Ram Group Term Quote Engine Tutorial

Editor's Notes

• #2: How to use the RAM GROUP Online Term Quote engine to quote & submit term life insurance in under 7 minutes with No client signatures needed!
• #3: To get started you will need to enter in all the information requested such as birthday/Age, gender, state etc. There is a calculator available that helps you determine the need of the client. Agents are well advised to help their clients determine the amount and type of life insurance they need by completing a needs analysis. RAM Group has provided you with an effective needs calculator that will assist you in determining how much life insurance your clients need to satisfy their families financial security should they die a premature death.   The average life insurance coverage applied after the completion of a needs analysis is 3X higher than a simple transactional estimate of needs.
• #4: The first question to ask is how much life insurance do your clients need? The answer isn't really how much life insurance they need... it's how much investment capital they will need at the time of their death. Their need for capital, on a gross basis, is really a function of two variables: how much will be needed at death to meet immediate obligations; and how much future income is needed to sustain the household. The Survivor Needs Analysis Calculator helps you make a preliminary assessment of their family's financial needs once they have passed away, estimating for you the amount of life insurance they will need to cover the expenses that their family will not be able to pay by themselves.
• #5: In order for the advisor to do a responsible analysis, they need to ask some confidential question of the client. Your recommendations will be based on their financial personal situation and obligations.   Survivor's Income Replacement Need: Generally, it is estimated that a typical family will need to replace 65% to 75% of their current gross annual income in order to maintain its standard of living after their death   Years of income Needed: Estimate the number of years dependents will rely on this income. Consider the ages of their dependents and the length of time the surviving spouse will need the income. Keep in mind a surviving spouse may have a black out period… that is no social Security benefits between the time that the youngest dependant is no longer eligible for social security benefits and the spouse reaches age 62.   Clients Income and Date of Birth Companies generally have an income multiplier to determine the maximum amount of life insurance they will approve. This multiplier may very by carrier and age of the applicant.   Debt, both current debt and future obligation Credit cards Potential medical expense not covered by insurance. Mortgage Debt The first point worthy of consideration is whether your life insurance proceeds will be sufficient to help pay the remaining mortgage on your home. If you are carrying a large mortgage, you may need a sizable amount. If you own a second home, the mortgage on that home should also be factored into the formula. College Expenses Many people want life insurance proceeds large enough to help cover their children's college expenses and, possibly, graduate school. The amount needed can be roughly calculated by matching the ages of your children against projected college costs adjusted for inflation. This calculation should be revised periodically as your children get closer to college age, and it may be a good idea to be as conservative as possible when estimating long-term savings goals.      
• #6: There are many factors to consider when completing a Needs Analysis. In addition to the areas already mentioned, some other questions you might want to address are:           How much will Social Security provide and for how long?           How do you inflation-proof your family income, so the real purchasing power of those dollars does not decrease?           What is the earning potential of your surviving spouse?           How often should you review your Needs Analysis?           How can you use life insurance to help provide retirement income?           How do you structure your estate to reduce the impact of estate taxes?           Which assets are liquid and which would not be reduced by a forced sale?           Which assets would you want your family to retain because of future growth possibilities or sentiment?  
• #7: This Life Insurance Needs Analysis is intended only to provide a general estimate of the amount of life insurance coverage they may need. Actual need today and over time may be higher or lower than shown. This analysis provides only a snapshot of your client’s current situation. You should complete a new Life Insurance Needs Analysis at least annually, and whenever your client’s relevant information changes. The results of this analysis are based on your client’s inputs and assumptions. Changes to those items will produce different results. Agents are well advised to help their clients determine the amount and type of life insurance they need by completing a needs analysis. RAM Group has provided you with an effective needs calculator that will assist you in determining how much life insurance your clients need to satisfy their families financial security should they die a premature death.  
• #8: There is a calculator to help you determine the health class if you’re not sure.
• #9: Enter in all known information and click next section. Finish all sections then click I’m Finished Return to Quote.
• #10: You are finished calculating the health class of your client. Click the plus sign in the right corner and you will see the health class along with what carriers this applies to.
• #11: Now you will choose the carriers you would like to compare. The default is set up to compare all carriers and products but you have the choice to customize that list to just a few.
• #12: Select the carriers and products you would like then click add. The carrier products supported by the Health Class Analyzer are represented in red. When the analyzer is used to determine health class, only those products represented in red will be quoted.
• #13: Next you will want to choose any riders you would like to include. Then enter the client name, if you would like to include your information click Agent information and click save. Once all the information is complete you can choose to show only the top 10 carriers or to view all quotes.
• #14: Here you can compare all the carrier quotes. They are sorted by term length and annual premium amount, starting with the cheapest premium to the highest. You can create a PDF to show your client. Check the ones you would like to include in the PDF on the left. Once you have all the carriers and products you would like to put in the PDF or Email click Print Quotes to create a PDF and Email to email the quote to your client or to yourself.