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PGA Financial Group is an Independent Marketing Organization specializing in Life Insurance while catering to Independent Insurance Agents and Certified Financial Planners.
With our complete portfolio of term, universal life, whole life and annuity products, we have the ability to cover all of your financial needs.
We are unique in the fact that we do not represent any one company but you as our client.
While AIG American General is still our core carrier because of their strong financial foundation and superior compensation, we also offer a diversity of other top rated companies and competitive products; enabling you to have access to the companies and products that best fit you and your clients needs.
Our agency has made remarkable advances since it's inception in 2000 to maintain our excellent service.
We have a staff of knowledgeable professionals that have over 20 years of industry experience in dealing with insurance carriers.
We are committed to a customized personal service and support that is second to none while also providing innovative sales solutions and state of the art technology that meet the changing needs of today's individual and businesses
PGA Financial Group is a full service marketing organization who is dedicated to giving you, the insurance professional, quality service while offering the products and support you merit.
With our cutting-edge technology and our dynamic services PGA Financial Group can boost your sales and marketing resources.
PGA Financial Group offer's a multitude of services which include an energetic support staff who strive for excellence in getting policies issued in a fast and efficient manner.
We'll also handle all of the back office administrative work, such as: order the exams, submit applications to the carriers for processing as well as keeping a close watch on each and every case.
We're passionate about what we do. Let us show you how our outstanding performance and commitment to relationships can help you create a brighter, more successful tomorrow.
PGA Financial Group is a company built upon certain principals and values.
We strongly believe that in order to grow your personal business and achieve your financial goals you need the best portfolio of products, compensation and service available.
While striving to earn your trust, our highly trained and experienced staff will deliver the support you need and deserve.
We will utilize our strong company relationships as well as our knowledge and skills to proficiently process your applications and resolve underwriting issues.
PGA Financial Group is focused on building a long lasting, successful relationship with you through today's technology while keeping old fashioned personal service.
When you join the PGA team your certain to be with us for LIFE.
Life insurance is a protection against the loss of income that would result if the insured passed away.
The named beneficiary receives the proceeds and is thereby safeguarded from the financial impact of the death of the insured.
Life Insurance needs can change over a lifetime.
At any age, the insured should consider their individual circumstances and the standard of living you wish to maintain for your dependents.
In most cases, an insured needs life insurance only if someone depends on you for support.
Your life insurance premium is based on the type of insurance you buy, the amount you buy and your chance of death while the policy is in effect.
Life Insurance has many uses for both individuals and businesses. Some common uses include:
Individual Uses at a glance
Most “individuals” need affordable life insurance. It’s that simple. No matter your age, marital status, or whether you have dependent children or not, life insurance is an important safeguard to consider for you and your family’s financial future.
Burial Expenses – Life insurance proceeds an ensure that there is enough money for proper funeral and burial expenses.
Debt – Personal bills, credit card debt, student loans, and personal notes can be covered by life insurance in the event of an individual’s death.
Mortgage Protection – The proceeds of a life insurance policy can pay off the balance of a mortgage or provide a stream of income to pay monthly mortgage or rent payments.
Income Replacement- In the event of an individual’s death, life insurance proceeds can provide a supplemental income stream to ensure that the surviving family members are able to maintain the same standard of living.
Education- Life insurance proceeds can ensure that the education costs of the insured’s children are covered.
Taxes – Federal estate and state inheritance taxes can be pre-funded using life insurance to preserve the value of an estate.
Philanthropic Planning – An individual can use a life insurance policy to fund a donation to a charity or leave a gift to a family member. (Also known as Charitable Giving)
Business Uses at a Glance
“Business Insurance” is the term used in the insurance industry to describe the uses of life insurance and disability income to solve certain financial needs of business and business owners
Key-Person - Coverage financially protects the company from adverse financial impact if a key employee suddenly dies. The policy would provide funds to find, recruit and train a replacement, help replace any lost profits, and strengthen the balance sheet to assure creditors that the business will continue.
Buy-sell Agreements - Ensures that the remaining business owners have the funds to buy the company interests of a deceased owner at a previously agreed upon price. The owners assume the business interests/shares and the family gets the financial proceeds from the buy-out.
Business Loan Coverage – Life Insurance can be used to pay off a bank loan or other business debts in the evens of a key employee or business owner’s death.
Term Life Insurance provides protections for a specified period of time. A death benefit is paid to the beneficiary if the insured dies within a period of time while the policy is still in force. Many term life insurance plans can be converted to permanent life plans without evidence of insurability.
Term Insurance can be an attractive choice for people whose need for life insurance protection may be greater than their ability to pay the required premium. This is especially true for young persons just beginning their careers, and families with growing children. Term insurance provides a way to obtain valuable coverage sooner than might otherwise be possible – at the same time it protects against the dangers of future uninsurabilty.
