During the last week we have worked on dozens of life, long term care, disability and annuity cases working alongside our Advisers.
If you are not discussing these issues with your clients, then who will?
Westland is here to help you protect your clients, their, families, their businesses and their portfolio.
These last few weeks have provided many opportunities for quoting of term life insurance and custom price sheets are available for your clients to easily compare pricing. However, the lowest price, might not be the best option, especially if conversion to a permanent option might be considered in the future.
Also, please ask your clients in advance about their health. We have processed several Preferred applications that have come back with offers of standard or rated. Even my own brother fudged his weight to me and we got a standard offer vs. his preferred rate expected at time of application. Now we are pivoting to a carrier that is more liberal with their build and BMI requirements for Preferred rates, but still more expensive than applied for and more work to be done. Now he tells me he is dieting and plans to lose 20 lbs. Live and Learn!
Case 1 – Client Age 41 Male High Earner.
Advisor called about this case to duplicate what she did for his spouse a few years earlier when she was with Merrill Lynch before transitioning her practice to an independent RIA.
We looked at many viable options to complete our due diligence in the client best interest and settled on Lincoln MoneyGuard with a 5% compound inflation option for him as well.
The illustration for a $60,000 single deposit provide an account that was partially liquid and provided a nice death benefit and nearly $200,000 in LTC benefits on day 1. The LTC benefit would grow to about $1,700,000 in LTC benefits by age 85 (liquid at over $20,000 monthly).
Case 2 – Traditional LTCi – New option to consider
Advisor had clients ages 62 and 64 married in PA and needed a traditional LTCi solution providing $6,000 monthly with 3% compound for 3 year duration.
Of course, these clients were quoted several months ago and you guessed it, today the pricing has already changed considerably. Mutual of Omaha is the gold standard for many cases today and their cost for this couple was $9,871 Annually. Very solid.
However, National Guardian Life has a unique shared benefit option that should be considered for many traditional LTCi cases today.
To save money, this carrier provides and and option, where they each would have a 2 year duration policy and they share a third 2 year policy (pool of benefits). Meaning, if one of them went on claim, they would first use their own policy benefits and if care still needed, they could tap into the third pool of shared benefits. Anything not used of this third pool would remain for the benefit of the surviving spouse.
The cost of this approach, was $7,916 annually for an annual savings of $1,955.
Call for assistance with any LTC, Annuity, DI or Life case today.