Nothing solidifies your place in the insured side of the financial services industry than when you deliver a check to the beneficiary of a client. But, if we were going to be the full service professional, we had to make sure that we covered and protected the client from the other "financial hazards.” They would be disability, sickness, financial emergencies, inflation, old age, the high cost of health care and the planning for retirement income. And, I am proud to say, that our industry has done a fine job living up to our responsibilities and guarantees. But, there was a "critical and chronic" shortfall with life insurance in the “old days.” But, now, it has been addressed. Please read on…
As you know, in the past (and still today with some companies) the only way a death benefit could be accessed was for the insured to die. And, because of medical advances, a person can suffer a heart attack, cancer, stroke, renal failure and more and still continue to live. That, in some cases, proves to be a double edged sword. The medical advances kept the patient alive and in many cases drained their cash. Same holds true when a person can't perform 2 or more of the activities of daily living (adl's). You know, inability to do toileting, transferring from chair to bed, handle medication, bathing and more. Now there is an answer.
Today, so many companies will pay the death benefit early (accelerate the death benefit) if the insured has either a critical or chronic illness as mentioned above. The amount the client will receive varies by company and age of the insured. The policies can be term or permanent, fully underwritten periodic premium or single premium and also simplified issue with some carriers offering return of premium riders. This is just what America has wanted and needed. Truly dollars that can be used while living.
Think about it, a life insurance policy where you don't have to die to collect. Don't you think your clients should learn about these types of policies? Don't you think they should learn about it from you? If so, how about giving us a call at 1-877-844-0900 and we will present you with the menu of companies and products that we handle. It's time that you spread the word. It is critical... and it is chronic.
Until next time... good selling!
Raymond J. Ohlson, CLU, CRC