At USI, we realize the challenges that independent agents and advisors face on a daily basis. With USI's decades of experience comes superior product knowledge, carrier relationships and unique sales concepts for you to meet the needs of your clients and effectively build your practice. Work with an Independent Marketing Organization that works for you!
VP Marketing & Technology
Manager of Union Accounts
Ellis Family Business Partners
|Harvey Rizen, President|
Commercial Capital Inc.
|Marc Klebanoff, CPA & Tax Partner|
Bush, Tecosky, Goodman, Feldman
Thomas Holt, President
Holt & Associates
|David Vento, President|
David Jacowitz RICP, CLU, ChFC
Evolution Financial Group, President
Matthew Lempa, CLU, ChFC
Evolution Financial Group
|Gary Tannenbaum, Esq.|
The Tannenbaum Group
Christina Yeager, President
At USI, we are proud to support numerous local and national charitable organizations. Part of USI's mission is to give back to those families and individuals throughout the communities we serve.
MARKETING, SALES & TECHNOLOGY
TERM LIFE INSURANCE
Term life insurance often provides the lowest cost of life insurance coverage which is why it is most popular with the general public. Premiums remain guaranteed for a level period of time for a stated death benefit. The policyholder often has options to either renew coverage or convert the policy to -permanent coverage. In addition, business owners in a partnership often have a Buy-Sell Agreement in place to provide protection for the surviving partner(s) in the event that one of the partners dies. Typically, a Buy-Sell Agreement is funded through a Term Life Insurance policy.
ENHANCED BENEFIT TERM
Term Life with Accelerated Benefits allows the policy owner to access all or part of their death benefit while living if they experience a qualifying terminal, chronic, or critical illness. Since these benefits are generally unrestricted, once qualified, the policy owner can use the benefit for any reason.
INDEXED UNIVERSAL LIFE
Indexed universal life (IUL) insurance allows the owner to allocate cash value amounts to either a fixed account or an equity index account. Policies offer a variety of well-known indexes, such as the Nasdaq-100 or the S&P 500.1 IUL insurance policies are more volatile than fixed ULs, but they are less risky than variable UL insurance policies, because no money is actually invested in equity positions.
IUL insurance policies offer tax-deferred cash accumulation for retirement while maintaining a death benefit. People who need permanent life insurance protection but wish to take advantage of possible cash accumulation via an equity index might use IULs as key person insurance for business owners, premium financing plans, or estate-planning vehicles.
GUARANTEED UNIVERSAL LIFE
Guaranteed Universal Life insurance takes the concept of universal life insurance but removes the market risk aspect of it. Your premiums stay the same regardless of how market indexes perform as your plan’s interest rates are baked into the premiums when you sign up for the policy. This type of life insurance has a “no-lapse” guarantee, meaning that as long as you pay your premiums, you’ll have coverage.
SURVIVORSHIP LIFE INSURANCE
Survivorship coverage is best applied when used for protecting the financial health of future generations. Usually, a survivorship life insurance policy is used to pay estate taxes, inheritance taxes, and to cover the financial needs of policyholders’ children or dependents
WHOLE LIFE INSURANCE
Whole life insurance provides coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. These policies are also known as “permanent” or “traditional” life insurance. “Blue Chip” investment grade whole life plans can provide significant cash accumulation benefits and stable and secure cash growth.
FINAL EXPENSE INSURANCE
Final Expense is a “catch phrase” to describe low face permanent life plans; normally whole life or guaranteed universal life. Many “Final Expense” plans can be acquired with minimal underwriting requirements, making them attractive to seniors as well as the writing agent.
LINKED BENEFIT LIFE INSURANCE
This is life insurance coupled with long-term care combination products (often called hybrid or asset-based products) which fall into two main categories: linked-benefit products under and accelerated death-benefit riders. Benefits under 7702(b) are closer to true long-term care benefits and can be marketed as such, while accelerated death-benefit or chronic illness riders under 101(g) cannot be marketed as long-term care insurance, even though the benefits can be used for long-term care expenses.
