We are in the midst of one of the most uncertain financial times in the history of America. This is the perfect time to take a very close look at the Life Insurance policy you’ve been paying for all these years and find out about the new, innovative and guaranteed policies which could reduce your annual premium outlay by 50% to 100%, assuming you qualify medically. Tens of thousands of policy owners have already taken advantage of these new plans issued by the largest and highest rated insurance companies in the world.
The Wall Street Journal recently warned that thousands of older Universal Life Insurance policies are failing due to Life Insurance companies having credited much lower interest rates over the years than they originally projected when these policies were first purchased. This interest deficit leaves the policy owner on the hook for unplanned-for cash-value shortfalls and policy expenses. These factors determine how long the policy will last based on the original non-guaranteed planned premium. Many of these so-called permanent policies are subject to early lapse in spite of the fact that the policy owner had been paying his billed “planned premium” each and every year. It’s all too common that neither the original agent who sold the policy nor the life insurance company ever took the time to educate the policy owner about the fact that the so-called “planned premium” they’ve been paying all these years was based on assumptions that failed to materialize. As a result, thousands of policy owners who expected to keep the policy in force until the insured’s death have been receiving lapse notices when the insureds are at advanced ages with medical conditions that preclude them from any reasonable economic options. In addition, if the worst happens and a policy lapses, its demise can result in a big tax income tax bill to the policy owner.
Fortunately, many older insureds are able to leverage their relatively good health combined with the cash value in their old policies and our physician-directed medical underwriting to qualify for the same coverage at a much lower cost. To address these very serious issues, we provide you with the following 3 of The 7 Secrets to Saving 50% to 100% on your Life Insurance Costs:
1. How to Double your Life Insurance Death Benefit at the Same Cost, Guaranteed. A large number of top rated life insurance companies are now offering guaranteed premium Universal Life insurance products with innovative premium payment strategies that can actually double an insureds death benefit at the same original outlay, assuming they qualify medically. These new Guaranteed Universal Life Insurance policies are much more competitively priced and have far stronger guarantees than older Whole Life and Universal Life policies.
A 67 year old husband and wife came to us recently with an old Whole Life policy and we were able to actually increase their insurance death benefit, at half the premium they had been paying, on a guaranteed basis. Their old Last-To-Die policy had a non-guaranteed death benefit of $1,200,000 at a $13,625 annual outlay. The new policy we secured for them had a guaranteed death benefit of $1,825,000, a 51% increase in death benefit, at a $6,000 annual outlay, a decrease of 56% in cost. The new policy was guaranteed to their age 100 by one of the highest rated and safest insurance companies in America.
Their older policy had a so-called blend of Term Insurance and Whole Life to maintain the total original death benefit. Most people are unaware of the fact that the Term Insurance portion of their Whole Life insurance policy is not guaranteed. The price of this term component can be increased by the parent company anytime the company feels the product is not profitable enough.
2. Our unique Physician and Nurse Practioner Directed Medical Underwriting approach consistently achieves the best possible insurance company ratings, resulting in the lowest possible outlay. The average life insurance agent typically submits your application to only 1 or 2 insurance companies and simply waits and hopes for the best underwriting offer. Life Insurance agents don’t normally have any real resources to make a difference in the dynamic process of medically underwriting your risk. Many agents often turn over the responsibility of ordering your private medical records to the insurance companies themselves, which is the worst thing they can do for their client, for many reasons. Because Doctors are now so afraid of potential lawsuits, they routinely write down everything in your medical file including remotely suspected and often unsubstantiated medical issues. This way, if a serious medical condition develops in the future with one of their patients who may be the litigious type, they have a written record to protect themselves. Unfortunately, this “write everything down and cover yourself” approach with today’s medicine causes many difficulties for older people who apply for life insurance. The problem is that when they apply for life insurance, insurance companies search their medical records for keywords in their medical records like cancer, heart disease, diabetes, high blood pressure, stroke and carcinoma. Even when the medical issue was simply suspected and turned out to be nothing, insurance companies routinely rate you up and charge you a higher premium.
