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Showing your client the flexibility of a whole life policy is powerful and a picture can be worth a thousand words. With Coverpath’s Visual Sales Tool you can now generate easy-to-read illustrations that show the impact to policy values if your client accessed their cash value.*
In addition to showing the policy’s death benefit, these illustrations now allow you to show how the whole life’s cash value can be used to create an income stream and create an income solve to help with any financial need, such as to help supplement retirement income.
Your feedback drives action
The Visual Sales Tool was developed based on input from financial professionals. Income solve is a popular concept to help differentiate whole life from term insurance and other permanent insurance policies, such as some universal life policies, that don’t accumulate cash or account value. This updated tool puts you in the driver’s seat, helping you demonstrate the added flexibility of whole life insurance to your clients.
“We are excited to deliver this long-anticipated feature to clients and advisors. This was a team effort involving policy admin, actuarial, legal and compliance, distribution, technology and product teams. Whole Life insurance is a powerful financial tool; this is just one way for your clients to visualize whole life on the Coverpath platform.”
– Silvio DiSisto, Head of Insurance Product and Delivery
We’re just getting started
Income-solve is just the start of more Coverpath concept illustrations. Keep watching throughout 2021 for more, including:
- Proxy access
- Prepopulate quote page with client information from the illustrations tab
- Download the graph
- Individually run loans or surrenders
- Solve for an amount other than max income
For Financial Professional Use. Not For Use with the Public.
*Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to a 10 percent tax penalty if the policyowner is under age 59½.
Access to cash values through borrowing or partial surrenders will reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
MassMutual Whole Life Series policies (WL-2018 and ICC18WL in certain states, including North Carolina) are level-premium, participating, permanent whole life insurance policies. These products are issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001. These products may not be available in all states. State variations will apply.