Your Design... what Would You Do

[SouthernComfort]

Client Male 67, Wife 65. 100,000 life insurance. 315,000 in tax deferred product and 205,000 in savings. Client is not adverse to risk does worry about wife and income(ssi her 1564, him 1833). Current life 100,000($1100) 10yr term and 100,000 (18k cash value) thinks he wants to transfer to something else.

What is your design

 

[policy doctor]

Well first, tell us what you are considering? Do you have a game plan, or hoping someone here will offer a solution?

 

[iceco1d]

What kind of life insurance does he have? How much time is remaining on the term?

What "tax deferred product" are they currently in?

Do they need extra income now (if so, how much?)? If not, when do they need income (and how much?)?

Is the current savings (or any portion of it) on the table for you to put to work?

 

[ScottLFB]

What is he trying to transfer to something else? The life insurance portion or the Tax deferred portion. Depends what the overall goals are for the wife other that "just taking care of her".. You can give me a call, but I don't do all the case design and email you the package when I don't know you or currently do business with you.

There are plenty of possible "solutions" but it depends on what the client is trying to accomplish.

-Scott

 

[cloisbarton]

First thing is that we would need to look at the life contract to see what type of policy it is and what it offers. Then once we make that determination we can visit the cost of the 10 year term to provide additional or supplement life insurance coverage. Maybe go after a policy with some living benefits.

$315,000 in tax deferred vehicle we would need to learn more about. What type of vehicle is it and what benefits does it offer?

On the $200K+ in the bank, you will want to leave a portion of that liquid, and maybe for a portion place it in a 100% liquid product that offers an income rider and death benefit, but can not make a determination of an exact direction unitl I get some more details on the products the client is currently in right now.

 

[Tahoe Ray]

What is he trying to transfer to something else? The life insurance portion or the Tax deferred portion. Depends what the overall goals are for the wife other that "just taking care of her".. You can give me a call, but I don't do all the case design and email you the package when I don't know you or currently do business with you.

There are plenty of possible "solutions" but it depends on what the client is trying to accomplish.

-Scott

This was my thought too when I first read this...throwing out a carrier name or concept to offer help is one thing, doing a whole case design is another.