Our approach to medical underwriting is completely unique and produces far superior results. We employ both a Physician and a Nurse Practioner, both highly experienced, to manage our medical underwriting division. Our Vice President of Medical Underwriting and partner, Dr. Barry Skobel, is a retired surgeon who was the head of Head and Neck Cancer Surgery at Rutgers University for 25 years. Cecelia Woodward is a Nurse Practioner with 17 years experience and a specialty in Cardiology and Adult Medicine. Both Barry and Cece are completely involved in obtaining and reviewing each of your medical records before they go to the insurance company. If either of them sees something in your records where your doctor more than likely wrote something to “cover themselves”, they’ll personally call the doctor to confirm his suspicion. If it was, in fact, a Cover Yourself item, which it often is, they’ll have your Doctor send a follow up letter to the insurance company which accurately explains the issue away. As you can imagine, this kind of “hands on” medical underwriting approach enables us to obtain for our clients consistently low premiums from Life Insurance companies.
This superior medical underwriting approach became apparent with a 72 year old male who came to us for underwriting help that had previously been declined for life insurance with two other insurance agents they had applied. Dr. Barry and Cece reviewed this client’s medical records and identified the problem. Years earlier he had gone for a complete checkup at the Mayo Clinic, a highly respected teaching facility. His Attending Physician had been making his rounds teaching his Interns, and had written down everything possible that could have been wrong with the patient. Unfortunately for our client, this included a “possible melanoma”. Although this was a remote possibility, the issue had been dismissed through tests taken at a later time. However, every insurance company the client applied to saw those words “possible melanoma” and immediately declined him because, as you can imagine, life insurance companies do not expect long life expectancies with applicants who have a history of melanoma cancer. Dr. Barry and Cece reviewed all his records and immediately spotted the problem. They contacted the client’s doctor at the Mayo Clinic, confirmed their suspicions. They then got a follow up letter which clarified the fact that Melanoma was in fact initially suspected but was later ruled out as a possibility. The patient had been completely cancer free. As a result of this, our client ultimately received a “Standard” health rating from almost all of the top rated companies we applied with. The story doesn’t end there though. Another insurance company had issued him a Standard as well, and we told the second insurance company that we needed a Business Decision of “Preferred” for them to get the business. They agreed to give him a Preferred rating, at a significantly lower price than Standard. Our client was extremely pleased with the Preferred rating and bought the maximum amount of insurance he qualified for at Preferred rates, which was $12 million, or 150% of his net worth. Most companies will issue up to 75% of your net worth, but there are a few companies will go up to 150% of net worth if they believe the need for the amount is justified as it was in this case.
Another 70 year old male who had consulted with us had received a “Standard” rating on his old Whole Life policy bought 6 years ago, but because he is active and healthy now, we were able to get him a new “Preferred” health rating with a top rated company, which reduced his costs dramatically.
In addition to Dr. Barry and Cece collecting and reviewing all your medical records, we have you examined only once at your home by one of the doctors we’ve chosen and approved of to do your insurance physical. Before our clients have their life insurance physical, we urge them to read our newest report; 10 Secrets To “Ace” Your Life Insurance Medical Exam. We really prepare you in every possible area so you avoid any paying any more than necessary for your life insurance.
Last but not least, we don’t just apply to 1 or 2 companies. Once Dr. Barry and Cece determines that your records are in good shape, we send your complete medical package and insurance exam to the 10 highest rated insurance companies that specialize in low outlay, guaranteed life insurance policies for your particular health history. Today, Life Insurance companies are quite willing to compete for your business. Out of the 10 companies we apply to, often 1 or 2 will give a much better medical rating than the other companies. This translates into the lowest possible outlay for you.
Recently, we had a 65 year old client that was applying for $2 million of life insurance who had a number of health issues which included a history of cancer and physical disability. The best underwriting offer we had gotten was a “Standard”, which was actually the best offer we were expecting with his health background. However, we told a second insurance company that had originally offered him Standard that if they wanted the business they would have to make a Business Decision to give him a “Preferred”. They agreed and the client was ecstatic. We increased his insurance death benefit by 80%, and decreased his premiums by 45%, on a guaranteed basis to his age 100, with one of the largest and highest rated companies in America. While this doesn’t happen with every client, we have found that after 37 years of experience this approach produces consistently unbeatable results for our clients.
