Case 1
Couple both age 60 had been experiencing long term care needs of a parent and definitely wanted to pursue putting a plan in place now while they were healthy. They didn’t want their children to repeat what they have been going through with Mom.
This couple had a solid portfolio and a retirement action plan. The Advisor identified about $120,000 that could be repositioned to address this risk.
We looked at several options (Traditional LTCi, John Hancock, State Life, Pacific Life, Nationwide…) and recommended MoneyGuard with a 3% inflation rider and 6 year benefit. This seemed to fit their specific situation best.
Him – deposit of $55,030 to produce a $3,000 initial monthly benefit. Total initial death benefit was $92,831 and LTC pool of benefits of $232,863. This would grow to $6,281 monthly benefit and a LTC pool of benefits of nearly $500,000 at age 85.
Her – deposit of $62,084 to produce a $3,000 initial monthly benefit. Total initial death benefit was $117,215 and LTC pool of benefits of $232,863. This would grow to $6,281 monthly benefit and a LTC pool of benefits of nearly $500,000 at age 85.
These clients will always receive a benefit. A solid death benefit if care is never needed or can tap into a significant LTC benefit if Care is needed.
At Westland, we understand the value of committing a portion of a clients’ portfolio to insurance that creates large assets just at the time they are needed most, no matter when that may be. Your client’s heirs will think you are a hero for doing such a good job of protecting their family portfolio.
Partner with Westland to help you figure this all out and be by your side if needed when presenting solutions to your clients.
Hopefully you are thinking of clients where you can add real additional significance and value to their family with protection and legacy strategies.
Call for your personalized case designs today. We are here at your service.