A Clients Wife Was Killed in a Car Accident

Aug 10, 2015

  1. eagles12
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    eagles12 Expert

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    A long term client contacted me via facebook on the weekend a couple days ago. He asked me to call him. When I called him back, he told me his wife had been killed by a car while she was out jogging . Apparently, she had slipped on a curb and fallen onto the street.I had written policies on both he and the wife.

    I notified the insurance company of the pending death claim. They're sending the claim form to him. He's in the process of getting the certified death certificate also. The amount of the claim is $250,000.

    Originally ,I wrote the couple policies for 100k mortgage protection each. They decided to apply for higher amounts of term life insurance. The husband was declined due to subsequent substance abuse issues which he disclosed to me.

    My concern is that he may have a relapse. I would like to approach him with an idea of putting some of the money into an annuity. Perhaps a SPIA that would provide him a regular income stream. Or a tax deferred fixed annuity.
    He is 63 yrs old. He is a salesman Am I being presumptuous?
    What would be the best way to approach this ? Thanks.
     
    eagles12, Aug 10, 2015
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  2. unic.consulting
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    unic.consulting Guru

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    Be honest with him. Tell him that your concerned about him and try to get him to contact a social worker in his area. He can do it through his PCP if he wants.

    As for the annuity, run a full needs analysis. If an annuity fits, explain why it fits. As long as you can show him the actual need and document it, there should be no issues.
     
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