Case 1:
Sometimes it pays to go back through your files and look for opportunities to make a difference.
 
An Advisor was reviewing a client file on another matter and noticed a note he had made, but forgotten about. This client had applied for a “Asset Based” LTC solution almost two years ago and was declined because of a medical issue that seemed to be an anomaly. Basically it was blood work that wasn’t consistent with the individuals apparent health. “Something they ate prior to blood work when fasting was necessary”.
 
So he gave us a call, described the medical findings and that recent doctor visits were for routine issues and a physical that all showed nothing new to report and that all was normal. We ran AssetCare, MoneyGuard and John Hancock and settled on MoneyGuard with inflation as a recommendation.
 
WAH LAH
Client now has long term care protection guaranteed for life. Advisor rolled a CD and added $8,500 to his income.
 
Make sure you have a tickler system and that you are requesting copies of life insurance, long term care and disability policies for your files. Just by doing this alone – clients will know that you also handle insurance and by reviewing client files looking for gaps in protection you can make your business soar! We are here to help with the review of any product or existing policy.
 
Note: On another case that was denied, we found the client was just a little too honest in the medical interview process. He mentioned lower back pain and it was not yet mentioned to his doctors or recorded in his medical records nor was there ever any treatments. Underwriters don’t like unknowns.

 

Case 2:
Amazing opportunity to assist with the a couple (ages 57 & 47) Physician and his wife who had a $40 million net worth and $1 million plus annual income. 90% of their net worth is in property, They own a popular strip mall set of buildings in a high traffic tourist area. They requested pricing for $10 million second-to-die policy to assist with estate and legacy planning and they have a special needs daughter. The advisor is still working with the Estate Planning Attorney and other Advisors on the team, but this was something they wanted to get in place sooner than later. It is nice to have a motivated client.
 
Three Choices originally presented – then Premium Finance Option:
 
Lincoln $40,828
NACOLAH $54,988
Minn Life $71,937
 
Minnesota Life is the most costly, but is guaranteed for lifetime. It’s paid to age 100 on wife. (30 years of expenses expected $2,158,110)
 
North American is in the middle, DB is guaranteed for 27 years but projected to carry for lifetime. Again paid to age 100 on younger wife. (30 years of expenses expected $1,649,640)
 
Lincoln is the most cost effective option. DB is guaranteed for 19 years but projected to Husband’s age 102. (30 years of expenses expected $1,224,840)
 
Premium Finance Option? Minn Life 7 pay premium of $389,488 (total premiums $2,726,416, but financed with only $872,878 out of pocket. Click here for Ledger. We are still working on a few revisions, but this is a case that should be place shortly.

 

Call for a personalized case design today. We are here at your service.