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.

An Advisor went through his book to identify several cases that had potential. He identified over 30 cases and we are already working through these designs and client presentations – well over $150,000 in life premiums and several hundred thousand in Linked Benefit premium. These cases will significantly protect families and create incredible legacy through small gifts to children and grandchildren.
 
Executives – Scientists in fast growing new venture…
$1 million 20 year term & $25k annual premiums 10 pay Executive Bonus
MoneyGuard and State Life Asset Care quotes for several couples
Several Traditional LTC cases
Several $5,000 annual gifts to help fund college plans
Many $5,000 and $14,000 gifts to help fund Roth like Retirement supplement plans
A couple of Survivorship (second-to-die) Legacy plans
Widow age 75 with Charity gifting plan
 
Call for your personalized case designs today. We are here at your service.

Can you believe this? A 67 year old prospect was aggressively pitched moving her $500,000 IRA into a 7 pay immediate annuity. The after tax amount would be used to purchase a whole life product designed to generate $21,000 of tax free income for 15 years beginning in year 8. She didn’t NEED income and the taxable distributions from the IRA would push her into a higher overall tax bracket and she still said YES. These programs are offered by sophisticated and aggressive individuals and sales teams. There goal is to sell products and they make very little effort to understand a clients overall financial situation and goals.
 
Just be aware. This is the approach of many insurance sales folks and the IMO’s that support them. That is an example of why you need to make sure your clients and prospects know that you also offer full services which include life insurance and other protection strategies.
 
Use Westland as your partner. We would never allow such a case to move forward.
 
Good result – she mentioned this to her friend – ME!
 
My friend is a successful business owner. She obviously never truly understood what I do for a living – my bad. Again, this shows that making sure your friends, family, neighbors, prospects and clients fully understand that you also offer Life Insurance and Long term Care protection strategies.
 
After setting down with my friend “professionally”, we identified that her two primary goals were added legacy and long term care protection. She had a net worth of over $6 million, but only $500,000 of investable assets. Most other assets were in real estate and her business (valued at $2 million). After our discussion, we have many opportunities identified where insurance would help protect her family, her business and her portfolio.
 
We are now in the middle of creating a retirement income plan, getting her business valued and working on a longer term business exit plan. She has a quality stock broker, CPA and Attorney that all advise her and I’m working with all of them to coordinate all future planning. I also spoke with the agent who had pitched the whole life program and advised him to back off. To give you an idea, he was E-mailing or calling her several times per day rising to a level of harassment. He then understood that anything further he said or offered would be run by me.
 
First up – She wanted to take care of setting up an added insurance program to take advantage of the paramedical exam she had already completed this for the whole life mentioned above and to lock in her health and rates for her current age.
 
We put in place a John Hancock, Protection Universal Life policy with a LTC rider.
 
Death benefit $800,000
Long Term Care Benefit up to $16,000 monthly if care is ever needed
Cost: $1,500 monthly to age 90
Death Benefit IRR at age 90 is 5.62% (much more at younger ages, less as she ages)
 
Her son age 33 is a high earner at her business and has a new baby and had NO LIFE INSURANCE. We put in place a $1.5 million 30 year term and $250k of Indexed Life to build up cash as a “Roth Alternative”. His wife at age 31, now back to work, also needed protection. We put in place $1.0 million of 30 year term for now. All well within their budget.
 
Hopefully these ideas will get your juices going and thinking of clients where you can add real additional value to their family with protection and legacy strategies.

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

We take several calls per week directly from orphan clients – clients who had a financial planner who exited their business one way or another, but didn’t take care of their direct business insurance or annuity clients.
 
Mrs. Stehly had called John Hancock after receiving several letters about rate increases and changes on her long term care policy.  She was so confused and crying for assistance at age 82. Luckily, John Hancock referred her over to Westland for possible assistance.. 
 
She left a message where she indicated her extreme frustration and that she was alone with only a daughter who lived out of state.  She thought her LTC policy was going to be canceled or feared it was already cancelled.  She couldn’t afford the $497 monthly amount needed..
 
After I called her back and had some discussion to calm her, I finally set a time the next morning where we would just call John Hancock together and get to the bottom of everything.. That is what we did and once JH verified her identity and gained her approval to speak with me, we got things figured out.  
 
Long story short; She had originally received correspondence about monthly billing needing to be on a bank draft program and she ignored or refused to give her bank information to JH.  So JH put her on a quarterly billing and when she received the quarterly invoice, she thought this was her new monthly rate, that she could not afford and did not pay.  When she didn’t pay she received a cancellation notice that totally compounded her anxiety and confusion. She was at her wits end, having paid diligently on this policy since 1990.
 
During the call with JH, the service agent was very patient with Mrs Stehly, we were both able to explain options to her and get her to understand exactly what she needed to do to get her policy reinstated.  Moving forward, she would have to set aside and budget $166 per month and then have enough funds saved to pay her quarterly amount. She said she could do this. 
 
We spoke after the JH call and I explained the other details about her account and benefits, assured her that her coverage was still in force and sent her a letter and form to become her servicing agent from here on out.  
 
She was so thankful and relieved. The accolades heaped on me gave me the warmest of feelings that just left me on a high for the day.  I took the time to spend 20 minutes on a service call that literally was life changing for her.  What if she lost her insurance and needed it?. 
 
Fortunately, this story turned out all right, but many cases don’t end up so positive. Many cases end up with nothing that can be done for a variety of reasons, but mainly, because the advisor did not transition direct business accounts, just lost touch or is not taking the time to understand what their clients have, even if they didn’t sell it to them.. 
 
Thousands of clients are hurt by simple neglect.  Don’t let this happen in your practice. These are real people, with real needs and lives.  If you don’t help, then who will? The insurance protection they have can be truly life changing – don’t put this in jeopardy. 
 
Make sure insurance is an integral part of your practice and reviewed annually.
Use Westland to assist you!
 
Best Practice: Stay in touch at least annually with all account holders and take the time to understand their current circumstances with special attention to all insurance protections. This could be a life changing service.
 
Rewards beyond monetary ones will continue to rain on you.
 
Hopefully these ideas will get your juices going and thinking of clients where you can add real additional value to their family with protection and legacy strategies.
 

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