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.
Female Client age 53 recently inherited a substantial sum and sold a property giving her a fair amount of cash. The Advisor had seen our information about a cash option that was solid and 100% liquid. We prepared an illustration that showed placing $300,000 single pay in a NACOLAH SmartBuilder Indexed Life Product with the Waiver of Surrender Charge Option. The Surrender Value after year 1 is expected to be over $311,000 giving her a 3.74% internal rate of return with an A+ carrier. Plus if she happened to pass away unexpectedly her family would receive $972,500 in tax free death benefit.
Advisor requested $1,000,000 20 year term insurance quotes for a 65 year old couple. This need primarily came at the request of the client. We went ahead and gave him the pricing for the term life insurance, but also thought that a permanent option with an LTC Rider might be considered. For just a little more in cost, we were able to quote $500,000 death benefit for both husband and wife individual policies that would be 100% liquid for long term care expenses at up to $20,000 per month. The term pricing and permanent John Hancock options were sent to the client and the client really liked what he saw in the John Hancock strategy to meet his needs. We had a conference call with the client, as the Advisor’s Insurance partner & expert, to answer his questions as he read through the illustrations for he and his wife. Westland is here to support your practice and help however possible.
Advisor applied for $2,000,000 10 year term for a 57 year old male at preferred rates. However, during the underwriting phone interview the client admitted to smoking marijuana and this case was offered at Standard Smoker Rates which killed the sale and the amount protection needed. There are carriers more lenient to marijuana that would have been a better fit for this case if this was known up front. So don’t forget to ask your clients about marijuana before quoting. The good news is for this case, we were able to push back on the decision and willing to switch to another carrier. The underwriter, then reassessed and offered the preferred no-smoker rate. Amazing change of events.
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