- Hey everybody it's Randy Pierson,
vice president of Life and Annuity for Gordon Marketing
and welcome to another edition
of selling life and annuities.
Today, I have my top life marketer,
Brady Doppler.
Who's gonna talk to us about how, your clients,
can get, their life insurance premiums back
in the form of a refund.
Stay tuned.
(upbeat music)
All right, Brady.
So, today we're gonna be talking about,
one of our favorite carriers
and a special rider on one of their products
called the premium recovery endorsement.
So, give us a little hint.
What's this all about?
- So you're probably confusing everybody
with premium recovery endorsement.
Many people know this as ROP.
Return of premium, right?
Kind of sounds the same.
But, it's available on two of North American's top products,
so their protection builder IUL,
and their custom guarantee GUL.
- All right, let me pause you for a second.
So, you know, old timers like me,
you know, 35 years in business, when I hear ROP,
return of premium,
I'm thinking term insurance.
- Uh hm.
- But it sounds like those products are permanent in nature.
- These products are permanent.
And, you know with the clients that I'm hearing from
are wanting guarantees, right?
The future is unknown.
They don't know what to expect.
Nobody seen COVID coming, right?
And, if you're running into money problems,
it's always a backdoor out of a policy.
If you need to get all your money back.
- Okay so, let's let the agents know,
if they're wondering
who is this carrier?
What carrier are we referring to?
- So it's North American,
one of our core carriers, North American.
- Fantastic, so um,
you already mentioned what products it's available on.
So, how does um,
you know, what are the mechanics of this rider?
I mean how does it work for the client?
- So it's available in three different policy years.
Year 15, year 20 and year 25. Okay.
If your client chooses to exercise
and get their premiums back in year 15,
they can only get up to 50% of their premiums back.
But if they wait five more years
and exercise this in year 20 or year 25,
they can get 100%,
of the premiums that they have paid into this policy, back.
- All right, wow! So,
is there an extra rider charge?
Does the client pay for this
or is this part of the contract?
- This is part of the contract.
Yeah, it's a really cool feature with North American.
It's actually built in.
So no additional premium.
- And they get every penny of that premium back?
- Every penny.
- All right well, see, that's something interesting,
I know that um, a lot of the old ROP products
that are out there on a term chassis,
the consumer would pay for the ROP rider
but they still only got the premium back
for the term coverage.
That premium that was paid for the rider portion
was lost in this case,
sounds like they're gonna get every dollar back.
- That's way before my time.
- Wow, well.
(laughing)
So um, what about age restrictions?
I mean are there certain individuals,
um, because of their age
that aren't eligible to buy a product with this rider?
- Um, yeah, so you can access the rider
or um, get all your premiums back all the way up to age 95.
So it's literally almost forever die.
- All right, so let me rephrase the question then.
So this is a rider that's automatically included,
on these products um,
for any age, any individual that buys them.
- Correct.
- Um, from basically now on unless the carrier
removes the rider.
- That's correct.
- Alright, fantastic. - That's correct.
- Um, and no additional endorsements or,
um, special paperwork?
- Nope.
It's all included in the application
and it's attached along with the product.
So it's really super seamless.
Be sure to give your clients,
you know, at one page you're kind of like this,
so they know that it's available, right.
That's a really hot selling point
to a lot of the agents that I talked to
because it's a way out for the clients
and it makes them feel more comfortable at the time of sale
- Yeah. You know,
I know that, one impediment,
to some consumers,
choosing to purchase permanent life insurance,
is that thought,
that perhaps, it's not a good,
holding place for their funds. - Sure, sure.
- And that, perhaps if they change their mind
at some point down the road,
they're not going to get their money back.
But in this case,
you can literally provide them with a guarantee.
- Correct.
- That at those specific points in the future,
they can get every penny of it.
- Correct.
Yeah. It's a really great feature on North American.
- Yeah. Fantastic.
So, can you tell the, um,
the advisors that are watching this video,
maybe a little bit about North American?
Why do we like to,
why do we like to promote North American?
Why is North American a core carrier for Gordon Marketing?
- North American is a core carrier
because I kind of look at them as,
a one stop shop.
Kinda like Gordon marketing is,
but in a little different space,
North American has a product for,
all of your clients' needs.
If your client wants accumulation in an IUL
or protection in an IUL,
or you want a GUL
like we're talking about here
with this great rider.
You can go anywhere,
even on a term chassis,
um, another feature that is also included
in all of North Americans products,
that you don't typically see out there in the industry,
is free, critical, chronic and terminal illness riders.
Those are are also referred as,
accelerated death benefit riders.
- Yeah, fantastic.
You know, um,
I chat with a lot of agents like you do
on a daily basis and agents,
oftentimes when we discuss various carriers,
they might be thinking about doing business with.
They often lament about, you know,
new carrier means new contracting,
learning a new application,
um, determining whether that carrier
is going to get their business processed, quickly.
What am I going to get paid?
All of those questions.
And so having a carrier like North American
that has a product for virtually every circumstance,
with some of these amazing riders
like you mentioned,
the living benefits
or the premium recovery endorsement rider.
Um, those are all features that make it um,
comfortable for an advisor to know,
they're offering a quality product
and that warm blanket feeling of,
I know this carrier and how they do business.
- Sure.
- Well, listen, if you're an agent watching this video,
and you're curious to learn more,
about the premium recovery endorsement rider.
How it works,
perhaps some materials
so that you can learn more about it,
or North Americans products,
please free to reach out to Brady Doppler,
one of my top life marketers.
And he'll be sure and put it in your hands.
And we will certainly look forward to working hard
to earn your life business.
So with that,
um, we're bringing this episode of,
selling life and annuities to an end.
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Thank you very much for watching
and we'll look forward to seeing you next Tuesday.
(upbeat music)