For agent use only
Prosperity Life Group Bonus: Submit contracting with Digital Senior Benefits and issue your first app within 30 days of receiving your writing number and get $100 in lead credits. Simply refer to this blog post within 7 days of issuing your first Prosperity Life application and we’ll set you up to receive them. Here’s the link to contract. For commission level, see below.
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 cash reserves to handle a lot of business. They took over Shenandoah Life back in 2010
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 and currently they’re the only one offering it. Other carriers like Transamerica do it a little better, but you can’t sell them over the phone.
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.
FYI – Some social security payments happen on the 1st or 3rd. Prosperity offers drafts on the 1st and 3rd, just not true social security billing on these dates. Which means that if the 3rd hits on a Saturday, Prosperity will draft on Monday – which is fine, you just have to hope your clients didn’t spend their money already. True social security billing (like what Transamerica does) on the 1st and 3rd would draft on the Friday before – the day the social security payment would be deposited. Not a big deal as this situation only happens a couple times a year.
Reason #3: Competitive commission. We start agents at 115% (higher with proven production).
Their 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 paid on issue.
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 MasterCards. 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. Marijuana, vaping, cigars, dip, chew all are non-smoker.
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, atrial fibrillation, Sleep Apnea or Cpap use, asthma and epilepsy.
They’re the only telesales life insurance company that will take all of these risks AND take Direct Express. This niche right here.
Reason #9: 1st day level coverage after a lookback of 2 years on heart attack or stroke.
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. If any recurrence, it’s a decline.
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’s a couple 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. It really is a graded plan that they call modified.”
“App started at 3:25, approved and issued at 3:47. I can get used to this.”
Prosperity Life Group “Term to 100” Product Specs
When you contract for the New Vista product, you’ll also have access to Prosperity Life Group’s “Term to 100”.
The Prosperity PrimeTerm to 100 is an Almost Guaranteed Issue product. There’s 3 questions:
- 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 for.
This “Term to 100” policy is guaranteed level for 20 years. After 20 years, the premiums remain level and 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, you can do so here. Prosperity has a great online contracting process.
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.
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 our quality, in house generated leads we have available.
Any questions? Schedule a call with us and we’d be happy to answer them.