For agent use only. Not for distribution to consumers.
Prosperity is a leading carrier with many of our agents because of a few essential features that make them more money.
They’re fairly new to the final expense market, but they have the reserves to handle a lot of business. Product is issued through group member companies Shenandoah Life, SBLI USA and S.USA. New Vista Final Expense is issued by S.USA.
Why Sell Prosperity Life Group “New Vista” Final Expense?
Reason #1: Competitive premiums. You’ll see them in the top tier of rates for telesales approved final expense products.
Reason #2: Social security billing. This is big for a telesales company to offer this.
What we mean by doing social security billing better is that Prosperity offers direct express billing on the 2nd, 3rd and 4th Wednesdays. So if your clients social security check falls on the 2nd, 3rd or 4th Wednesday, Prosperity should get all of that business – your persistency will be much higher.
Prosperity offers EFT or Direct Express billing on the 2nd, 3rd or 4th Wednesday, or the 1st or 3rd of the month, so that draft dates can be aligned with the Social Security deposit schedule. So if your client is receiving a Social Security check, Prosperity should get all of that business – your persistency will be much higher
Reason #3: Competitive commission. We start agents at 115% (higher with proven production).
Prosperity’s modified and graded plans pay full commission to the agent which is huge as most final expense products lower the comp significantly.
Also, there’s no reduction in commissions for older ages like a lot of final expense products will do.
They pay daily commissions.
Reason #4: Voice sign. The agent has a short online application to complete before transferring over to Apptical for a voice signature – it takes around 5-7 minutes for that quick online ticket.
The voice signature takes around 13-15 minutes if the client allows you to email or text the HIPPA verbiage which is one of the shortest in the industry currently. If Apptical has to read the HIPPA disclosure to the client, it’s more like 25 minutes.
The voice signature telesales is available in 38 states.
Reason #5: Instant Decision. After completing the voice signed application, a decision will be made instantly.
Reason #6: They take Direct Express Debit MasterCard. These are pre-paid debit cards used by the United States Treasury Department to issue federal benefits, including social security payments.
Most final expense products on the market don’t take Direct Express, but Prosperity will. Just make sure you set the draft date the exact day they receive their social security payments. Otherwise, we don’t recommend even taking the application as the lapse rate will kill your persistency and result in chargebacks most of the time.
Prosperity does not advance on any Direct Express, debit or credit cards. (This is a good thing!)
Reason #7: Smoker rates apply to cigarette smokers only. The question on the application reads: “Has the Proposed Insured smoked cigarettes in the past 12 months?”
Reason #8: 1st day level coverage for insulin dependent diabetics (if NO complications), atrial fibrillation, Sleep Apnea (CPAP use is OK, supplemental oxygen use is NOT), asthma and epilepsy.*
They’re the only telesales life insurance company that will take all of these risks AND take Direct Express.
Reason #9: 1st day level coverage for heart attack or stroke with no treatment (treatment includes taking medication) in the past 2 years.*
Americo Eagle has a 1 year lookback on heart attack and strokes (best in the industry), but Prosperity is right behind them and much better priced if it’s been 2 years.
Reason #10: 1st day level coverage after a lookback of 3 years after being cancer treatment free (treatment includes taking medication).* If there has been more than one occurrence of cancer (same or different type), however, it’s a decline.
*Other factors such as prescription drug history and MIB may impact eligibility for applicants with these health issues.
Prosperity Life Group “New Vista” Final Expense Product Specs
The Prosperity New Vista product is similar to other final expense products, but really stands out in how they pay out on a graded and modified plan during the first 2 years.
- Issue Ages: 50-80 for level, graded and modified.
- Face Amounts: $1,500 to $35,000
- Graded Plan: 1st year = 30% of face amount. 2nd year = 70%. Accidental pays 100% during the first 2 years.
- Modified Plan: 1st year = 110% of annual premium, 2nd year = 231% of annual premium. Accidental pays 100% during the first 2 years
What Agents are Saying
Here are a couple of comments from agents selling this product:
“They have some awesome things about them like how they verify bank accounts before paying an advance on issue. I don’t know any other carriers that do this.”
“The modified plan pays full comp. Little do most agents know it’s not an ROP plan. It pays 110% of first year premium after 1st payment. And 231% during 2nd year. So if the annual premium is 1000 and the client makes first payment then dies the bene gets 1100 so much better deal then getting the 85 bucks plus 10%. Second 12 months they would get 2310.”
“App started at 3:25, approved and issued at 3:47. I can get used to this.”
Prosperity Life Group “PrimeTerm to 100®” Product Specs
When you contract for the New Vista product, you’ll also have access to Prosperity Life Group’s “PrimeTerm to 100”, which is a final expense term product, also issued by S.USA.
The Prosperity PrimeTerm to 100 is close to a Guaranteed Issue product. There are 3 health questions (may vary by state):
- Within the past two (2) years have you been confined to or been advised by a licensed medical professional to be admitted to a nursing home, hospice, extended care, special treatment facility, required the use of oxygen equipment to assist in breathing, or do you need ongoing personal assistance performing your Activities of Daily living (ADL’s), eating, bathing, dressing, toileting, transferring (walking) and continence?
- Within the past two (2) years have you been diagnosed by a member of the medical profession with any cancer (excluding Basal or Squamous cell skin cancer), heart attack (myocardial infarction), heart surgery, cardiomyopathy, congestive heart failure, stroke, Alzheimer’s disease or dementia, or have undergone major organ transplant surgery?
- Have you been advised by a licensed medical professional that your life expectancy is less than 24 months?
As you can tell from the questions, it’s pretty easy to qualify.
“PrimeTerm to 100” has a 3-year graded period, then level death benefits at full face until year 20. After 20 years, the premiums remain level but the death benefit decreases annually to age 100 at which time the policy expires.
Issue Ages: 40-80
Coverage Amounts: $5,000 – $30,000
Graded period: 3 years. Year 1=ROP+15% interest. Year 2=30% of face amount for issue age 40-74 and 40% for issue age 75-80. Year 3=60% of face amount for issue age 40-75 and 70% of face amount for issue age 75-80. Accidental death pays 100% of face amount during the graded period.
Prosperity Life Contracting
If you’re looking to contract with Prosperity Life Group at one of the top street level commissions, email sales(@)digitalbga.com. Prosperity has a great online contracting process. You will be contracted with the issuing company for the product you will be selling.
On top of the high commissions, you’ll have our conservation team calling on all your client’s missed payments and pending lapses to keep more business in force, resulting in more commission and renewal income for you. Also, we pay lead bonuses when you issue 5 apps in a week with any of our carriers along with access to $13 exclusive leads.
Don’t forget to check out a final expense telesales system built to build your business.
And don’t forget about $100 lead bonus after you submit your first app within 30 days of receiving your writing number. We want to encourage you to give Prosperity a chance as we know once you experience their process, they’ll be a go-to for you. And, at the same time, we want you to experience the quality, in house generated leads we have available.
Any questions? Get in touch us and we’d be happy to answer them.
Prosperity Life Group® is a marketing name for products and services provided by one or more of the member companies of Prosperity Life Insurance Group, LLC, including SBLI USA Life Insurance Company, Inc., S.USA Life Insurance Company, Inc., and Shenandoah Life Insurance Company. Members not licensed in all states. Only SBLI USA Life Insurance Company, Inc. is licensed in New York. Each company offers a variety of insurance products and is solely responsible for its own financial and contractual obligations.