{"id":196,"date":"2020-01-06T16:17:46","date_gmt":"2020-01-06T16:17:46","guid":{"rendered":"https:\/\/halofinancial.ca\/?page_id=196"},"modified":"2020-01-06T16:23:56","modified_gmt":"2020-01-06T16:23:56","slug":"whats-the-difference","status":"publish","type":"page","link":"https:\/\/halofinancial.ca\/index.php\/whats-the-difference\/","title":{"rendered":"What’s the Difference?"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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What's the Difference?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Many of our experienced agents have worked with career agencies in the past. After comparing the two we have found some major differences that have helped them become more successful.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tLimits on Qualified Premium & Compensation<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

BEFORE<\/strong>: An agent who provides a life insurance solution was limited production credit. The maximum they would receive is $1,500 Qualified Premium. Putting a limit on Qualified Premium would make it more difficult for the agent to achieve Bonus production requirements and limit their up front compensation.
NOW<\/strong>: The agent who provides and insurance solution is not limited to Production requirements or compensation, there is no cap or ceiling. As an example, if an agent submits an application with a monthly premium of $200 they would receive $2,400 in qualified premium thus enabling them to hit additional bonus requirements, contest credits and a higher up front compensation with residual incomes.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tPersistency, Adjustments, Compensations & the QBI<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

BEFORE<\/strong>: Career or captive agents would get penalized or their cash flow reduced based on a lower quality of business due policy lapses or withdrawals. The quality of business index or persistency report would effect all agents in a negativity. A penalty or reduction of compensation would be imposed against current and future earnings and effect the production bonus. We have found through experience those who were focused on recruiting and building a hierarchy were more likely to have persistency challenges due to new inexperienced agents thus resulting in chargebacks, adjustments and penalties.
NOW<\/strong>: Maintaining a high level of persistency and having a good quality of business is very important aspect in building a successful financial business. Although we track, monitor and stride for the highest customer satisfaction we do not penalize agents due persistency.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tMultiple Insureds on One Policy<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

BEFORE<\/strong>: Many insurers will limit the amount of people that may be insured on a single policy. In the past when working with an insurer they limited the insured to married couples, common law or same sex marriage insureds per policy. This limited the selection for clients and was not in the clients best interest. Example: if four siblings purchased a home with a mortgage and they wanted to protect the mortgage they would have to buy four different life insurance policies. This would significantly increase the cost as the insureds would pay four separate monthly policy fees which would cost over $200 per year…
NOW<\/strong>: Our life insurance policies have the flexibility of insuring eight different lives on one single policy. If there is an insurable insurance and a need for coverage, we will find the right solution with all the benefits and at the lowest cost.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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BEFORE<\/strong>: Child rider coverage was limited and only available up to age 25. The insurer would charge a high premium to insure the child(ren). You may want to consider other options as adding a child rider for $20,000 up to age of 25 would cost approximately $15 per month.
NOW<\/strong>: There are much better choices for a parent who wants to \u00a0protect their child. Rather than being limited to the insurance age 25 and limited coverage, a parent can now protect their child for $150,000 of coverage with a 30 year term and do it for less than $15 per month. We also \u00a0have a child module which gives the parent the option of insuring two or more children under one premium at a set amount of coverage.
MORE RIDERS<\/strong>: Adding a rider is like adding options to a car. The more riders\/options you add to your policy, the higher the monthly premium. Some riders may cost as low as a few dollars and some riders may increase the premium substantially.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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You can now add these riders & options to your Life Insurance Policy<\/p>