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Converting your customer from a Symetra Term Policy to a Symetra Universal Policy is easy! A Symetra Term Life Policy is fully convertible to a permanent policy any time during the term to age 75.
If the face amount and underwriting class remain the same, your client qualifies automatically with no additional underwriting!
Here’s all you have to do:
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Review your records for current life insurance clients. Identify your term customers. |
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Run a universal life (UL) illustration on Symetra Express. Show your client that a UL premium will not increase, and after just a few years, may be cheaper than a term premium. You can then use this information to sell the idea of a permanent policy, showing your client how for about the same amount of money, he can “buy” the policy, instead of “renting” it, accumulating cash value along the way.
Sales tip: Explain to your client that a permanent policy will provide protection at a predictable premium for the life of the policy. Also show them how much cash accumulation they’ll have after 20 or 30 years — money that can be used to fund a child’s college education, pay for a medical emergency, or purchase a second home.
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Complete Part One of the client’s chosen UL policy application. As long as the face amount and underwriting class remain the same, you need to complete only Part One. In the Additional Applicant Remarks section, simply mention this is a conversion and note the policy number of the term policy it’s converting from. Send the application along with the UL illustration run in Step 2. |
Commissions
After the original term policy has been in force for 13 months, the conversion to a permanent policy pays full commission — just as if this were a new policy!
In the first policy year, 90 percent* commission is paid up to the target premium and four and one-half percent* commission on any premium above target.
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