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Posts by Robert Carpenter:

SPLIT 1035 exchange strategy

Asset-based LTC sales strategy – a SPLIT 1035 exchange

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We wanted to share an Asset-based LTC sales strategy that we are seeing success with amongst advisors, a SPLIT 1035 exchange strategy with Securian. 

Let’s say you have a male client age 55 with a $200K old permanent life policy, and he would like to repurpose the policy for Long-Term Care, and maintain some Death Benefit.  The client can 1035 exchange that policy with Securian Financial by splitting that $200K into $120K for SecureCare III with a 3% compound inflation option, then take the balance of $80K and pay for an indexed universal life policy, such as Securian’s Eclipse Protector II, with a 4% chronic illness agreement. 

This combination sale creates great leverage for Long-Term Care as the client would have over $1.6 million in indemnity LTC benefits by his age 85, and roughly $300,000 in Death Benefit from the Eclipse policy.  If the client never uses the SecureCare policy for long-term care, a total combined Death Benefit of over $500,000 would pay out upon death to the beneficiaries between both policies.  Here is a breakdown of  how this strategy works:

SPLIT 1035 exchange strategy

 

Got questions or need assistance? Give us a call at 631-730-8262 or Click to schedule a 15 minute call

 

 

cancer care rider

Symetra Launches First of its Kind Cancer Care Rider

A rider package offering a unique combination of cancer care benefits and services to help clients live longer and healthier lives..

Whether it’s through a friend, family member, colleague or your own diagnosis, we’ve all been touched by cancer in some way. Nearly 40% of Americans will be diagnosed with cancer in their lifetime,* and it’s reported that 42% of cancer deaths could be prevented through lifestyle changes.**

At Symetra, we’d like to be part of a bigger solution—one that can help empower you and your clients to be proactive about their health and their futures. That’s why we’re proud to introduce Symetra’s Cancer Care Compass.

Inspired by our own employees’ personal cancer experiences, Cancer Care Compass (PDF) is a first-of-its-kind rider package offering a unique combination of cancer care benefits and services to help clients live longer and healthier lives. It’s available at application for an additional cost on Symetra’s market-leading indexed universal life (IUL) products,*** starting tomorrow, March 29, 2024, in select states.

Benefits Include:

  • Multi-cancer early detection test
  • Health advocacy services
  • Nutrition intervention, guidance and support
  • Cash benefit

Illustrations and marketing materials

Marketing materials are available to preview today on our Cancer Care Compass microsite and symetra.com. Cancer Care Compass will be available in our IUL illustration systems starting tomorrow, March 29, in approved states.

Please note, marketing materials are not currently approved for use in Arizona.

Before you begin

Before recommending Cancer Care Compass to your clients, you must be appointed with Symetra and have an insurance license with a health line of authority. Paperwork to become appointed with Symetra can be submitted prior to or at the same time as the application.

State availability

Cancer Care Compass is currently approved for sale in 26 states (PDF). We’ll communicate additional state approvals as they are received.

* American Cancer Society, June 5, 2023.
** Cancer Facts and Statistics: What You Need to Know (verywellhealth.com), July 4, 2022.
*** For more details about Symetra’s indexed universal life (IUL) competitive standings, refer to LIM-1662 and LIM-1673.

 

Got questions or need assistance? Give us a call at 631-730-8262 or Click to schedule a 15 minute call

Accidental Death Insurance.

A Solution for your Declined & Postponed Clients

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Never show up empty handed again when delivering bad news to your client.

When faced with the unfortunate situation of a valid* postponed or declined life insurance application, it’s essential to provide alternative solutions that offer peace of mind without breaking the bank.

That’s why we’re recommending you offer Accidental Death Insurance.

Here are some key points to consider:

  1. Issue ages: individuals aged 18-70
  2. Face amounts: Coverage ranging from $50,000 to $500,000 in increments of $1,000.
  3. 4 plans to choose from:
    • Individual
    • Individual and Spouse only
    • Individual, Spouse, and child(ren)
    • Individual and child(ren) only
  4. One policy per insured
  5. Agent requirements: Agents MUST be health licensed and appointed for Health
  6. Optional rider: A Return of Premium (ROP) rider is available for issue ages 18-50 (rider not available in NY, AR,CT, PA, and VA)

*A valid decline or postpone is considered when no offers are made either formally or informally by the traditional life insurance market.

