Posts Tagged Financial Planning

Selling Life Insurance to Clients with Health Issues

August 27th, 2018

If you’ve been in the business of selling life insurance for any length of time, then you know all too well that a prospective client who has certain types of adverse health conditions may not qualify for a policy.

But even if someone has been turned down for life insurance coverage in the past, you may still be able to help them with not only securing coverage, but also with working towards other financial needs, such as supplementing future retirement income or saving for a child’s or grandchild’s college education.

 

Securing Life Insurance Coverage for Higher Risk Applicants

There are actually several ways that you could go with an applicant for coverage who may not necessarily be in the best of health. One option would be to offer a no medical exam policy. In this case, while there are still health related questions to answer on the application, the individual will not be required to undergo a medical examination. And because of this, he or she could pass through the underwriting process and secure an approval.

(As a side note, a no medical exam life insurance policy may also be an option for those who are fearful of needles. That is because there is no requirement for the applicant to submit a blood sample. In this case, while the policy’s premium will oftentimes be higher than that of a comparable policy that requires full underwriting, going this route can provide a stress-free method of obtaining coverage).

In other instances, if an individual has even some serious health conditions, there is the option of a guaranteed acceptance policy. As the name implies, anyone who applies for this coverage will be accepted.

These policies will typically only require the applicant to answer a few (or no) medical questions. And, there is also no medical exam required. Because of this, a no medical exam life insurance policy can oftentimes be approved and issued very quickly – in some cases, the very same day that the individual applies for it.

These policies can be either term or permanent. With a term policy, there is death benefit only coverage, with no cash value or savings build up. A permanent policy, however, will provide a death benefit component, as well as a cash value component.

The cash in the cash value area of the policy is allowed to grow tax-deferred, so it can essentially build up more rapidly than if the gains were taxable each year. These funds can be borrowed or withdrawn for any reason by the policy holder, such as for payment of medical expenses, supplementing future retirement income needs, or helping a loved one with the payment of college tuition costs.

 

Ensuring That You Keep Your Prospecting Pipeline Filled with Solid Leads

Regardless of your tenure in the insurance industry, it goes without saying that unless you have someone to talk to about your product, it really doesn’t matter how good your offering is because it is highly unlikely that you’ll make very many sales.

But what if you could forgo many of the “traditional” (and very outdated) methods of life insurance prospecting and marketing and instead have a steady flow of leads coming in on a regular basis?

Sound appealing?

If so, give us a call today, toll-free, at 1-800-643-6143 and we will give you all of the details that you need for getting started.


Protecting the Business Interests of Clients Using Life Insurance

July 13th, 2018

If you have clients who own or operate a business, then it is likely that they are heavily relied upon for the company’s success – and that it could make for a big impact if they were suddenly no longer there.

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Will Your Clients Need to Worry About Student Loan Interest Rates?

June 13th, 2018

With the cost of a college education climbing higher every year, it is no wonder that more than 70% of all students graduating from four-year colleges have at least some amount of student loan debt. Depending on whether a student attends a public or a for-profit institution, this figure could actually rise to nearly 90%.1

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The Ins and Outs of Life Insurance Policy Loans

May 14th, 2018

There are many types of permanent life insurance policies that offer a cash value component. The cash value in a permanent life insurance policy typically earns interest or returns, allowing it to grow over time – and it can do so on a tax-deferred basis.

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Leading Your Sales Presentation with Life Insurance Living Benefits

May 4th, 2018

Although life insurance death benefit proceeds can provide financial security for an insured’s survivors, this financial vehicle can also be used as a tool for solving a wide variety of needs while the policy holder is still alive.

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Life Insurance and Taxes

April 6th, 2018

Throughout life, there are many constants – and one of those is paying taxes. We typically pay tax on the items and services we purchase, as well as on the income that we earn, and on the gain that we receive on many types of investments.

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Can a Modified Endowment Contract Help College Bound Students with Needed Funds?

March 26th, 2018

Today, the cost of a college education can far exceed that of even a mortgage. So, when clients are working to save for a child, grandchild, or other loved one’s future education, they are oftentimes looking for strategies that can ensure that regardless of what happens, there will still be money readily available. One way to provide for that is through permanent life insurance – particularly with policies that are deemed as Modified Endowment Contracts.

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Paying Final Expenses or Replacing Income Isn’t the Only Job of Life Insurance

February 12th, 2018

In Fact, It’s Just the Start.

Regardless of how long you’ve been in the life insurance business, it is likely that you regularly discuss with clients the need for this type of coverage as it relates to replacing income for young families and / or the way that it can provide loved ones with peace of mind in knowing that funeral and other financial expenses will be taken care of.

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Factors to Consider When Spending 529 Plan Funds

February 5th, 2018


For many parents (and grandparents) of future college-bound students, a 529 plan has been a key part of their overall college savings strategy. But, even though these financial vehicles can provide some tax-advantaged methods of saving for future education costs, they can also come with a long list of stipulations to abide by. And in many cases, this plethora of rules can make it much more difficult to know what is, and what isn’t, allowable in order for the plan to keep its tax favored status.

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Have Clients Who Think They No Longer Need Their Life Insurance?

January 29th, 2018


Have Them Think Again.

Within your book of business, it could be that you have clients who, for any number of reasons, possess life insurance coverage that they feel is no longer needed. Yet, even if the initial reason for purchasing their current coverage is not valid anymore, there can still be a number of very good reasons for them to either keep their coverage and use it for different financial goals, or even to exchange their present policy in order to better fit their current needs…one of which could be to help a child or a grandchild with funding their future college education costs.

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