During the last few weeks 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?
Case 1– Long term Care Review: Advisor had a couple ages 66 and 62 who purchased traditional long term care protection on their own a couple of years earlier from LifeSecure in CA. LifeSecure is no longer accepting new customers in CA. This wasn’t bad protection, but the clients didn’t even ask their financial planner about this because they didn’t think he did life and long term care.
These are great clients of his with a liquid net worth of over $2.5 million he was managing. He was just too focused on managing assets and wasn’t holistically focused enough and decided to use Westland as his LTC and Life Insurance Expert Partner. Now he can better serve clients adding this expertise to his arsenal.
We discussed the case and reviewed the current protection and looked for alternatives that may better serve these clients. After careful analysis we recommended a linked-benefit strategy through State Life – One America (Asset Care III). We re-positioned $200,000 of IRA funds and gave them each lifetime long term care protection. They are currently dealing with a close family member with Alzheimer’s.
There is a guaranteed joint life death benefit of $358,261 should care never be needed and the lifetime monthly level benefit was nearly 3 times the previous coverage out of the gate. This monthly benefit continued to be more than the traditional benefit through ages 98 and 93 since the traditional product had a 3% inflation rider. Westland produced a LTC Needs report and side by side analysis for client review.
Westland then assisted and hosted a client conference call to go through the recommendation with the client and both client and Advisor were thrilled. Westland took the application and completed everything required to put this coverage In Force. The Advisor received 70% of the compensation – over $9,000 for business that would never have happened without his partnership with Westland.
Call Westland today about our Trusted Partner Program. Westland Trusted Partnership
Case 2 – Advisor had a client with a net worth of over $10 million who wanted to protect some of the gains from his investment portfolio. He was looking for a highly liquid short term indexedannuity. After doing our diligent research we recommended the Athene Protector 5. A 5 year indexed annuity with solid rates and a Return of Premium (ROP) rider (cost 40 basis points). The ROP allowed for full return of deposit anytime or cash surrender value, whichever was higher. In addition, if the annuity was held through year 5, there was a 10% guarantee as a minimum return. In short, the case was for $500,000 and after our presentation, the client decided to put in $1,000,000. After 5 years, worst case was to walk away with $1,100,000 or account value whichever was higher.
Call or E-mail Sean Sahin to discuss a case today.
E-Mail: Sean Sahin
(800)238-8144 x120
Your Westland Team