The following article details an actual life insurance case submitted and placed through CreativeOne. Names and other identifying factors have been changed or omitted to protect the privacy of the parties involved. As the chaos of one of the nation’s busiest airports buzzed around him, “Pete” relaxed in the terminal on a May afternoon waiting… Read More
Case Studies Archives - Page 2 of 3 - Creative Edge
#2 Cause of Death in Men, But Not a Foregone Life Insurance Conclusion Many men think purchasing life insurance is not possible following prostate cancer detection and treatment, but for some the option to purchase life insurance is a not a foregone conclusion. As you encounter potential clients with a history of elevated PSA or… Read More
If not handled properly, financial matters can create sticky situations both in our personal lives and our professional ones. Whether determining how to pay the bills or how a business is going to protect its interests, individuals and families have lots of important financial decisions to consider. If you have business owner clients, one of these financial decisions may be to purchase key person insurance on an employee who’s crucial to the success of the organization. Yet proving the need and being able to financially justify the amount of coverage desired is an important component of the underwriting process for any business case. As the agent, it’s critical for you to have the knowledge and know-how to step in and get the policy placed.
From the time we are born through our time growing old, we’re constantly expanding our minds and learning new things. Whether taking our first steps, earning our diploma or settling into retirement, we must adjust to changing circumstances and adapt to life as we know it. Many people attribute this to the never-ending process of education. As American philosopher John Dewey once said, “Education is not preparation for life; education is life itself.” And nowhere is this more evident than in the life insurance business.
Nature or nurture? The age-old debate has raged on for decades regarding just how we’re impacted by our genetics and our environment. As scientists continue making breakthroughs in DNA testing, we’re starting to better understand how our genetic makeup – and therefore our family ties – affects our health. Some 20 years ago in the insurance business, family history had little to do with underwriting outcomes. Today, this critical component of an individual’s overall picture of health is one that needs to be investigated and well-documented to ensure favorable offers are generated for every client.
We all know that the sole purpose of life insurance is to fulfill a financial need, whether that be for estate purposes, business planning, personal income or otherwise. You’re working hard to help clients meet those needs and prepare for what’s to come in life by streamlining the process of application through placement and presenting the best possible offers. So what should you do when things just don’t go your way?
In working with clients who have chronic conditions, it’s important that you understand and manage their expectations – just as they have to understand and manage their symptoms. Certain types of these conditions are highly treatable and can result in strong offers from carriers, but it’s critical that you perform due diligence in learning about the client’s individual situation and outlook. Ulcerative colitis, commonly referred to as UC, is an example of one we are starting to see more frequently on applications from our agents.
As you grow your business and work to place policies on clients of all ethnicities, backgrounds, ages and lifestyle habits, you will become increasingly familiar with just how varied underwriting challenges can be. Sometimes, you may work with clients who have health issues that aren’t so obvious, resulting from a cause that isn’t easily identifiable. For example, what should you do when a client receives test results suggesting he or she has some variation of abnormal liver function?
In last month’s Case Consulting feature, we discussed a situation in which a client was looking for upside earning potential with no downside market risk for an asset he wanted to leave for loved ones. Given his particular situation, Creative Marketing helped identify an annuity that met his needs and gave him the flexibility he desired. However, it’s possible that similar needs for a different client would lend themselves to a life insurance conclusion. If you have clients who are uninsured or underinsured and are looking for tax-free savings potential, consider offering them the benefits afforded by life insurance. And just like many good things, they often come in threes.