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Return Of Premium Term (ROP)
A return of premium term life policy typically offers a level death benefit with fully guaranteed level premium for the first 15, 20 or 30 years, though this may vary by company and state. Under the return-of-premium feature, the cumulative premiums paid, not including substandard and rider charges will be returned at the end of the level term period if the policy is in force at that time. Often, a portion of the cumulative premiums will be refunded upon surrender after the policy has been in force for a specified number of years. Most return of premium life insurance policies allow for conversion to permanent insurance offered by the same company during the covered period without evidence of insurability.
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Whole Life Insurance
Whole life is cash-value insurance, which stays in effect as long as premiums are paid. That sets it apart from term insurance, which is for a specified term only and must be renewed on a regular basis. Premiums are paid for the “whole life” of the insured person, continuing until he or she dies or reaches a specified maximum age.
The rate of return on whole life insurance cash values is dependent upon a number of factors including the results of an insurance company’s investment performance.
Whole life insurance policies are valuable because they provide permanent protection and accumulate cash values that can be used for emergencies or to meet specific objectives.
The cash values of whole life insurance policies may be affected by a life insurance companies future performance. Some factors that influence a life insurance company’s performance are expenses, mortality experience, and investment performance.
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Universal Life Insurance
Universal life insurance, while similar to traditional cash value contracts, includes variations and options designed to make life insurance more attractive to consumers. A major difference: universal life policy owners can adjust both the premium and the death benefit – up or down- throughout the insured’s life.
Universal life policies may be purchased with one of two different death benefit options. One is a level death benefit and the second is an increasing death benefit. Although premium payments are flexible, a universal life policy will usually have a target premium which is the suggested annual premium payment. The target premium for some companies is sufficient to keep the policy in-force to age 100; however, this is not guaranteed.
Universal life insurance policies are valuable because they can provide permanent protection and accumulate cash values that can be used for emergencies or for meeting specific objectives. For those who prefer flexibility, universal life insurance provides more options than whole life insurance.
The cash values of universal life insurance policies may be affected by a life insurance company’s future performance. Some factors that influence a life insurance company’s performance are expenses, mortality experience, and investment performance.
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Variable Universal Life Insurance
Variable universal Life (VUL) may offer the best of both worlds – insurance protection combined with professional managed investments to help you control your financial future.
Variable Universal Life Insurance combines certain features of variable life and universal life insurance policies. With Variable Universal Life (VUL), policy owners have access to a separate account where they can select variable investment options with the potential for greater earnings than the guaranteed rates in traditional whole life insurance contracts. Along with the chance for greater earnings comes the risk of lower earnings than the contract’s guaranteed rates. VUL also lets policy owners adjust both the premium payments and the death benefit as prescribed by the policy language.
The VUL contract provides a great deal of flexibility not found in traditional life insurance policies. Premium payments may be increased or decreased (or skipped entirely in some cases) as the policy owner’s financial situation and priorities change. The death benefit is variable and adjustable, capable of being raised or lowered. Variable cash values can grow with favorable investment performance. The policy owner has control over the selection of variable investment options within the contract. The policy owner can choose from a range of options for loans and withdrawals. As with all types of cash-value life insurance, poor policy performance, distributions (through loans or withdrawals), and under funding can cause the policy to lapse. The policy holder has the responsibility to manage the policy accordingly.
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Survivorship or Second-to-Die Life Insurance
Survivorship policies, also known as second-to-die policies, insure the lives of two or more people, but the death benefit is payable only after the second – or last- death.
What are its uses? A common use for a survivorship policy is to fund estate taxes when the second spouse dies. Estate assets generally pass tax-free from one spouse to another under the marital deduction when the first spouse dies. But estate taxes may become payable when the second spouse dies with an estate exceeding the exemption amount. Estate tax payment isn’t the only reason to consider a survivorship policy. Some other uses may include:
Premium payments are typically lower than for two individual policies since the statistical risk is lower for the insurance company. Many insurance companies will insure a person whose health is marginal as long as the other insured person covered by the same policy is healthy. Also, coverage is less expensive than for a single life policy because the death benefit isn’t paid until the second death. These and other benefits illustrate that survivorship life insurance can be an effective, economical way to insure people whose relationship can create tax consequences or other needs at the second or last death.
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A beneficiary is the person or entity designated by the owner of the policy as the recipient of funds under a life insurance policy at the time of the insured’s death. There are two kinds of beneficiaries, Primary and Contingent.
Primary Beneficary(ies)are the person(s) or entity you choose to receive your life insurance proceeds. Payment will be made in equal shares unless otherwise specified. In the event that a designated primary beneficiary predeceases the insured, the proceeds will be paid to the remaining primary beneficiary in equal shares or all to the sole remaining primary beneficiary.
Contingent Beneficary(ies) are the person(s) or entity you choose to receive your life insurance proceeds if the primary beneficiary(ies) die (or the entity dissolves) before you die. Payment will be made in equal shares unless otherwise specified. In the event that a designated contingent beneficiary predeceases the insured, the proceeds will be paid to the remaining contingent beneficiaries in equal shares or all to the sole remaining contingent beneficiary.