3. How to pay $0 premiums for your life insurance. Many of our high net worth clients who have lost much of their net worth and income in this economic downturn have a reduced need for the life insurance they bought. Some have taken advantage of the Life Settlement Marketplace to sell their policy for cash instead of simply surrendering their insurance for its cash surrender value. In our Special Report we go over specifically how our unique Reverse Medical Underwriting Approach will get you the most amount of money possible if you decide to sell your old insurance policy.
Most people are not aware of an exciting new type of Life Settlement Program that only a few companies offer: The Shared Death Benefit Program. Through this Shared Death Benefit Program, the client gets to keeps half of their death benefit for their family and never has to pay anymore premiums. The buyer pays all the future premiums for as long as you live, and they get to keep half the death benefit when you die in exchange for paying all future premiums.
A 72 year old client of ours had a five million dollar insurance policy and because her net worth and income dropped so dramatically, she decided she only needed to retain half of her $5,000,000 policy. Her insurance company offered her a paid up policy of $1,600,000 with no further premiums. We did our research using the Shared Death Benefit program and obtained a fully paid up $2,500,000 paid up policy, with no further premiums for as long as she lives. She was thrilled to have a 56% increase of insurance, with 0 premiums forever.
Craig Kirsner, MBA is offering his new Free Special Report “7 Secrets to Saving 50% to 100% on your Life Insurance, Guaranteed”, which also reveals how you can save a fortune using our Life Expectancy Insurance Pricing. To receive your free report, call 1-800-807-5558, extension 103 or email Craig at StuartPlanning d-o-t com
Craig is a published author who at the end of 2005 wrote a book accurately warning that we had just passed the top of the real estate market, and that recession would follow the drop in real estate market prices. He received his Masters In Business Administration from the Chapman School at Florida International University, specializing in Finance. He was one of the top graduates in his class and was inducted into the Beta Gamma Sigma Business Honor Society.
Craig received his undergraduate degree from the University of Florida with a double major in Finance and Risk Management.
Craig is very active in many civic groups and charities and in 2006 was named Hands On Miami’s “Volunteer of the Year”.
Stuart Kirsner Bio:
Stuart Kirsner is a nationally recognized authority on estate planning and life insurance matters for over 37 years .... a real expert with a true "Keep it Simple" approach. Stuart, with the estate planning teams he has put together in thirteen states, has worked on more estate plans for the larger estate than most average sized law firms. Stuart is the founder and National Chief of Planning of Stuart Estate Planning and Life Insurance, which specializes in complete and comprehensive estate planning and life insurance cost reduction. This includes comprehensive income and estate tax reduction planning and complete legal document plan design and implementation.
Stuart works hand in hand with senior partners in the estate planning divisions of some of the largest and most respected law firms, to ensure that your legal documents will accomplish all your goals. Stuart and his staff have long-term affiliations and experience with dozens of the most respected and highest rated life insurance companies in the United States. This guarantees that if life insurance becomes a recommended part of your estate plan, the policy that is ultimately placed for your family will be the most competitive.
Stuart has represented families with estates of between $3 million and $1 billion in assets, and many with under three million in assets. He’s worked with some of the presidents of Fortune 500 companies, as well as hundreds of The Millionaire Next Door.
Stuart is a nationally recognized speaker and authority on the use of advanced legal, tax and life insurance strategies for the larger estate. Stuart is widely respected for his ability to reduce complex financial concepts into a readily understandable big picture. Stuart has been the featured speaker at well over one thousand public, private and professional estate tax and insurance planning seminars nationwide.
Copyright Stuart Estate Planning 2009. All Rights Reserved. ***Disclaimer: This information and the corresponding websites do not constitute professional services, including, but not limited to investment or legal advice. Please consult an accountant, investment professional and/or attorney before implementing any strategy.
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