Today many small business owners need life insurance with higher death benefits to protect their businesses and their families. Acquiring these policies requires full underwriting: paramedical exams, blood and urine screenings, EKG’s and doctor records. Moreover, this process guarantees nothing if major health concerns are present. Focus 10 Life is an employer paid, simplified issue, individual term life insurance program. With Focus 10, an employer is able to provide large amounts of life insurance to executives and other key employees without medical exams or records!
Eligible “white collar” employees can qualify by simply satisfying ONE “actively at work” question. Focus 10 Life offers several unique advantages over other employer paid life insurance products, such as group term life. The most important being the much higher issue limits. Focus 10 Life issue limits can be as high as $1.5 million while most other carrier’s group term life issue limits are considerably lower. Generally, $50,000 is the maximum death benefit limit with traditional simplified issue medical underwriting (usually 10 questions that must be answered appropriately).
Another important difference is the fact that the Focus 10 Life policy rates are guaranteed for 10 years. Most group term contract rates are only guaranteed for three years. Most business owners would agree this is a significant advantage. And what happens with the group term life rate if there is a separation of service, like an employee leaving their job…? We all know that the employee has the option of taking the policy with them, but the conditions of portability require the term policy be converted to a permanent insurance contract like Universal or Whole life. Most people cannot afford to convert so they end up with no life coverage at all. If the insured separates while the policy is in the ten year rate guaranteed period, Focus 10 allows the insured to take the policy with them at the same term rate!
Simplified Issue Guidelines
As you might expect with any Simplified Issue program, each Focus 10 Life plan is subject to a set of rules or guidelines to help protect the carrier from adverse selection. Some of the basic guidelines are as follows: