The most important step in becoming your own banker is the decision to get started. Typically when this conclusion is reached, you are ready to start seeing results and using this new found banking system.

However, it’s important to know the next steps and to understand that this process can be lengthy. Understanding the steps beforehand can help you maintain that excitement throughout the entire setup so that excitement doesn’t wane as we begin to build your family’s wealth.

After making the decision to get started the next most important step is getting your health assessment appointment made. I mention that now – early – first thing – because the longer it takes to schedule this, the longer the process will take. So it’s very important to get this appointment made as soon as possible.

To fully understand the roadmap for how everything gets set up, I’ll list the steps and then further explain the details in each step as needed.

What Happens Next:

  1. PREMIUM DEPOSIT – Determine the amount of PREMIUM DEPOSIT you are able and willing to make. This deposit starts your bank and can be made annually, bi-annually, quarterly, or monthly and the timing of the payment plan can also change as you decide it needs to. The first step is to determine your number – the amount with which you can start your policy.
  2. Health Assessment for the Insurance Policy – In order to be approved for a policy, an assessment of your health – i.e. a physical exam is required to determine eligibility for life insurance coverage. One of our application specialists will call you to set the appointment once you initiate the process with us to become your own banker. The exam company will come to you or you can go to one of their locations to take the exam. The exam consists of blood work and a urinalysis test and a list of interview questions about your health history, family medical history and daily habits regarding health. This exam typically takes less than thirty minutes but can take a while to find a scheduled appointment time, so scheduling early is important.
  3. Policy Approved – Once the underwriters approve your policy, it will be sent to you for review. You’ll have time to review it, checking to see that the principal deposits are correct and what you and Brent discussed, personal information is correct and anything else written in the document is as you expected.
  4. Accept the Policy – You, then, accept the policy by signing the signature pages as directed and mail it back to the office according to instructions within the policy packet with your PREMIUM DEPOSIT.
  5. Policy Approved and Effective – Once the office receives your paperwork and deposit and all is in proper form, we will contact you to inform you your policy has been received and is effective as of a specific date.

That is your roadmap. When you call us to start the application process, you’ll need just a few financial pieces of information. They are listed below so you can be prepared when you call:

Information to have on hand when starting Application:

  1. Any other insurance policies currently in force – Name of the policy, approximate date of issue, amount of coverage,
  2. Name of beneficiary – choose the person you want receiving benefits from your new life insurance policy.
  3. Total Gross Annual Income – This is all income combined.
  4. Total Household Net Worth – This number is your total assets minus your total liabilities. 
    For example – imagine if you held a large yard sale of everything you own. Then after you paid all bills or anyone you owe anything, the amount of money you have left is your household NET WORTH.

Once you see what becoming your banker can do for your family’s financial freedom, it’s easy to be excited and eager to get started immediately. We want to help this process be as smooth and as quickly as possible for you and having these items prepared can go a long way in expediting this process. However, still be advised and aware that even with all of this at the ready, the process can still take four, six, and even eight weeks or longer depending on the scheduling of the health exams and the amount of policies under review at the various underwriters offices. Knowing this in advance can help ease any frustration over waiting for things to get approved.

Note: We hope this information has been helpful in your understanding of the process of building wealth for your family. For your specific needs or questions, please contact us.

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