More than half of households would have immediate trouble paying living expenses if the primary wage earner died. #LifeHappens https://goo.gl/EuCZpH
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There’s nothing like getting up early on a Saturday morning and feeling alive! The Only Easy Day Was Yesterday
Thanks, Spartan Race for another great experience.
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An “Asset Protector” Package Enhances Flexibility
by John Deremo
For the first time in the life insurance industry, you’re able to tell clients something they’ve never heard before: “If you don’t die prematurely, you may be able to spend your entire death benefit on virtually anything you want.”
Because of this sea change in the way life insurance death benefits can be accessed, clients have the opportunity to view their life insurance policy more like an asset than an expense. That’s the concept that’s revolutionizing the life insurance industry. An innovative asset protector package has the potential to help increase clients’ financial security during retirement.
Chronic Illness Protection
Keep in mind that for many people, the biggest risk to their assets during retirement is a significant illness that would require expensive care. This could result from a physical problem, such as a debilitating stroke, or from a cognitive impairment, such as Alzheimer’s Disease.
To help protect assets from the devastating financial impact of these types of conditions, clients may be able to leverage a chronic illness rider that’s included or available with many permanent life insurance policies. If clients meet the rider’s criteria, they can access their life insurance policy’s death benefit – while they’re still alive – to pay for their health care or other expenses and help preserve their retirement assets for their surviving spouse. The access to cash value in the policy is available through an acceleration of the death benefit, although with a corresponding reduction in the benefit.
If clients live to age 85 or beyond and don’t suffer a chronic illness or a cognitive impairment, their financial concerns may change again. They may be more concerned about having sufficient income for the rest of their retirement. The solution is longevity insurance.
A longevity rider on a life insurance policy provides that when a client reaches the age specified in the contract (for example, age 85), he or she can begin receiving a percentage of the death benefit (for example, 10 percent) each year for a specified number of years, such as 10.
With a $250,000 policy, that could mean access to an additional $25,000 per year. With a $1 million death benefit, the available sum may be $100,000 per year for 10 years. As with a chronic illness rider, the access to cash value in the policy is through an acceleration of the death benefit that reduces the death benefit accordingly. But imagine what having “life insurance you don’t have to die to use” could do for clients’ financial security when their retirement portfolio may be straining to generate the retirement income they need.
This hypothetical example is for illustrative purposes only. Not an actual case and intended solely to depict how the product features might work. It does not reflect the value of any specific Policy. Restrictions and limitations apply.
A Multipurpose Solution
Ultimately, whether clients are most concerned about dying too soon, living too long or getting sick along the way, an asset protector package – comprised of a life insurance policy, a chronic illness rider and a longevity rider – is designed to offer the flexibility to help clients achieve their financial goals. For more information about asset protector packages, contact NGG toll-free by dialing 888-207-8642.
Build Wealth * Care For Your Families Future * Live Comfortably
Policies issued by American General Life Insurance Company (AGL) except in New York, where issued by The United States Life Insurance Company in the City of New York (US Life). Issuing companies AGL and US Life are responsible for financial obligations of insurance products and are members of American International Group, Inc. (AIG). Guarantees are backed by the claims-paying ability of the issuing insurance company. Products may not be available in all states and product features may vary by state. Please refer to your contract.
The Next Generation OCR Team is proud to announce the 1st Annual Get Muddy For A Cause. The team compiled of both great clients and friends will be completing the 2017 Pittsburgh Tough Mudder on September 10, 2017. We are so proud to complete the course to benefit the Semper Fi Fund (https://semperfifund.org/).
The Semper Fi Fund provides immediate financial assistance and lifetime support to post-9/11 wounded, critically ill and injured members of all branches of the U.S. Armed Forces, and their families, ensuring that they have the resources they need during their recovery and transition back to their communities. Since establishing the Semper Fi Fund in 2004, they’ve issued 137,000 grants, totaling more than $150 million in assistance to over 18,500 of our heroes and their families.
Please go to our Team Site to make a small donation. Every little bit truly helps!
Team Full Muddy Jacket –