Q: Why should I use MWLB Express?
A: If you’ve ever written a life insurance application, you understand the amount of time that must be invested into each application package. Applications can range from just a few pages to more than 60 pages PER CLIENT, which sometimes makes it “less than profitable” to write life insurance. It also takes time to learn the products, application package, benefits, riders, etc.. for each of our carriers. Once the case is underwritten, other issues arise, such as negative underwriting decisions, chasing paperwork and signatures, and selling the case again to the Policy Owner.
MWLB Express understands all of these necessary steps in successfully negotiating the life insurance process at our carriers. We developed MWLB Express so our agents can SELL insurance products, not get swamped in paperwork. The most valuable thing an agent can do is sell (or develop those sales) instead of negotiating stacks of paper, and we understand that. Retaining clients in this space is vital to any organization, and if you’re not talking, asking, quoting life insurance to your customers, someone else is!!!
Q: Who is MWLB Express?
A: MWLB Express is a division of Midwest Life Brokerage Associates, LLC, located in Naperville, IL. Since 2004, we have served tens of thousands of insurance clients either directly or through our traditional full-service Brokerage services. The Principal of the company has been in the life insurance brokerage business for 20 years now, and has won numerous industry awards with some of the largest insurance carriers.
Q: Am I required to have a life insurance license to use MWLB Express?
A: Yes, you must have a valid state life insurance license at the time of the sale, in order to receive life compensation on your submitted business. There is an opportunity to send us clients and receive a referral/marketing fee, but we’ll need to approve that relationship individually and before your first case.
Q: What type of information security does MWLB Express use?
A: It is paramount to our organization that your information, as well as the client’s information is handled with care and privilege. We comply with all Federal Privacy Laws that mandate how personal contact date is used and stored. We will only share vital information with our carriers and our partner companies, such as Paramedical Exam and Attending Physician Statement companies, but only after we have specific signed authorization statements from the client and/or PolicyOwner. We will never sell your client’s personal information. Any requests from current Policy Owners will be handled immediately and responsibly. We do not keep paper files on inforce cases. Every one of our placed life insurance cases will be scanned and indexed after 90 days from the underwriter’s decision, and that information is located on-site and backed-up to insure safe containment.
Q: How much does it cost to submit a client on MWLB Express?
A: It costs our partner agents nothing to use our proprietary system or to submit a client to MWLB Express. There is nothing to download or no software to maintain.
Q: If I submit an application to MWLB Express, do I still “own” the business?
A: Yes! MWLB Express acts as a fulfillment center for your submitted clients. We will have you as the agent sign each application that comes in to MWLB Express before submission to the insurance carrier. We may need to ask for Contracting Paperwork to be completed, in order to facilitate your business stays yours, and we expect that Contracting Paperwork and all requested forms for Contracting be returned to MWLB Express as quickly as requested.
Q: When do I get paid?
A: You get paid shortly after the business gets paid at the carrier..usually 10-14 days after the carrier activates each individual case.
Q: Are there specific carriers available through MWLB Express?
A: The best answer is, NO. We will quote our full package of life insurance carriers for your client and will tailor the carrier, protection and policy to best fit your client’s insurance needs. Simply put, we will use all of our resources to give your clients the best rates possible.
Q: Are there specific products available through MWLB Express?
A: At this time, we are accepting all types of Life Insurance applicants through MWLB Express. That includes:
- Level Term Life Insurance
- Return of Premium Term Life
- Universal Life (Guaranteed and Cash Accumulation products)
- Indexed Universal Life
- Whole Life
- Survivor (second to die) Life Insurance
For the time being, we are not including Long-Term Care, Disability Income or Annuity products in the MWLB Express offering.
Q: Will you go to my client’s home to complete the application, obtain signatures, or place the policy after approval?
A: MWLB Express acts as a telecommunications fulfullment center, which means that all information will be collected over the telephone, email or US Mail. Under this agreement, we will not be able to go to your client’s home or workplace to complete the application process under MWLB Express. However, if your client insists that a professional insurance agent come to complete the application package and/or deliver the insurance policy, we will discuss that on a case-by-case basis, as further compensation may need to be shared.
Q: How much do I get paid per case?
A: There are two basic chassis to MWLB Express offering, and this will be on a case-by-case basis. Under both scenario’s, MWLB Express will complete the application over the phone, obtain all signatures, order and chase all pre-underwriting requirements, negotiate the case with the carrier’s underwriting team, and receive and check the policy for errors before mailing.
* Option 1 — Express BASIC Case — Under an Express BASIC Case, the agent will discuss with the client the need for insurance and will setup the sale for MWLB Express. Also, after approval and verbal acceptance, the agent will be mailed the policy from MWLB Express to place with his/her client. The client and agent will discuss the actual carrier, product, and amount of protection PRIOR TO handing this case over to MWLB Express. Under Option 1, the Presenting Agent and MWLB Express will share the CPS Insurance – Agent Level Commissions at a rate of 90% Agent / 10% MWLB Express.
* Option 2 — Express PLUS Case — Under an Express PLUS Case, the agent simply sends the required information to MWLB Express, and we will handle everything, including Policy Placement! Under optimal conditions, you send us the lead and after Policy Activation, we send you a commission check! Under Option 2, the Presenting Agent and MWLB Express will share the CPS Insurance – Agent Level Commissions at a rate of 75% Agent / 25% MWLB Express.
Let’s think about those numbers in a hypothetical situation. If you send us 12 clients per month – that is just 3 clients per week – at an average of $1,000 of Commissionable Premium per case and at 80% of street level commission, that is $9,600 of Monthly Commissions in play. If each of those cases was submitted at an Option 1 – Express case, you’re making 90% of the $9,600, or $8,640, just for setting up the life insurance sales, completing the MWLB Express Form, and mailing the policy to your client. That should take you or your staff member less than 3 hours per month, or just under $3,000 per hour!!! Can you get those returns elsewhere???