GROUP LIFE INSURANCE
Group life insurance is offered by an employer or another large-scale entity, such as an association or labor organization, to its workers or members. It is fairly inexpensive, may even be free, and is pretty common nationwide. It has a relatively low coverage amount and is typically offered as a piece of a larger employer or membership benefit package.
BANK LOAN INSURANCE
This unique insurance protection was designed to indemnify a lender for the balance of money at risk given a contractual business loan agreement. A premature death or disablement of the borrower will usually trigger an immediate call on the loan. The protection of other business assets becomes even more essential during this type of situation.
(FIA) Fixed Indexed Annuities:
Fixed Index Annuities, also known as equity-indexed annuities base their annual interest rates on the performance of certain pre-determined indexes, such as the S&P 500. It’s a way to balance the risks and rewards, carrying lower risks than market investments and higher potential than traditional fixed annuities. The interest rate won’t sink below a preset amount. Any gains earned will be locked in and it will never lose its value. These annuities often have enhanced income riders attached which will pay a lifetime income based on values significantly higher than the invested amount.
(SPIA) Single Premium Immediate Annuities:
With a Single Premium Immediate Annuity (SPIA) the annuity holder begins receiving payments within a year after purchasing it. The payments can be for a fixed period of time, or for the lifetime of the annuitant.
(MYGA) Multi-Year Guaranteed Annuities:
This is the option with the least risk and the most predictability. Multi-Year Guaranteed Annuity (MYGA) sometimes referred to as fixed annuities, come with a guaranteed, set interest rate for a fixed number of years, that doesn’t vary beyond the terms of the contract. While other investments might soar or dive, the fixed annuity is steady. At the end of the predetermined number of years, the interest will reset, often at a lower rate.
Enhanced Income Fixed Index Annuities:
Fixed Index Annuities that have a low-cost rider, typically under 1% that will provide enhanced lifetime income. In many cases the enhanced value is twice to accumulated value of the annuity. The income provided will not run out no matter value of the underlying annuity. The income rider can be single or joint and works with qualified and non-qualified accounts.
Accumulation Focused Annuities:
These are fixed index annuities with a low cost rider that is designed to boost the indexes and fixed accounts for the annuity. By doing this it increases the growth potential of the annuity at a rate that exceeds the cost of the rider.
These are Fixed Index Annuities that have a 'Bonus' on the premium. In the case of a single premium annuity the bonus is on that first premium. With a flexible premium annuity the bonus is added all new premium placed within a set period of years, which are typically within the first 5 or 6 years. These annuities provide an initial boost to the growth of the annuity and can make up situations such as recent market losses.
Annuities that can be utilized to fund group retirement plans, such as a 401(k). They are unregistered variable annuities that can be marketed without a securities license.
Annuities with LTC Hybrid Coverage:
Annuities that perform as a normal annuity, either a fixed annuity or a Fixed Index Annuity. They may not have the same robust growth as other annuities, and they do not have any enhanced income features. They do have another component to them in that they provide traditional long term care protection.
ARE THERE DIFFERENT TYPES OF LONG-TERM CARE PRODUCTS?
Yes, there two different types of Long-Term Care options:
ADVANTAGES OF LONG-TERM CARE:
WHAT DOES LONG-TERM CARE COVER?
TIPS TO CONSIDER:
Personal High Limit Disability Insurance
It can be hard to face the fact that a disability can happen at anytime to anyone. Clients without high limit disability insurance could potentially face huge financial losses. Your clients need to protect themselves and their families from the ruinous fiscal consequences of a debilitating injury or illness. High wage earners whose income consists of significant 'Bonuses', can purchase limits up to $100,000/month.
