FREQUENTLY ASKED QUESTIONS
This is Legal & General America’s first customer Marketing campaign. Marketing materials will be in both direct mail and email formats. Customers will begin to receive direct mail offers in early September and will have until mid-November to respond. Enrollment will be done through the choice of a paper or online Enrollment Form. Read more about the program
here.
- The plan covers accidental death only
- Benefit amounts range from $100,000 to $1,000,000
- Acceptance is guaranteed without a medical exam or health questions
Eligibility requirements for the program are as follows:
- Inforce Term policy
- Insured is between age 20-65 (renewable to age 75)
- Policyholder has not previously opted out of marketing offers
- Policy is not owned by a trust or company
- Click here for a list of approved states
The amount of Accidental Death coverage offered will depend on the existing coverage under the current qualifying term life policy. Accidental Death policy offers will start at $100,000, with $1,000,000 being the maximum offer. Most importantly, policyholders will be able to substantially increase their death benefit in the event of a covered accidental death.
Servicing agents and their upline hierarchy will be compensated on accepted offers with a one-time commission on the first year’s premium. For a detailed compensation schedule, please email your request to marketing@lgamerica.com.
At LGA, we recognize that care in collecting, using and disclosing personal information is essential to continued consumer confidence and goodwill.
Direct mail and email marketing lends itself perfectly to greater customer communication. Communicating directly with policyholders about a value-added offer available to them creates goodwill and increases agent visibility. The program will not only generate commissions for the BGA and agents on direct-marketed sales, but can also generate quality leads for more comprehensive products and services that policyholders may require. Policyholders may also request a personal meeting or phone call with an agent. This presents a perfect opportunity to provide a more detailed financial review and uncover more business opportunities. Read more about the campaign benefits here.
Until quite recently, the norm in our industry has been to contact policyholders only when a premium or policy renewal falls due. On average, this means most insurance companies contact their policyholders only twice a year. It's not surprising that many policyholders claim they feel disassociated from the companies that administer their policies. By increasing customer communication – via direct mail and email marketing, for example – we increase company and agent visibility. Equally important, policyholder communication generates goodwill. By simply making contact, we remind our customer that they matter, and are not merely a forgotten record on a computer file.
Industry research tells us that the best prospects for our products are our existing customers. As well, current policyholders who buy additional products enhance overall persistency. Industry research conducted by market strategy consultants Bain & Company show that policyholders who have more than one relationship or contact with a company or agent generate business that is twice as persistent over a five-year period as those who do not.
Absolutely not. We are truly appreciative of, and committed to, our distribution partners. Direct marketing can never replace the pivotal role BGAs and agents play in selling Legal & General America's products and services—your knowledge and expertise is invaluable for advising existing customers and attracting new business. We view direct marketing as simply another tool that can benefit our distribution partners and keep us in touch with our current policyholders.
Accidental Death Insurance has many advantages, including:
- Great consumer appeal because it's easy to understand
- Easy to obtain since it doesn't require any additional underwriting
- Affordable
- Can be positioned as an enhancement to the policyholder's in-force coverage
- Policyholders can add a substantial amount of coverage on a guaranteed-issue basis
- Doesn't compete with agent's core product sales
Please give careful consideration to the many advantages this campaign offers. Not only will you and your agents benefit monetarily from this program, but remember that all the administration will be done by LGA’s home office – little to no effort or expense is required on your part!
If you do not wish to participate, click the link below by August 13, 2019 and complete the online form:
Subject to policy terms & conditions. The coverage amount under all Accidental Death Insurance policies issued to you by William Penn Life Insurance Company may not exceed $1,000,000 regardless of offers made. The total amount of coverage under all insurance policies issued to you by William Penn Life Insurance Company, including Accidental Death Insurance, may not exceed $2,000,000 under certain circumstances.
Legal & General America life insurance products are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in D.C. Banner does not solicit business in NY. William Penn products are available exclusively in New York. The Accidental Death insurance product is Banner Life Insurance Company. Policy form # ACD (1-17) state variations, or in NY William Penn Life Insurance Company, Policy form #ACD-WP (2-19). Issue ages 20-65 and renewable to age 75. Two year contestability and suicide provisions apply. All benefits payable are subject to exclusions and limitations and may vary by state. Please refer to policy for terms and conditions. Not available in all states. For the in-force life insurance policy referenced, refer to your policy for full disclosure of benefits and limitations. [19-174]