“If an agent was coming to sell your mother a policy today, how would you want your mom to be treated?”
- Jack Heller, SVP of Sales and Marketing, Prosperity Life Group

Innovative Financial Group's Vice President of Final Expense, Don Fransko welcomes Prosperity Life Group's AVP of Sales and Marketing, Candice Howells, and the SVP of Sales and Marketing, Jack Heller, into the podcast studio to talk about their exciting new policy changes, the one-time passcode e-app, and 2024 commission incentives.

Don starts the conversation with Candice and Jack's introduction to the insurance industry and a working relationship that spans eight years. They have over 40 years of combined experience in the industry in various positions. Having partnered with IFG in 2016 and writing policies in 2017, IFG was Prosperity's first distribution partner, helping them grow from 10 apps a month to 10 an hour! Jack believes that success comes from IFG and Prosperity having the same philosophies about caring for both agents and clients.

Jack Heller explains, "If an agent was coming in to sell your mother a policy today, how would you want your mom to be treated?"

Candice and Jack share fantastic news for agents contracted to sell Prosperity Life Group life products this year, including two final expense policy changes in some states, a new signature process, and expanded bonus opportunities.

The two significant final expense (FEX) policy changes for some states include the minimum age increase from 50-55 and the $1,500 minimum face amount increase to $5,000 in coverage. Jack explains that looking at the younger ages on the final expense side, you will see one of two things. The lapse rate is considerably higher, and the mortality rate is significantly higher.

So, after two and half years of study, Prosperity Life Group decided to raise the minimum age from 50 to 55. The other significant change is they went from $1,500 to $5,000 in some states as the minimum face amount. Some states now require that as a minimum face amount, which makes sense for someone buying a final expense plan.

Candice explains how Prosperity listened to their Agents, "We need a new signature process!" With the need to find a solution for no more paper applications - not even offered on some policies - Prosperity's OTP (one-time passcode) is a six-digit code sent as a text or email for clients to sign their application documents.

Agents can now use Prosperity's E-app face-to-face or over the phone. With consent inside the text, the client signs two times throughout the process;

1. At the Beginning - HIPPA – to pull medical records and

2. At the End - The full set of app documents is marked with "Signed by OTP - the six-digit code - Date & Time" stamp.

Jack explains this will help with security and decrease fraud claims because it is associated with the phone number or email, so nobody can say, "I never signed this."

It also avoids the question in a contestable claims situation, "Was the application process done properly?" because the customer receives the full and completed application to review before signing the code.

Lastly, a change to Prosperity's 10% Agent Bonus:

For the past four years, Prosperity has been running a 10% Agent Bonus, a cash bonus each quarter for agents. Ex. $25,000 = $2,500 cash bonus.

New this year, Prosperity Life Group is now offering this 10% bonus across all three primary products and an exponential percentage growth with consistency. Ex. Q1 10%, reach it again, in Q2 receive 12%, Q3 14%, Q4 15%, up to 15% continuously, until missed.

This way, taking a trip annually to incentivize agents and running the risk of having to leave people out is not an issue. Every agent that qualifies can take a trip of their own. Jack's most significant bonus check was $74,000!

With all this good news, Prosperity and IFG are excited to GROW! Subscribe to our YouTube channel (linked below) to see this and more Innovative Interviews.