Protection Products

5 Opportunities Sitting in Your Book of Business


Protection

About a year ago, I gave a presentation on linked benefit solutions for a group of top advisors in Philadelphia, Pennsylvania. I started by asking, “How many of you have written a linked benefit case or think you have at least five clients who fit the profile for a linked benefit solution?” Only three advisors raised their hands …

But, as I walked through my presentation, many of them started writing on the handouts I provided. I explained that as our clients age, their needs and goals change as well. With a linked benefit solution, they can leverage a pool of benefits for long-term care if their health becomes compromised, or they can provide a death benefit for their beneficiaries if they don’t need care. Plus, many clients can use existing assets to fund these solutions! I gave the advisors several examples.

At the end of my presentation, I asked the same question … This time, every advisor in the room raised their hand!

I challenged the advisors to find at least one existing client who fits each scenario I discussed – I challenge you to do the same. If you have just one client to fit each of the profiles below, you can take your practice to a new level while helping your clients protect their retirement nest eggs.

You probably have a client who …

  1. Has an existing cash value life insurance policy
  2. Is taking required minimum distributions they don’t need for income
  3. Has an existing nonqualified annuity they don’t need for income
  4. Who says, “If I need care, I will spend down some of the money I have sitting idle at the bank (CDs, excess savings, etc.)”
  5. Has qualified funds they don’t need for income

If you have clients who fit any of the above scenarios, you have opportunities for linked benefit solutions within your existing book of business. Isn’t it much easier to talk with a client who already trusts you rather than going out and positioning a solution to a prospect that you haven’t yet built a relationship with?!

Help your clients “repurpose” an existing asset in order to protect the rest of their portfolio. Your LTC Marketing Team at Ash Brokerage is ready to help you implement linked benefit solutions within your practice. We’ll help you grow your book of business and protect everything your clients have worked so hard to accumulate over their working years.

About the Author

Mickey Belt has been in the insurance industry for about four years and has been able to assist many advisors with incorporating LTC planning in their practices. He views LTC planning as a value-added service that advisors can provide to their clients to protect their assets. Mickey is currently working his way through the Financial Services Certified Professional® designation through The American College.

Ask an Underwriter: Are Breast Cancer Survivors Able To Get Life Insurance?


Protection

With an estimated 2.8 million women with a history of breast cancer in the United States and 246,660 new cases of invasive breast cancer to be diagnosed in 2016 alone, there is a very high probability you will be faced with protecting a breast cancer survivor in the future if you haven’t already.  

 

As a result of increased preventative screening – including regularly performed breast self-exams, routine mammograms, discovery of genetic predisposition testing and advancement in treatments – early detection is naturally higher. For that reason, many life insurance carriers have improved underwriting guidelines, leading to decreased postponement periods and more favorable ratings for clients with a history of breast cancer.

 

Underwriting Breast Cancer 

The key to successfully insuring your breast cancer survivor is understanding what information is important to enable your underwriting team to find the very best solution. 

  • Stage of the breast cancer
  • Date the cancer was diagnosed
  • Type(s) of treatment
  • Date of last treatment  

 

Additional questions that may help in your assessment: 

  • What was specific type of breast cancer? (Ductal Carcinoma In Situ/DCIS or Lobular Carcinoma In Situ/LCIS)
  • Any lymph node involvement?
  • Any metastasis (spreading of the cancer to other areas in the body)?   
  • Any relapses?
  • Any medications currently being taken? 
  • Family history of breast cancer? If so, any genetic testing? 

 

Additionally, one of the most important pieces of information will be whether or not the client is in full remission/cancer-free and when (month/year). The longer they have been cancer free, with regular follow-up and testing, the more favorable their offer may be.   

 

Postponement Period

For life insurance carriers to give consideration of someone who has a history of breast cancer, they must fully complete treatment (surgery, radiation, chemo) and often undergo a specific waiting period referred to as a postponement period (which varies based on stage of breast cancer). If they are past the initial waiting period, and they are taking hormonal therapy, such as Tamoxifen, Arimidex, etc., as part of their treatment plan, there would not be an additional postponement/waiting period for consideration. Everything will still depend on the stage of the breast cancer, type of treatment, and date of last treatment.   

 

Let Ash Brokerage assist you with your next breast cancer case – to simplify your fact-finding process, use our Breast Cancer Client Questionnaire and reach out to us for help. We leverage our experience, carrier relationships and resources to identify viable solutions based on your client’s individual circumstances and insurance needs.  

 

Dedication

On March 11, 2016, Kristina Alderdice lost her 10-year battle with breast cancer and we lost a sister of our Ash Brokerage Family. Kristina’s legacy lives on in all of our cherished memories and through her mission at Hope in a Handbag . The organization supports mastectomy patients with a necessities bag, which gives supplies and information to aid in their recovery, and also provides a resource for surgeons and nurses to improve communication with patients about the challenges of major surgery. To date, Hope in a Handbag has distributed more than 2,000 bags to women in northeast Indiana.

 

Learn More

 

About the Author

Julie’s unwavering passion and dedication for risk advocacy promotes lasting partnerships while driving impactful results for all stakeholders, from our agents to our carriers. She leverages her 20 years of industry experience with her relational approach to ensure you experience the Ash difference.

 

UW underwriting breast cancer cancer