Protection Products

Patriot Trust an Option to Show Your Support


Protection

The impact of Sept. 11, 2001, is far-reaching and still being felt by many families today. If you or your clients are looking for ways to support those affected by the wars on terror, the Johnny Michael Spann Patriot Trusts Act created a unique option. Named for a CIA officer who was the first American to give his life for his country in the war on terrorism, the Patriot Trusts Act helps facilitate the flow of private money to the widows and orphans of American servicemen, CIA officers, FBI agents and other federal employees who have given their lives during wars on international terrorism after Sept. 11, 2001. 

This is separate from Sept. 11 Victim Compensation Fund, which was established by the federal government to provide compensation to any individual (or their family) who suffered physical harm or was killed as a result of the terrorist-related aircraft crashes of Sept. 11, 2001, or the debris removal efforts that took place in the immediate aftermath of those crashes. 

However, the Sept. 11 Fund doesn’t assist the families of military or government personnel who have been killed while fighting against terrorists in the wars that followed. The Johnny Michael Spann Patriot Trusts Act is unique because it not only created support for a different group of people impacted by Sept. 11, but it also created the option to have multiple funds – not just one – that supports the flow of money to these victims. Any charitable corporation, fund, foundation or trust that meets all applicable requirements under the law concerning charitable entities, and meets the requirements established in the act, is eligible to characterize itself as a Johnny Michael Spann Patriot Trust. Contributions to such a trust will be tax deductible.

Put It In Practice: If you or your clients want to create a lasting legacy of support for our military, specifically those impacted by the war or terror, consider creating or giving to a Johnny Michael Spann Patriot Trust. 

 

Military Trust Legacy

Paycheck Protection for Active Military Clients


Protection

When you watch fireworks in July, you can almost be certain you’ll hear, “God Bless the USA,” by Lee Greenwood. Such a powerful song, and a great reminder that we have those brave men and women in our military to thank for our freedom.

Let’s face it: Men and women actively serving in the military carry larger risks than most clients. In the event of a disability, they have benefits to cover their base pay, but that’s pretty much it. The majority of disability income carriers won’t give them any additional coverage. 

Peterson International is an exception. They’re able to give active military physicians and dentists additional coverage – 65 percent replacement of bonus income, housing and food allowances, and moonlighting income. They even offer partial benefits, and an “own occupation” definition.

It will never be enough to truly compensate them for their bravery and sacrifice, but the extra protection can help spread your military client’s paycheck a little further, making their family feel more secure. 

Put it in Practice:  Ask your active military physician and dentist clients if they have their protected their bonus income, housing and food allowances, or moonlighting income in the event of a disability. If not, Peterson International – and Ash Brokerage – can help. 

 

The Truth About Insurance for the Military


Protection

In honor of all the men and women who protect our land of the free, we’re sending out a #RedWhiteAndBlue salute the month of July, dedicated to our active military and veterans. We are eternally grateful for their selfless service!

In the life insurance industry, do you realize just how far we’ve come in providing viable coverage for our military? I bet several of you reading this have held on to some rather dated misconceptions you adopted over the years, possibly overlooking not only viable opportunities in this market, but more importantly, the potential to humbly serve those who have served us. 

In effort to help you retool your thoughts, let’s cover a few key topics we frequently see at Ash Brokerage:

Active Military/Reservist/Special Forces*

  • FALSE: Not insurable due to the risk of their duties and travel to hazardous areas  
  • TRUE: An increasing number of life insurance companies now give consideration with review of rank, grade, duties, etc., if they have not been alerted for active duty and/or do not have deployment orders; a smaller number of companies will even give case-by case consideration for those with current deployment orders and certain special forces personnel, who may qualify for coverage with an additional flat extra rating

Exclusion of Benefits Due to Military Ties

  • FALSE: All policies are issued with a war or military service exclusion clause, limiting the benefits of the life insurance contract
  • TRUE: Today, insurance companies address additional risk considerations and cost during the underwriting process, prior to granting coverage, unlike in past when the exclusionary clause was used to eliminated the insurance companies’ legal obligation to pay proceeds to the beneficiary in effort to control cost/manage risk exposure

Post-Traumatic Stress Disorder (PTSD) Diagnosis

  • FALSE: PTSD diagnosis will result in a decline for coverage
  • TRUE: PTSD diagnosis may be insurable with favorable features, such as a single medication/low-dose treatment, long duration/mild symptoms, no drug/alcohol habits, stable environment/occupation, family/social support, regular medical care and follow-up

Put it in Practice: Let Ash Brokerage assist you with your next military case. We leverage our experience, carrier relationships and resources to identify viable solutions based on your client’s individual circumstances and insurance needs. 

*Subject to formal underwriting to establish insurability along with all parts of the contract/process completed in the United States

 

military underwriting life insurance