Impact Partnership plans to leverage Policygenius Pro to empower its member firms to dramatically reduce the time spent placing term life coverage and increase overall profitability
NEW YORK , June 23, 2022 // --Policygeniusand Impact Partnership announced today a joint partnership to bring term life fulfillment platform Policygenius Pro to Impact's network of financial advisory and broker-dealer partners.
Policygenius Pro, which was announced earlier this year, is a turnkey partnerships platform that helps advisors accelerate and streamline life insurance sales. With this tool, advisors and agents can refer their clients to Policygenius to take them through the process, from finalizing policy selection to placing coverage in-force.
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The move lets Impact's large partner network, which consists of over 200 constituent firms and 2, 000 advisors, save significant time and energy helping clients secure term life coverage, while also maintaining a superior client experience. The time savings lets Impact reduce its current costs of placing term life coverage while also capturing additional opportunity that advisors may have avoided due to the onerous process of helping clients secure term life coverage. The partnership is one of many innovation partnerships Impact has formed, furthering its position as a forward-thinking field marketing organization (FMO).
"We're thrilled to be able to offer Policygenius Pro to Impact partners, " Clay Eschrich, Impact SVP of Life and Distribution, said. "Term life coverage has always been tricky for advisors due to its time-intensiveness, and Policygenius Pro is the leading solution for alleviating that pain point."
With Policygenius Pro, Impact advisors receive access to Policygenius' wide variety of insurers, coverage types, and policy options, including accelerated underwriting offerings exclusively available on the Policygenius platform. Partners also receive support from an expert staff of 200+ dedicated specialists for case management, underwriting, and product support.
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"Impact is an ideal partner for our Policygenius Pro platform, " Jennifer Fitzgerald, CEO and co-founder of Policygenius, said. "They're an innovative FMO that experiences the exact pain point that Policygenius Pro is designed to solve: helping financial advisors and independent agents provide essential term life coverage for their clients, without the complexities and time-consuming process. The speed with which Impact has implemented Policygenius Pro and driven adoption shows how committed they are to better serving their advisory network and end clients."
To date, Policygenius Pro has helped partners cut placement times by half, on average, and reduced the average time an advisor spends on an application from 2.5 hours to 15-20 minutes.
"This isn't just a way for us to offload term life – we expect Policygenius Pro to help us more than double our term production, " Eschrich said. "Simply by allowing partners to save so much time managing the logistics of getting their clients covered, they'll be able to focus on higher-value work and increase their overall profitability. We now feel we're in a position to make term life a profit center rather than a cost center."
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Policygenius Prois a turnkey partnerships platform that helps independent agents and financial advisors accelerate and streamline life insurance sales. With this program, Policygenius provides its one-stop-shop insurance solution to financial advisors, independent agents, community banks, credit unions, and more, with the goal of helping partners' clients get the insurance coverage they need. Partners receive access to a wide variety of insurers, coverage types, and policy options, including accelerated underwriting offerings exclusively available on the Policygenius platform.
Policygeniustransforms the insurance journey for today's consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $160 billion in coverage.
Founded in 2011, Impact Partnership has helped independent financial advisors become household names in their communities through strategic marketing and innovative products, so that more Americans can retire well. Impact Partnership's mission is to revolutionize the financial services industry and help transform the lives of their clients and the lives of those they serve.Whole life insurance is a type of life insurance policy that lasts your entire life and comes with a cash value, which can act as a tax-deferred savings account. Although it’s significantly more expensive than term life insurance, if you’re already maximizing contributions to other tax-advantaged accounts or have long-term needs for coverage, it might be a good fit for you.
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A 35-year-old who doesn't smoke could pay between $243 and $288 per month for a $250, 000 whole life policy, depending on their gender and health. That same person might may between $481 and $571 for a whole life policy with a $500, 000 coverage amount.
Whole life insurance is five to 15 times more expensive than a comparable term policy — it’s more expensive because it’s a permanent policy that doesn’t expire, while term policies last for a set number of years. Whole life policies also come with a cash value account that you can access while you’re alive, which is another reason why they’re more expensive.
Methodology: Rates are calculated for male and female non-smokers obtaining a $500, 000 whole life insurance policy, a $500, 000, 20-year term policy, and a $500, 000 30-year term policy based on 10 different carriers offered through the marketplace. Individual rates will vary as specific circumstances will affect each customer's rate. Rate illustration valid as of 05/01/2023.
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Much like other types of life insurance, your age, health, and gender will affect your whole life insurance rates. The type of whole life insurance you purchase will also impact the cost of your policy.
Whole life insurance rates are commonly paid on a monthly or annual basis. Most insurance companies will set up an automatic electronic transfer from your preferred bank account in order to pay for the policy.
Many whole life insurance policies will require you to pay premiums for the rest of your life, or up until age 100. Some policies offer the option to make higher monthly or annual payments and then stop paying when you reach age 65.
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Other less common whole life payment options include 10-pay and 20-pay, plans which arrange payments so your policy will be fully paid over the course of 10 or 20 years.
After the payment period, you’ll no longer have to pay premiums and you’ll still have lifetime coverage. However, the premiums on these policies are more expensive than traditional whole life policies, which makes this option less practical for many people.
Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250, 000, $500, 000, or $1, 000, 000 whole life insurance policy fully paid up at age 100 offered through MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 05/01/2023.
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Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250, 000, $500, 000, or $1 million whole life policy paid up in 20 years, offered through MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 05/01/2023.
Methodology: Rates are calculated for male and female non-smokers in a Preferred Plus health classification obtaining a $250, 000, $500, 000, or $1 million whole life policy paid up in 10 years, offered through MassMutual. Individual rates will vary as specific circumstances will affect each customer’s rate. Rate illustration valid as of 05/01/2023.
The truth about infinite banking with a whole life insurance policy is more complicated — and costly — than what you may have heard on social media.
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Working with an independent broker can help you find the best insurance policy for you and walk you through the application process. At , our experts are licensed in all 50 states and can provide you with unbiased advice on where to start.
Other less common whole life payment options include 10-pay and 20-pay plans, which arrange payments so your policy will be fully paid over the course of 10 or 20 years.
Whole life insurance is a type of permanent life insurance that provides coverage for your entire life. You pay a premium, usually monthly or annually, and in exchange, the insurance company will pay a tax-free death benefit to your beneficiaries upon your death.
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A portion of your premium goes toward the cost of maintaining the insurance policy and the rest goes toward a cash value account, which gains interest.
How your cash value grows depends on the type of whole life insurance policy you have. Some whole life insurance policies also pay out dividends depending on the performance of the insurer.
Ultimately, whole life insurance will guarantee a death benefit – a lump sum of money – to your family if you die. Whole life insurance can be used for a variety of purposes, though, including:
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Whole life insurance is best for specific circumstances, like people who are maximizing contributions to tax-advantaged
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