A Case to Share June 15, 2020

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.
Great way to position and speak about Long Term Care.  Tell this story…
 
Recently a couple was contemplating long term care and they were about settled on the thought that they didn’t need it because they had the where-with-all to self-insure.  
 
The smart and confident advisor said… let’s imagine we were staring at your family home that was burning to the ground with no insurance.  You turn to you wife and say “No worry, we have the funds to rebuild”.  Would it be better to say, “No worry, we have good insurance and we’ll be okay”?
 
The wife turned to husband and said, we’re getting this.
Case 1 
 
A very successful financial advisor providing guidance to his 46 year old successful daughter wanted to assist her with establishing life insurance protection for her family (his grandchildren) and provide her an account that she could tap into for tax free funds for any use in the future.
 
We looked at several IUL options, however we settled on the Variable Life Option with a guaranteed death benefit.  She was able to fund with about $100,000 up front and pay $25,000 annual to age 60.   She would have a guaranteed $2,000,000 death benefit and much more potentially if she lives into her mid 80’s or beyond.  Along the way, she had a nice growing cash value account that she could tap into – estimated to be over $1,000,000 at her age 70.
 
Case 2
 
An advisor had a wealthy female client age 78 that hadn’t really done much in planning and wanted to guarantee a legacy and offset some Estate Tax exposure.  At first glance, you might think not much could be accomplished or leveraged with Life Insurance for a 78 year old.  However you would be surprised that with a $500,000 10 year pay plan she could get a $9,000,000 death benefit at preferred rates.  Through her ILIT, there was also the opportunity to finance the premium. 
 
Case 3
 
CA couple was looking for LTC protection and liked the idea of a Hybrid Life with LTC option.
 
Female age 65 Life with LTC needed.  $500,000 death benefit – John Hancock Recommended.
4% LTC Rider ($20,000 per month for LTC)
Preferred Rate : $11,019    IRR at age 85 7.29%
Standard Rate: $14,412     IRR at age 85 4.99%
Male age 65 Life with LTC protection. $500,000 death benefit – John Hancock Recommended
4% LTC Rider ($20,000 per month for LTC)
Preferred Rate: $11,683    IRR at age 85 6.79%
Standard Rate: $16,682    IRR at age 85 3.71%
————
 
When you speak with clients and calm their fears in this volatile market, why not introduce the life insurance discussion as well.  
 
Ask, what if the worst happened to you?  Would your Family have to make significant lifestyle changes because of the lost income? What would have to happen for your business to continue?
 
Would you like me to look at some life insurance protection for you?
 
Simple questions to help start a discussion, begin helping clients in additional ways and boost the value of your practice.
 
Let’s work together to identify a couple of potential cases and get moving.
Tim Morton, CEO
E-Mail: Tim Morton
(800)238-8144 x127