STEP 1: ON-BOARDING AND ROLLOUT The LCX Life Rollout process is designed to plug your office into our system for agent training, marketing, support, and then case submissions and management. Once your agents submit a case to you, we take over all the work and keep you informed of progress with weekly reporting. We start with an on-boarding session with your team to review agent appointments, lead referrals and management, and then map out the rollout schedule for agent training and support. LCX LIFE ROLLOUT PROCESS 1. 2. 3. 4. 5. 6.
Announcement to your network Webinars and/or in-person agent education sessions Ongoing drip communications Weekly and monthly topical webinar series Agent training and tool kit of marketing materials Assigned case manager and ongoing support/reporting
STEP 2: APPOINTMENT AND LEAD REFERRAL The LCX Life Appointment process is similar to the Carrier-IMO appointment process for life, health, and annuity distribution. LCX Life issues an Appointment Agreement via email to any of your agents/advisors requesting to be contracted. Once appointed, they’re registered in the LCX Life database-CRM as appointed downline agents of your IMO/BGA. Cases are submitted as a lead referral to the BGA to then submit to LCX Life (or any agents submitting leads directly to LCX Life will be tracked as downline of the BGA). LCX LIFE CASE SUBMISSION TOOL KIT: 1.Life Settlement Fact Finder Guide (qualify the prospect) 2. Life Settlement Solution Menu (pick the right Settlement options) 3. Intake Form (submit policy holder information and in-force illustration) 4. Life Settlement Process MAP (step-by-step guide of the settlement process) STEP 3: MARKETING There’s two ways for agents to add life settlements to their practice as a new profitcenter working with LCX Life. 1.
Retail: Agents can add the life settlement option to their daily mix of products and services just like any other insurance based or financial product by using the template educational materials with their marketing, website and online
2.
communications, emails, and other education opportunities such as Webinars and presentations. Wholesale: Agents can use the LCX Life Policy Review service as a lapse and surrender prevention strategy for their Book of Business. As lapse or surrender notices as received, those policies should be screened to see if they could qualify for a settlement. LCX Life will also analyze the Book of Business to identify all the policies that could potentially qualify to be settled, and then the agent can reach out to policy owners letting them know they should not abandon a policy without first determining with their agent if they could qualify for a life settlement.
STEP 4: POLICY EVALUATION & SETTLEMENT PROCESS LCX Life focuses on making the settlement process as quick and simple as possible. We take the work out of the hands of the agent, and all they are required to do is present a lead for our three-step evaluation and settlement process. Phase One –Information: Submit policy owner information and a current, in-force illustration. Phase Two– Analysis: Policy owner information and prevailing health impairments impacting remaining life expectancy are reviewed (typical qualifying life expectancy range between 2-10 years). The policy illustration will be reviewed to analyze the policy economics and requirements to keep in-force for the remainder of the insured’s life. Phase Three – Results: Longevity/Settlement experts will present a policy valuation analysis detailing what the owner could expect to receive as a percentage of the death benefit for the purchase price of their policy. A formal purchase and sale agreement is executed if the policy owner agrees to the valuation offer. The typical time it takes from initial lead intake, to closing and releasing funds is 30-90 days-- depending on the type of settlement transacted. STEP 5: AGENT COMPENSATION LCX Life offers the only no-load life settlement in the industry. Once a transaction is complete, the policy owner receives the entire settlement offer without any brokerage commission taken out by a third-party settlement broker. • • •
Agents and advisors are paid a fixed percentage of the death benefit as a lead referral fee separate from the offer to the policy owner—no settlement brokerage commission is taken out of the offer before it gets to the policy owner. The IMO-BGA-Agent hierarchy receives a fixed percentage of the death benefit, and the IMO/BGA has the option to manage the compensation payouts to their downlines. Because LCX Life is not a life settlement brokerage transaction, agents and advisors do not negotiate on behalf of the policy owner, and the referral fee is paid separately from the life settlement amount to the policy owner.