s what you should shoot for because if you go longer than that with your client or if you’ve ever heard the words you know what this is great information let me take this back and think about it I guarantee you went too far all right thanks Kurt um by the way like the dark beard obviously that uh that photo uh was taken a couple years ago but I I like it um on that’s not fair now’s Now’s the Time For questions uh so if you have questions about Mutual Omaha’s I or anything Mutual Omaha life related we’ve got two experts uh uh here so just type it in the question box and we’ll get to that as I uh as I wait for some of those to come in I I did want to talk about a couple things first of all we’ve talked in this series about leveraging the FactFinder the um confidential needs analysis whatever we want to call right to find Opportunities uh for not only iuls but also sometimes um annuity business so let’s talk briefly of where I feel based on what we’ve already talked about in this series um Mutual Boma could fit in first of all uh if you ask the client if they uh have long-term care coverage they say no and their retirement is not self-insured um an ilul with living benefits is is a great option um and mutual baha’s got one that Kurt just talked about if they have life insurance already what a great opportunity to say hey do you mind if I just review what you have you may be in a perfect situation Mr Miss but let me just as your insurance professional would you mind if I just look at it because I might be able to get you more coverage for for less more coverage for the same premium I may be able to put you in a better position depending on what’s important to them so a great opportunity they don’t have life insurance they aren’t self-insured obviously iul could be a really nice option for them as well and and last but definitely not least right if they want to leave a legacy kids grandkids Church charity whatever we’re talking um this is a really nice opportunity uh some people don’t have kids or grandkids that they uh either or they may and they may already have them taken care of Elsewhere and they want want to give back to somewhere else and the community that’s that’s important to their heart um we can we can do that so uh some great opportunities as you’re going through that FactFinder uh to uncover potential uh Mutual BHA iul opportunities um keep in mind why Mutual Baha uh specifically I Simplicity of doing business and competitive rates those two things and really if I’m on your side of this conversation trying to figure out who I’m going to offer to my clients those are two if not the only two at the top they’re very very close right because if they aren’t competitive why are we talking to our clients about them and be if it’s not simple for you and them then it’s a pain in the butt folks and and who wants that right who wants I I know clients I’ve worked with clients when I was out in the field that literally have what they call White Coat Syndrome and so they get very nervous when it’s it’s a true term Kurt uh but they get very nervous uh when they go to the doctors or or if somebody comes for a pyramid especially when a needle is involved so their blood pressure goes through the roof they they their body reacts differently than in a calm situation which literally could be the difference between how they’re rate it um if if they’re having to go through Labs so keep that in mind um and and one thing that that’s new that Kurt brought up briefly I think is awesome were they uh Auto predetermined yes or no basically they Red Light Green Light uh for those of you who want a more simplistic term uh I’m going to tell you guys my perspective is if it’s green light keep going it’ll probably get approved because they’re running all the mibb script I sat through the training on this right as they were launching it it’s really slick if they say it’s not going to pass don’t waste your time and for sure don’t waste your client’s time because this is what they’re trying to do a they’re trying to help save you time and if I’m you time is money right you could be then take what you would have done just drudging through this application and forcing trying to force them in a mutual I now you’re able to Pivot to another opportunity with a carer that should take that business but also what it does it does not count against your placement if you stop and don’t submit all right good carriers like Mutual of Omaha that matters your placement percentages matter all right it it it can make a difference between whether if you’re in good standing or not now granted one case probably not going to get you in trouble but a lot of cases that that don’t go through they’re going to give us a call and say hey what’s going on with you know Tom in in Omaha or whatever whoever right and then third and actually probably just as important is it doesn’t count as a decline on your client so if you don’t hit submit your client does not have a life insurance decline from this uh instance on their record what does that do it makes it easier for them to qualify for life insurance even whether it is you pivoting to a different carrier or them looking for life insurance down the road because most apps are going to ask have you ever been declined or delayed for life insurance right and that’s a question most of you have seen it on the app if they’re answering truthfully they’re going to have to answer yes if you go through and and don’t pay attention to the red light so you know I think it’s awesome that mutuals done this because it it it helps everybody in the process it helps them absolutely folks but it’s not one-sided it helps you and your clients and frankly it helps us because you aren’t calling me mad at Mutual Oma for for Stuff o over these little things um so really great company great product let me look I know somebody put their hand up to let me get in here and see Clyde I saw your hand up um I don’t see that you actually uh maybe this is your question sorry folks I’m I’m a little older and let me look okay I have questions all right okay so Kurt and and Cindy uh welcome Cindy uh Cindy is Kurt is often traveling all over the country uh doing stuff and so uh Cindy is actually who I’ve who I hunt down uh because Kurt is usually in somewhere fun uh we just talked about his favorite place in the country I won’t I won’t just in case any of you love this place I won’t tell you where it was but so I I I I I talk to Cindy a lot so the first question is um Kurt mentioned earlier these plans do not provide day one coverage would you explain I I think Clyde I’m I’m just going to say I think you misheard uh but maybe maybe I’m wrong Kurt if you want to um go ahead and and answer does the product offer day one coverage so if I write a policy effective September one do they have coverage September one they do it is the day that that that policy is placed in force you have access to the full death benefit I think where where the misunderstanding may have been on how the accumulation works right so set that aside for a moment this works like any other traditional life insurance where if you pay your premiums you get access to the death benefit right that’s exactly how this works now something you may be confusing this with also is our living promise our living promise has what’s called a level or a graded a level you have access to our death benefit immediately graded means you have a two-year pause before you have access to the full death benefit and iul um works in the instance that yeah the accumulation amount and your ability to tomorrow against it will not be there on day one but if it gets placed and you pass away tomorrow 100% death benefit all yours all right thank you