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Are You Aware?

 

Life Insurance Awareness Month

September has been designated as “Life Insurance Awareness Month (LIAM)” for more than 10 years.  It is a great time to review your client’s coverage.  Our Questions are the Key™-Life Review piece provides key questions to help you better protect your clients.  We are here to help you review, analyze and evaluate your client’s existing and proposed insurance options.

What’s your perspective on Life? 

Experience has shown me many people learn the basics of life insurance and decide to skip the details.  As a defense they use the stereo types, pundit opinions and talking points like “no one needs whole life” or “buy term and invest the rest”, or they point to bad products or unethical advisors in the industry.  The reality is, life insurance IS a financial tool and it can be the Right Fit™ for many client situations and goals.

One feature that has drastically increased the value of owning life insurance is a living benefit rider.  Today your life insurance death benefit (not cash value) can be used income tax free if you need extended care.  Imagine if your client is going to retire and has a $500,000 paid up policy they can use as their long-term care bucket. Owning life insurance in retirement can be of value in other ways too.  It can replace a pension or social security income loss at the first death for a married couple, and it allows you to spend down more of your assets and still leave a legacy.

We have access to many insurance companies and resources at IIC.  Lifetrends is one of them and they have created a Comprehensive Guide to Long-Term Care and Chronic Illness Riders.  This is a great resource providing an in-depth overview of the options available, how they work, when and where they fit into a client’s protection plan.

 

 

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The information contained on this website is provided "as is" and does not constitute legal, accounting or tax advice. We are not acting as your attorney, accountant or tax professional. We encourage you to contact the appropriate professional for legal and tax information pertaining to your specific needs and circumstances.
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