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$1,000,000 30 Term Case for a 38 year old was requested. Once we discussed the case and the need we presented two alternative solutions. Cost $95 monthly for 30 year term.
First alternative – split up the case, $400,000 20 year term and $600,000 30 year term. This will save a few bucks since this was primarily for income protection and at age 60, after the 20 year term expires, there is less need until retirement age. Cost $87 monthly – save $100 year.
Second alternative – split up the case, $300,000 permanent with LTC of $12,000 monthly and $700,000 20 year term. Cost $182 for 20 years and then $140 for life. More cost, but will receive a benefit – either for LTC expenses or death benefit.
Client age 57 (Widow) was beneficiary on 4 different annuities (2 IRA and 2 TSA). As the surviving spouse, she may continue these or move to her own IRA. We requested current statements for each account and called the carrier for each annuity to make certain we had all the information available prior to just jumping into providing an illustration.
We took the time to make sure the solution presented would be suitable and in the client’s best interest. Will your IMO/BGA do the same?
In this case, three of the four annuities were absolutely in the client’s best interest to move into her own IRA. They either didn’t have an income rider, the income rider wasn’t great and not needed, or there was an enhanced death benefit option. All waived surrender charges and/or MVA at death for the beneficiary. This client also wanted and liked the protection of what an Indexed Annuity Offered, so we went in search of a solid short term Accumulation product with an uncapped upside index? Some products are only offered to registered representatives and this was the case in this situation. We settled on a 5 year duration product for $250,000 and she still had over $500,000 in liquid cash assets to manage.
Call Sean Sahin at (800)238-8144 x120 to discuss any potential annuity cases. You will be clad you did. Sean can also be reached at firstname.lastname@example.org.
Call for assistance with any LTC, Annuity, DI or Life case today.