Clyde I hope that answers that question um so there’s another question about uh e app and and and and basically a Sandbox so you’re say we’ve got some agents even though we were are writing a lot with you now that haven’t written uh with you and and are looking to start uh you know do you guys have a Sandbox feature or what would you suggest an agent do that that doesn’t feel comfortable quite yet uh using your e do you have any advice or or anything yeah don’t be afraid of the E app I wish we had a Sandbox I know one is supposedly coming at some point but I don’t count on I don’t count on it things until I see them believe me the last thing and Jim knows because we’ve had several conversations where I can tell him that hey I think this is coming but don’t say anything because so I see it I don’t believe it sandbox will come at some point what I would say is if you go to that that website mutal omaha.com simple go to the users guide under the application section it will show you a page by Page step by step um kind of screenshot of how to do an application they’re not hard they’re not just be what I would say and and I’m glad Jim brought it up use your FactFinder gather all the perent information get the doctor’s information and all that stuff cuz it’s going to come down the road me but again no sandbox just as yet use that screenshoted step by-step thing to get a feel for it but don’t be intimidated by it it’s not it’s not it’s not anything difficult it’s really not and what you do one easier and agents love it once they get used to it so it’s just the first one or two might feel clunky but yeah it’s agents love it once they get used to it and if you screw something up along the way don’t worry about it I got an entire sale staff that can help sort that out and if Cindy and I need to hop in there and clone in as you and look at St we can do that too so don’t be don’t be afraid out of it we’re not going to beat you up if you screwed something up these things are easily fixed um but again if you’re new to it or you’re new to the process I’d encourage you go look at that step-by-step guide it’s actually very nice because it shows you here’s what this screen is going to look like here’s what everything you know needs to be filled out and it’s it’s a good guide I think you’ll like it and if if I could just quickly add and I I don’t want to push us too long on time because we do have a couple other questions um that’s part of the beauty of an e in general is it’s got buil-in safeguards now can you submit an EF not in good order sure but compared to the old school when I was out in the field and everything was paper app you’re much more likely even if you’ve never used an EA if if the option is paper app or EA and you’ve never gone through the app before you’re much more likely to either have an app in good order or less followup from the carrier than you would on an old school paper app it’s it’s just by default because as they program the apps they actually built in kind of safeguards to say oh don’t skip this or or oh this this doesn’t make sense this isn’t supposed to be in this field now it’s not perfect but it’s better than a paper app so um just to add on that um so uh we had another question so in the I’m going to call it pre-screen process right the red light green light process um and uh I I know the answer to this but um we’re being asked if the information that you pull is going to be added to the MIB of the of the prospective customer so I do one of you want to hop on that or do you want me to no that’s that’s fine yeah the anything that you do during that prequal goes nowhere because it’s not an official application there’s nothing official about it it’s just telling you that hey based on our initial data pools this is how your your uh your application is is trending okay so we have the ability to do all that because if you choose to stop it I couldn’t tell you what was going on in it anyway it automatically gets dumped out of the system it’s no harm no foul it never gets submitted so it goes nowhere so there’s nothing that ever shows up in MIB there’s no hits and Jim brought this up earlier right it never counts against your client for the fact that you went that far because it’s not they were not declined if you stop it because it said unfavorable and don’t hit submit they can honestly answer the question of have you ever been declined for life insurance they can say no because they weren’t declined because it wasn’t an official submission so yeah that shows up that kind of data pull shows up nowhere and so so with that it might take you one or one minute two minutes more upfront in the app process now because they’re they’re going to kind of require uh uh that data that they need to use to pull those but it’s much more beneficial especially if you’ve got a client that that you’re like hey let’s let’s try and and see you know and then and then you know because sometimes we aren not in a black and white right uh World especially with underwriting and stuff sometimes a client literally you’re like I could see them taking you and I could see them rejecting you Mr Mr client I mean really even if you’re doing your best field underwriting would that that’s just real world it happened this helped um and then the last question we have is you talked about loans being or cash from loans being tax as long as the policy is inforced um and the question is how much of that money meaning if if let’s say I’ve got cash value and I take out you know 50% of my cash value whatever whatever that number is of what I take out Kurt do you know uh or can you answer what percentage of that is taxfree it’s all tax free um I don’t like the word tax free by the way I like tax advant AG but potato po doesn’t matter anytime you take a policy loan out on a policy as long as the policy is in force and not lapsed it is not a taxable event it becomes a taxable event if you have loans out on a policy and the and the policy lapses then the entire amount becomes based on when it lapsed obviously so you may have other outstanding loans with it but it’s based on the time that it was but at no point um do loans taken out on a policy that is not laps none of that tax and I’m just going to add um because I used to work for an insurance company that we do not offer tax advice these are General understanding of tax laws and everything but we do suggest that if a client asks you that it’s okay to talk in generality but always always always unless you are a licensed back professional recommend they talk to their CPA their accountant Etc just to make sure there’s not some weird weird thing that that we don’t know about um you know so sorry guys I worked for carage for 15 16 years before I came to Western marketing so um you know the good news is great company great product uh great support easy process competitive race I mean we could go on on and on with why to offer Mutual Omaha’s iul but I I think we’ve spent almost an hour of your time today um so with that folks uh I do greatly appreciate all of you who who joined us on the webinar if you have questions feel free to call myself uh I’m the national sales director here I manage the life and annuity team on a daily basis or either of our marketers we’ve got Amanda or Tyler Mah both top of the line marketers our number to our office is 800-852-7152 again it’s 800-852-7152 you can ask for any of us we’ll gladly help you out um and so with that uh everybody thanks again uh Kurt Cindy thank you for not only your time today but your support your friendship and partnership uh it just shows how great Mutual vaha is by the people they employ so with that everybody make it a great day and we’ll talk to you soon take care thank you