Posts by :
Parkinson’s Disease: Standard Is Possible!
Parkinson’s disease affects about one million people in the United States and ten million worldwide. The cause remains largely unknown. Although there is no cure, treatment options vary and include medications and surgery.
One of our A+ carriers takes a responsibly aggressive approach to underwriting Parkinson’s disease and can offer favorably on those cases that are well controlled with other favorable risk factors.
Take a look at this recent case study:
- 65-year-old female
- Applying for $500k of Term coverage
- Non tobacco user
- Diagnosed with Parkinson’s disease two years ago
- On low dose of Sinemet daily with no progression of symptoms
- Initial underwriting assessment of Table 2
With the application of the following credits:
- Controlled blood pressure
- Good cholesterol ratio
- Routine physicals
- Good family history
- Preventative screenings
Underwriting offer after credits: STANDARD!
Contact the CPS Underwriting team today to see how we can help you place your next impaired risk case.
Business Continuation Planning
Small business owners often wear many hats – they are HR, IT, Senior Management, and Operations all-in-one. Being a small business owner can be tiring and time consuming.
Appeal to this market by presenting them with a simple plan – so they can have peace of mind knowing their family and business will be in good hands when they move on.
Help business owners prepare for the future by using a buy-sell agreement.
71% of small business owners surveyed said they have thought about who would run their business in their absence, but only 35% of all surveyed had a business continuation plan.¹
Many business owners don’t have formal plans to transfer their business to a successor in the event of retirement, disability or death. A business may fail due to confusion and lack of a clear plan after such an event.
As a life insurance professional, you can help business owners create a continuation plan using life insurance policies.
How You Can Help Business Owners With Life Insurance:
- Establishes a guaranteed buyer at the time of the triggering event
- Sets a price for the business when the business owner is less vulnerable and ensures the business will be sold at a fair market value
- The surviving business owner(s) won’t have to run their business with the deceased person’s family members (if they choose not to)
- Provides liquidity, when the family needs it most, to fund the sale of the business to surviving partner(s)
We will help you prepare business valuations, design the proper life insurance proposals – give you the tools to become a business insurance expert.
Contact your Life Sales Representative today – maintain a competitive edge in the business insurance marketplace.
1. Lifehealthpro.com, New Tax Laws Open the Door for Business Insurance Discussion, April 2011. Survey was based on 874 small businesses with 100 employees or less.
Long-Term Care Insurance: Re-Envisioned
Eat your cake and have it too
Clients today are looking for solutions with the flexibility to handle multiple financial needs in a variety of potential scenarios. A common complaint about Long-Term Care is many clients feel the likelihood they should have an extended health care event is zero.
Traditional Long-Term Care insurance is protection designed to protect against a singular event- a long term care event. If your client can’t envision a world where they should need assistance, the idea of purchasing protection for an event that will never happen seems useless and wasteful.
Instead of trying to persuade the client to purchase what they view as unnecessary protection, why not propose a plan that offers additional layers of protection for scenarios that they do view as likely.
Asset Based LTCi is designed to help protect your clients from an extended health care event
But maintains enough flexibility to provide value if the client was correct, and they never use the LTC benefits. It’s designed to protect your clients’ assets by using the safety of whole life insurance.
With a guaranteed premium, your clients will receive a guaranteed amount of life insurance that can be applied to their LTCi expenses. Your premium is also credited with a minimum guaranteed interest rate, meaning your cash value is guaranteed to grow each month.
And should your clients grow tired of the product, they have the option to request a full return of premium, thus providing an increased level of flexibility that many clients are seeking.
One carrier in particular has taken this idea of flexibility and worked to re-envision the LTC world as we know it
Almost as if they gathered all of the Long Term Care experts together in a room and asked- what can we do to design the perfect, most flexible product for you the advisor but still work to protect your clients?
Here’s what they came up with:
- Unlimited Long Term Care Benefits that can never be exhausted
- Guaranteed, Non-Cancelable premiums that can never be altered
- Payment Flexibility – lumpsum, 10 to 20-pays, pay for life, or a combination of lumpsum and annual payments
- Primarily focused on Long Term Care, but offers return of premium and death benefit for those without a LTC need
- The potential to convert tax deferred growth to tax free income when used for Long Term Care
- A separate solution for health impaired clients that allows those declined for coverage an alternative pivot solution with reduced benefits
- Joint case design allowing spouses, business partners, siblings, and even parents and children to take advantage of the reduced costs associated with joint policies
- Flexible funding source- Cash, Annuities, 1035 Life Insurance, and Qualified Money
- A carrier willing to partner with advisors to offer marketing dollars and ideas to help advisors incorporate Long Term Care planning into their practice
These policies can help your clients prepare for a long term care event if needed, or leave a legacy to their beneficiaries all within one single policy.
To learn how to show your clients how to position themselves in the re-envisioned Long Term Care World, please contact us today.