Life insurance products and riders are more complex than ever before. That means two things: 1) it’s important to tailor the product design to each individual client 2) having a detailed understanding of the product choices is essential for designing an effective plan. That’s where we come in. Our product knowledge and design experience will help your clients reach their goals.
IUL insurance provides permanent insurance protection for the client with a focus on cash value accumulation. That cash value growth is tied to the performance of an index.
When to use: In addition to providing life insurance protection, IULs are typically used to accumulate an alternative source of retirement funds and can also be combined with chronic care riders for LTC protection. (Most appropriate for clients ages 25-50)
GUL products are designed to deliver fully guaranteed premiums and death benefits for the duration of your choice. The tradeoff for those guarantees is a reduced cash surrender value.
When to use: Guaranteed Universal Life products are generally used in conjunction with chronic care riders or for wealth transfer planning. (Appropriate for clients age 50 and older)
Whole life products provide permanent life insurance that contains a guaranteed cash value and death benefit. The cash value accumulation and death benefit growth may be driven by annual dividends.
When to use: Whole life insurance is mostly used for people under the age of 50 seeking permanent insurance protection.
Term insurance is temporary by nature. You choose the duration of protection the client requires in order to cover a temporary need.
When to use: Term insurance is most commonly used for income replacement, buy-sell planning, and debt protection.
Long-term care expenses can eat through the wealth you and your clients have worked so hard to build. But with proper planning, you can help your clients protect their legacy.
Asset-based LTC typically involves a lump sum deposit (ranging from $50,000 to $100,000) which purchases a monthly benefit amount. These products provide for a larger pool of money for LTC costs but have a lower death benefit than life insurance products with chronic care riders. Single life and joint life designs are available.
When to use: Asset-based LTC insurance is used purely for long-term care protection for clients age 50 and older.
A multi-use product, life insurance combined with a chronic care rider not only provides for income replacement but also chronic care protection. The product design overcomes the shortcomings of traditional long-term care by providing a death benefit, a surrender value, and a guaranteed premium.
When to use: Life insurance with chronic care rider is commonly used for clients age 50 and older seeking family protection and long-term care.
Traditional long-term care insurance provides for pure LTC protection for the client. It is a cost-effective product, however, there are some disadvantages: premiums are not guaranteed; there is no surrender value or death benefit.
When to use: Traditional LTC insurance is generally used for people over the age of 50 seeking LTC protection
Annuities are focused on providing a guaranteed income stream for clients approaching retirement. The challenge is selecting the right product and features to meet the specific needs of your client. Let us guide you through the selection process.
MYGAs are fixed rate annuities that offer a rate guarantee for a specific duration.
SPIAs are fixed annuities that provide lifetime income. Most products allow for a 10 or 20 year period certain.
Deferred annuities can be fixed or indexed. Many of them provide specific riders to address income and long-term care protection needs. Deferred annuities are the most commonly used annuity type in the marketplace.
A person is four times more likely to become disabled than to die of illness or accident. But just because a client cannot work does not mean that their expenses disappear. We can help you design the right disability protection plan to meet the needs of your client.
Disability Buy-Out insurance provides a lump sum of capital that allows for the execution of a succession plan upon the disability of a business partner.
BOE disability insurance focuses on protecting businesses in the event an owner becomes disabled. These products provide income to cover the cost of actual overhead or fixed expenses allowing the company to remain viable.
Individual disability protection is designed to replace 60-70% of your current income upon temporary or permanent disability. Protection durations can range from 2 years to as long as age 65.