Beneficiary designations are an important and often complex subject, and the beneficiary designations outlined below are not an exhaustive listing. Here are some suggested wordings for the following situations:
One Primary Beneficiary
"Jane Doe, Wife."
Two Primary Beneficiaries
"John Doe, Father, and Jane Doe, Mother."
Two Primary Beneficiaries in unequal shares
"John Doe, Father, as to seventy-five percent (75%) and Jane Doe, Mother, as to twenty-five percent (25%) or to the survivor." Note: Always use percentages, not dollar amounts or fractions.
One Primary Beneficiary and one Secondary Beneficiary
"Jane Doe, Wife, if living, otherwise Jack Doe, Son."
One Primary Beneficiary and two Secondary Beneficiaries
"Jane Doe, Wife, if living, otherwise Jack Doe, Son, and Janet Doe, Daughter, or to the survivor."
Two Primary Beneficiaries and one Secondary Beneficiary
"John Doe, Father, and Jane Doe, Mother, or the survivor, if either survives; otherwise Jack Doe, Brother."
Unnamed Children (per Stirpes)
"Children born of the marriage or legally adopted of John Doe and Jane Doe, per stirpes."
Trustee (Inter-Vivos Trust)
"Trustee or the Successor Trustee(s) under a written trust agreement with, dated."
"Trustee(s) of the Trust created under the Last Will and Testament of Insured."
"Northern Bank, Creditor of the Insured, as its interest may appear and any balance, if any, to."
"Smith and Smith, a Partnership, 123 Main Street, Chicago, IL."
"Smith and Smith, Inc., a Delaware Corporation, 123 Main Street, Chicago, IL."
There are other issues that may require consideration, such as the policy/contract definition of terms, and we have not addressed such situations as: payments to minors, common disaster clauses and method of payment. These frequently may be important considerations for the policy owner.
Finally, beneficiary designations were never intended to replace a properly drawn will or the ongoing management that can be provided by a trust. As always, we encourage the policy owner to seek and rely upon their own tax and legal counsel.
When your client needs an exam, it is only natural for him or her to have questions. We have prepared this information for you to advise your clients on what to expect during an exam, answer a few questions and provide helpful information to make the inspection report and paramedical exam as smooth as possible.
What is the inspection report?
The inspection report is a necessary part of the applications process. The entire phone interview lasts from 10 to 20 minutes depending on the number of supplementary questions needed such as: about a high-risk occupation or hobby, the Business Beneficiary Report or health questions.
Why is an inspection report needed?
The inspection report is an important independent source used to confirm information provided on the application and obtain additional personal information. The report is required for policies with face amounts above $1,500,000. Inspections may also be ordered at the underwriter's discretion.
You may want to let your client know the following information:
For cases over $25,000,000, a direct face-to-face interview may be requested.
Inspection reports are confidential and strictly between your client and the life insurance underwriter.
The Paramedical Examination:
Generally, a paramedical exam takes about 20 minutes. During the exam, a trained medical technician will ask a series of medical questions and measure your client's height, weight, blood pressure and pulse.
An electrocardiogram (EKG) and/or a blood profile may be required, in addition to a urine sample. An EKG is a painless procedure that monitors the heart's electrical activity, also known as the heartbeat. If a blood profile is needed, the technician will draw blood from your client's arm. The blood and urine samples are then sent to the laboratory via air express.
All test results are confidential and for the purpose of underwriting only. If your client would like a copy of the results, a signed authorization requesting them is required. Clients can discuss the results with their own doctor. Occasionally, additional test required - for example, a stress test (an EKG taken while the patient is on a treadmill).
Ways your client can prepare for the examination:
1. Bring a picture identification
2. Bring a list of attending physicians and their addresses
3. Bring a list of all prescriptions and nonprescription medications being taken
4. Don't eat or drink (other than water) for at least four hours prior to the exam. An eight-hour overnight fast is recommended.
5. Avoid alcohol, caffeine and meat products 8-12 hours prior to the exam.
6. Allow an extra 15-20 minutes for an EKG (if required)
7. Avoid smoking for one hour prior to the exam
8. Avoid strenuous activity or exercise for two hours prior to the exam.
9. Be prepared to provide information about all medical history.
Your client should be prepared to answer the following:
1. Questions on the General Application
2. Special risk details such as foreign travel, high-risk hobbies and any tobacco, alcohol or drug use
3. General medical history questions
4. General financial questions regarding income and net worth
5. Employment background and occupational duties
6. Questions on the Business Beneficiary Report, including reason for coverage
7. Driver's license number
8. Verification of financial information may be requested from sources such as bankers, or accountants. For large amounts, other business or appropriate sources may be contacted. Please feel free to contact your underwriter should you have any questions.
PGA Financial Group
1680 Route 23 North, Wayne, NJ 07470