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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.
Watching our kids grow into solid young men has been an absolute blessing in my life. My son Casey (shown) recently spent the day with his UT Swimming teammates giving back to the athletes competing in the Texas Special Olympics.
Casey is a blessing from above. I could not love and admire this young man more.
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!
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About AIG Partners Group, LLC – The Next Generation Agency
We are one of the worldâ€™s largest insurance organizations with 160 years of business experience and over $537 Billion in assets.
We offer a hybrid distribution model offering the best of both worlds from traditional career channel and a brokerage model.
We are relationship driven at both MGA and Producer levels and committed to learning the product and how to market differently (needs rather than just cost driven). We are committed to your success!
The Service Platform at AIG Partners Group is second to none. Our support includes training, dedicated website for product, marketing information, new business applications, and forms. We use state of the art E-station for servicing our clients, pending cases and in-force business.
Compliance approved advertising material is at your fingertips with advanced marketing capabilities and an outstanding illustration system that is backed up with illustration specialist ready to assist with any questions you may have.
We have an innovative product suite offering extremely low-cost term as well as investment grade Indexed Life products. All include our no cost, best in industry, critical, chronic and terminal illness coverage up to 1.5 million in coverage as well as a disability income rider.
We also offer recognition and global conferences for you and a guest as well as top commissions and bonuses to help you earn the type of income you deserve.
We are selective about the partners we choose. We also know that the Quality of Life Insurance story will bring you to us, but it’s the relationship that will keep you with us.
Contact us so we can further discuss your future with us. 1-800-207-842 or visit our Careers Link / Website at Thenextgenagency.com/careers