Case Success: Lack of Lifetime Benefits Leaves Competing Producer Exposed and OneAmerica Wins the Case Hands Down
ProdMod: Foresters Financial’s New Term Pricing is Your Secret Weapon
April 19, 2017Mark Williamson Honored by University of South Florida
May 2, 2017Case Success: Lack of Lifetime Benefits Leaves Competing Producer Exposed and OneAmerica Wins the Case Hands Down
While some client relationships are rock solid and “competition proof”, others are still subject to another advisor capturing the attention of a client with a compelling proposal. That was the case in this instance, but OneAmerica was able to shine a light on the weak point in the other proposal and win the case with not only lifetime benefits, but also an increased monthly benefit. Read on for the details!
AT A GLANCE:
Product: OneAmerica Asset-Care I
Premium: $200,000 Single Pay Premium
Situation:
- A husband and wife, ages 65 and 63 respectively, consulted two advisors regarding their long-term care planning needs.
- The clients had been underwritten and approved at PacLife through the other advisor, using PremierCare to provide the LTC benefits they sought as well as cost recovery for the family.
- Liquidity, while nice, was not a primary concern based on the balance of their finances
- Two PremierCare policies, funded with $100K each, provided the male $5,616 per month, and the female $5,321 per month for a benefit period of six years.
- The second advisor consulted our office to try and win the case.
Solution:
- OneAmerica Asset-Care I
Results:
- One of the only options in the market with lifetime benefits is the OneAmerica product line, and they are often more efficient for couples based on their joint life option.
- Asset-Care I, OneAmerica’s single pay product, was quickly illustrated with the following results:
- $200K single premium, equivalent to the outlay with PacLife
- A monthly benefit amount of $8,642 each for both husband and wife. Over $6300 more per month in benefits than PacLife!
- Lifetime benefits versus a six year benefit period with PacLife
- Armed with this proposal, the advisor worked wth the client to put the PacLife policies on hold while they applied with OneAmerica
- Bottom line? Approved, issued and placed as illustrated for a $200K single pay premium!
- Curious about the numbers? Check out the illustration here!