 

Got questions or need assistance? Give us a call at 631-730-8262 or Click to schedule a 15 minute call

underwriting recreational marijuana

Recreational Marijuana Usage – It’s not if they use, but how much

With many states legalizing the recreational use of marijuana, carriers have differing underwriting guidelines. Recreational marijuana use guidelines apply to applicants over age 18 and for marijuana that is ingested, inhaled or administered topically. Marijuana that is inhaled whether for medicinal or recreational purposes is considered as recreational marijuana use.
We can offer competitive underwriting decisions for recreational marijuana, tobacco and non-combustible tobacco use through various underwriting initiatives. View the guidelines below to see if your client qualifies. 

Recreational Marijuana Usage Guidelines

Additional considerations:

  • Medicinal Marijuana – Use frequency of use ratings in addition to rating for impairment being treated
  • CBD oil – No additional rating and eligible for Preferred Select

 

MW-LinkedIn-loan-rescue

Loan Rescue Can Help Relieve A Client’s Policy Loan Burden

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1035 Exchanges and Mirrored Loans – When a client’s policy has loans, a 1035 exchange to a new policy may provide a needed death benefit at a lower cost. It may also offer clients living benefits to satisfy additional needs.

When a client’s policy has loans, a 1035 exchange to a new policy may provide a needed death benefit at a lower cost. It may also offer clients living benefits to satisfy additional needs. During a policy review, you come across an existing policy that a client purchased many years ago. It has accumulated significant cash value. However, you see that loans have been taken from the policy to pay for the premiums and/or to fund cash withdrawals. Those loans, combined with higher mortality costs and high loan interest charges, have subjected the policy to a potential unintended lapse. If this scenario fits the client’s current life insurance policy, the client has three courses of action to choose from:

THE CLIENT’S OPTIONS TO ADDRESS THE LOANS ARE:

  • Do Nothing – The policy may lapse and taxes will be due if there is gain in the policy.
  • Make Changes to the Existing Policy – Pay down or repay the loan using policy values or out-of-pocket funds. This may require a change to the annual outlay, a reduction to the policy death benefit, or both.
  • Complete a 1035 Exchange to a New Policy and Mirror the Loan – When executed and designed properly, a 1035 exchange to a newer policy where the loan is mirrored may provide higher death benefit coverage and lower loan interest charges. The loan on the new policy can then be repaid out of pocket. Alternatively, in year two or later, the client can request a withdrawal, paying down the loan by using the policy’s available cash value. It is important to know that a withdrawal may incur surrender charges, may be subject to taxation, and the death benefit will be reduced. In addition, ongoing premium payments may be needed.

Got Questions or need assistance? Give us a call at 631-730-8262 or Click to schedule a 15 minute call

MW-LinkedIn-annuity

Annuity Funding Whole Life  – Use IRA Dollars to Fund Asset Care

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Use IRA Dollars to Fund Asset Care with a 5% Income Base Bonus. Asset Care Annuity Funding Whole Life is a deferred fixed-interest annuity with an income rider. The income rider allows the annuity to fund the underlying whole life policy over 10 years.

Did you know that when you transfer a portion of your clients qualified money into this funding option, they receive a bonus applied to their income base of up to 25%? This bonus provides extra value for your clients, and you can help make sure their protection lasts as long as they need it with the Lifetime Continuation of Benefits option.

• Qualified Funds are transferred to OneAmerica (begins as deferred interest annuity in which we turn on an income rider day one)

• We’ll tack on a nice 25% bonus to the income base!

• A distribution will leave the annuity over 10 years. This distribution is where the 25% bonus is reflected on the illustration.

• Premiums (from the annuity) pay for both Asset Care base and Continuation of Benefits (COB) rider meaning no annual premiums

• Client receives a 1099 on this amount each year (10 years)

• Waiver of premium for LTC claim is built in – even if only one spouse is on claim

• All claim payments for LTC are Tax FREE – starting day one (because benefits are only used from the Life policy and then the COB rider and NOT the annuity.)

• Distributions via Income Rider (paying the Life policy and rider) count towards client’s RMD calculation once they reach age 73

 

Got questions? Give us a call at 631-730-8262 or Click to schedule a 15 minute call

MW-nicotine-headb

Your client can test postive for nicotine & still get non smoker rates

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Test postive for nicotine & still get non -smoker rates

Your client can test postive for nicotine & still get non smoker rates. M. Williamson Insurance Services represents four carriers that can place non cigarette tobacco clients at a standard nonsmoker rate! Don’t let these cases get away! As long as the client admits they are using nicotine on the application we can move forward. This does not apply to clients who smoke cigarettes.

 

Give us a call at 631-730-8262 or Click to schedule a 15 minute call

Your client can test postive for nicotine & still get non smoker rates

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Port St. Lucie, FL 34987

Phone: 631.730.8262
Fax: 866.275.7847

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