WHO ARE WE?
Broadnax LLC is an independent property, casualty, and life insurance agency for individuals, families, and businesses.
WHAT IS FINAL EXPENSE LIFE INSURANCE?
Final expense life insurance is a simplified issue insurance policy and a special type of whole life insurance policy intended for middle-aged and senior individuals. The policy provides sufficient coverage to fund funeral and burial costs and/or outstanding debts, bills, and expenses that remain after one's death for a designated beneficiary or contingent beneficiary to manage.
WHAT IS A SIMPLIFIED ISSUE INSURANCE POLICY?
A simplified issue insurance policy does not require the insured to take a health examination. The insured is only required to answer, to the best of their knowledge, specific underwriting health questions asked by the insurer. In addition, the insured will be required to undergo a medical credit and health background check, at the insurer's expense and during the phone interview process after completion of the insurance application, in order to validate the insureds' answers to the insurers' questions. A simplified issue insurance policy ensures a same-day qualification decision and a quick insurance policy delivery process of approximately one week or less.
WHAT IS A WHOLE LIFE INSURANCE POLICY?
A whole life insurance policy is an insurance policy that includes both a living benefit and a death benefit and also provides life protection up to the age of 100. The policy owner pays a premium, or the cost of the insurance policy, either monthly, quarterly, semiannually, or annually. With a typical whole life insurance policy, the premium is level; therefore, the premium remains the same for the life of the policy. The premium, and its payment frequency, are determined at the time of application. The premium is based on the gender, age, height, weight, and tobacco usage of the applicant, in addition to, the rating or classification of the applicant's health condition by the insurer.
 
Living benefits are benefits that can accrue and/or be utilized by the policy owner and/or insured while they are living. These benefits include a policy loan, a policy rider, non-guaranteed annual dividends, and guaranteed cash value interest savings. The death benefit is the face amount/face value of the insurance policy. The face amount or value of an insurance policy is the amount of coverage the insured had applied and was approved for. Therefore, the death benefit is also the payout of the face amount or value of an insurance policy to the designated or contingent beneficiary. The final payout of an insurance policy can be affected, either increased or decreased, by any outstanding living benefit, except cash value interest savings.
 
Please note that with any whole life insurance policy, unused cash value interest savings goes back to the insurer after the insured's death. Furthermore, the death benefit can be spent however the designated or contingent beneficiary chooses, unless the use of these funds is specified in the insured's legal will. Please also note that only the policy owner can amend an insurance policy. The policy owner can be the insured, beneficiary, or some other party.
WHO ARE YOUR CARRIER APPOINTMENTS?
We are appointed by and a captive agent of insurance carrier, Mutual of Omaha, solely offering their final expense whole life insurance product known as Living Promise.
HOW DO I QUALIFY?
Mutual of Omaha offers two types of benefit plans for their Living Promise product based upon the health conditions reviewed by an insurance underwriter at the time of application. In general, there are four types of benefit plans available with simplified issue insurance policies: level, graded, modified, and guaranteed issue (in order of the severity of the reviewed health conditions). Mutual of Omaha provides the level and graded benefit plans. The applicant must either have excellent health or minor health conditions to be qualified.
 
Qualifying health conditions will be discussed during a scheduled brief introductory and informational session.
HOW DO YOUR BENEFIT PLANS DIFFER?
Our clients in excellent health qualify for the level benefit plan. This benefit plan has the lowest premium of the two offerings, a qualifying age range of 45 to 85, coverage from $2,000 up to $40,000, and access to the optional Accidental Death Benefit policy rider. Our clients with minor health conditions qualify for the graded benefit plan. This benefit plan has a higher premium than the level benefit plan, reduces the maximum qualifying age to 80, and reduces the maximum coverage to $20,000. Both the level and graded benefit plans include the mandatory Accelerated Death Benefit policy rider.
WHAT OTHER PRODUCTS AND SERVICES DO YOU OFFER?
Book an appointment with Broadnax LLC today to learn more!

© 2019 BROADNAX LLC

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