Guaranteed Issue Multi-Life Disability Insurance
If a disability inhibits one from working the financial strain can be catastrophic. Because many highly compensated employees have difficulty obtaining adequate and reasonable amounts of disability insurance through their group long term disability insurance plans, USI has high limit supplemental group plans to consider.
Buy-Sell Disability Insurance
While most people plan for an unexpected death, many overlook the possibility of an injury or sickness permanently disabling one of the partners; even though a disability is much more likely! Buy-Sell Disability Insurance is invaluable in this type of situation.
Loan Indemnification Disability Insurance
Often times, when a bank lends money to a business, they will require the borrowers to provide disability insurance covering the payments. This is ensures the bank that, should the borrower become sick or hurt, the payments will still be made. The preferred solution would be to prescribe disability insurance that would pay the monthly loan payments and/or pay off the remainder of the loan balance.
KEY POINTS WHEN DISCUSSING DISABILITY INSURANCE WITH CLIENTS
Did you know?
Should you get Disability Insurance?
Are there different types?
There are 3 different types of disability insurance:
Critical Illness and Accident Plans are unique solutions available on an individual or group chassis.
Critical Illness Plans are a great complement to Disability Insurance coverage. The benefits pay a lump sum for a number of different illnesses. This coverage can help individuals pay for medical treatments and can make it possible for individuals to enjoy their last days, not having to worry about financial obligations when a critical illness strikes.
Accident Plans are a perfect and affordable solution for clients that may be medically uninsurable for Disability or Critical Illness coverage. This ensures that they have some benefits for accidents that occur.
Through our many carriers you can review the need and cost of group term life, short and long term disability coverage as well as dental and vision benefits.
Group Term Life: includes simplified enrollment, guaranteed issue up to $50,000. for groups of two to nine lives, and accelerated death benefits for hospice care. You will also have access to coverage for groups up to 500 lives with expanded benefits for dependents, and much more flexible benefit schedules.
Group Short Term Disability: responds to the fact that everyone who needs a paycheck needs to protect it. This is easy, flexible and affordable income protection for short term illnesses and injuries. Typical maximum weekly benefit is $2,309 up to 70% of your income with partial and residual benefits available. Claim coverage will last a maximum 52 weeks in most cases.
Group Long Term Disability: one in three Americans will have a disability that will prevent them from working for 90 days or longer. One in seven can expect to be disabled five years or more. Financial hardship caused by the loss of income resulting from a disability is one of the primary causes of personal bankruptcy. A few points more to remember, there are NO earnings tests, maximum monthly benefits up to $24,000. elimination period from 30 days to 60 months, own occupation definition of disability in some cases with rate guarantees up to 3 years.
Group Dental Coverage: This benefit requires 10 or more employees to offer the greatest amount of benefits related to services such as preventive care (cleanings), basic care (pulled tooth) and major care (root canal). Dental coverage can be written on an individual basis with a reduced level of coverage and care.
Group Vision Care: Plans include coverage for a comprehensive eye exams, monitoring of medical conditions involving advanced vision issues and LASIK care. For the purchase of eyeware use the VSP network available throughout the United States. Eye exam frequency is every 12 Months and eyeware can be purchased every 24 months.
LIFE SETTLEMENTS: An underwritten life settlement for primarily Universal Life and Convertible Term policies. The policy’s settlement value is based on the age and prevailing health conditions of the insured, with a target age range between 70-95, and predicted life expectancy of 10 years or less. Underwriting includes review of a policy illustration, phone interview, and review of medical records.
PENSIONS & RETIREMENT PLANS: 401(k), 403(b), Deferred Comp, Defined Benefit, SEP’s. Design and third-party administration available for C-corps, S-corps, LLCs, Partnerships and Individuals.
PROFESSIONAL MONEY MANAGEMENT: Multiple strategic portfolios available through B. Riley Wealth Management and managed exclusively by Nationally Renowned Money Manager, Paul Dietrich. Securities license not required.
FEE-BASED PLANNING: Planning services available through Evolution Financial Group. Fees based on services provided.