Annuities
An annuity is a financial product that is designed to provide fixed or variable recurring income during retirement years. The issuer guarantees payments after the customer has paid in for a period of time. Annuities are primarily used as a means of securing a steady cash flow for retirees, and to supplement Social Security.
Key Features:
- Flexible to suite individual’s needs
- Fixed or variable income
- Multiple terms are available
- Provides secure, lifetime payments
- Tax-deferred until withdrawal
With the large number of annuity products in the market today, selecting the most suitable annuity can be a confusing process. ESS carriers offer Annuity products for fixed and variable investments, with additional choices for term and payout.
Final Expense
Final expense is a simple, whole life product used mainly to pay for expenses that arise at the end of one’s life, however, can be used to pay much more than funeral and burial costs. The lump sum payment provides financial support for mortgage payments, rent, auto loans, credit card bills, as well as hospital/doctor expenses. These plans are smart, affordable, and popular with agents as well as clients.
Key features:
- Unique “peace of mind” value offering
- Payment can be used for more than funeral and burial costs
- Easy cross-selling opportunity with Life and Medicare options
- Affordable and easily approved
- Outstanding commission opportunity when sold with Med Supp
- Easy entry into a fast-growing market
- Guaranteed Issue product available
Medicare Select
Medicare Select health insurance plans are essentially lower-cost versions of traditional Medicare Supplement (Medigap) policies. It is designed to pay some eligible expenses not paid for by Medicare Part A and Medicare Part B, as well as the inpatient hospital deductible. Customers will need to use specific in-netowrk hospital and sometimes doctors, except in emergency situations.
Key features:
- Equivalent to Medicare Supplement
- Hospital Network
- Premiums 15%-25% lower than standard Med Supp
- Coverage at any hospital in an emergency
- Agents automatically contracted with Med Supp contract
ESS carriers offer Medicare Select plans in many states, at excellent price points, with very competitive commissions.
Medicare Supplement
Medicare Supplement (also known as “Medigap”) is private insurance coverage specifically designed to complement Medicare coverage. There are 14 Med Supp plans (A thru N) available in the United States, although all plans are not necessarily available in all the states. Each of these policies has a slightly different set of benefits, to suit the needs of the specific client. These plans are increasingly popular with seniors to cover coinsurance and some deductibles not covered by Medicare.
Key features:
- Plans are standardized, regardless of carrier
- Highly competitive, affordable premiums
- Simple underwriting during open enrollment
- Excellent agent commissions
- Market exploding with boomers reaching age 65