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Tuesday, September 12, 2017

Underwriters Are Not Machines

By Lisa Morris, VP of Underwriting and Development at Partners Advantage

Did you know that Underwriters are normal people? OF COURSE! Although their responsibility is to make a scientific assessment in accordance with the manual, just like normal people, their assessment is based on a number of things that have nothing to do with science. First, an underwriter who is not familiar with a certain condition will err on the side of caution based on those limitations. On the contrary, the more familiar an underwriter is with a condition, the easier it is to implore more assumptions about the risk. Second, underwriters have emotions and just like anyone on any job, it could be a “good day” or a “bad day” and that even crosses over in our careers (yep….everyone is guilty of this at one time or another!) 

I like to compare underwriting assessment to driving. A more experienced driver can deviate from the “10 and 2” wheel handling while a lesser experienced driver will follow ALL rules and guidelines to the letter. So let Partners Advantage Underwriting be your guide to pre-assessments and recommendations. Not only do we know who the good drivers are on which road, but also which driver would be a good fit per clients' individual needs, which is helpful in avoiding your client being stuck in a ditch!

Do you have an underwriter with experience on your side? Partners Advantage can help. Contact Lisa “Lee” Morris at 888-251-5525, Ext. 199 or email lmorris@partnersadvantage.com.

Happy Underwriting!

For use with financial professional only. Not for public distribution.

This blog is designed to provide general information about the subject matter covered. Partners Advantage Insurance Services and their representatives do not give tax or legal advice. The material in this blog is provided for informational purposes only and should not be construed as tax or legal advice. Guarantees and benefits are based on the claims-paying ability of the issuing insurance company.  Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Each case is individually underwritten as the severity of medical conditions varies among individuals. Formal underwriting evaluation and pricing is based on the individual characteristics of each case.

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Monday, September 11, 2017

Tools and Resources for Life Insurance Awareness Month

For us in the insurance industry, Life Insurance Awareness Month is every month. In the month of September, Life Happens coordinates Life Insurance Awareness Month, an industry-wide campaign aimed at educating Americans about the importance of life insurance and helping them get the coverage they need.


Have you helped bring awareness to your prospects/clients on the importance of life insurance?

While many Americans recognize that it is important to protect loved ones with life insurance, far too many lack adequate coverage. Throughout September, Partners Advantage will be distributing weekly emails to our agents with client approved resources. Your #1 asset is your client base, so help ensure that they are covered today. Be their helping hand and provide them with the guidance they need in reinforcing the importance of life insurance. Don’t let life insurance get lost in the shuffle of their daily life.

This is a great time to educate your clients and prospects, and our materials can help.


Want to learn more? Contact your Partners Advantage Brokerage Team
at 888-251-5525, Ext. 700.


For use with financial professional only. Not for public distribution.

This information is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Partners Advantage, it's affiliated companies, and their representatives and employees do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Optional riders are generally available at an additional cost.


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Thursday, August 24, 2017

Planning for College Costs While Preserving the Retirement Nest Egg

By: Bill Jackson J.D., CLU®, Sr. Advanced Markets Consultant at Partners Advantage Insurance Services, LLC

Currently college costs are substantial enough to have the potential to compromise the parent’s retirement plans or produce burdensome debt for the college student. The costs can range from $100,000 for some local state supported universities to $280,000 for many prestigious private schools. Most parents with pre college age students range in age from 40 to 60 years old. They are concerned with how much college will cost. They are unsure of how much government aid they will receive. Some have set money aside in a 529 plan, State tax free college bonds, or a prepaid tuition plan. Many have done little planning.

Determining college costs is easier than in the past. There a number on online calculators which are even college specific and that can pin down the cost for the student’s intended school. These calculators also have the ability to consider the effect of inflation on costs for students with a number of years before they reach college age.

Families that need help with college planning typically fall into two categories. Families that have five or ten years to plan and families whose children are on the doorstep of entering college. Each of these situations requires a different financial approach.

For younger families there are few assets that have the flexibility and tax advantages of cash value life insurance. All of the alternatives mentioned before have limitations on when and for what purpose the money can be used. The cash value of life insurance can be used at any time for any purpose even if the student does not decide to go to a university.

This is a typical example and summary of college costs and timing for a younger family. State: CA, Husband age 53,Spouse age 49, Son age 12, Daughter age 10.The family’s desire is to send both to a four year college in CA (public) They would like to have the cash to do this and a protective element in case one or both spouses die early. Projected yearly costs:
Wife
Husband
Son
Daughter
Pomona
Long Beach
Yearly Total
49
53
12
10
50
54
13
11
51
55
14
12
52
56
15
13
53
57
16
14
54
58
17
15
55
59
18
16
31725
31725
56
60
19
17
32677
32677
57
61
20
18
33658
28840
62498
58
62
21
19
34667
29705
64372
59
63
22
20
30596
30596
60
64
23
21
31514
31514
61
65
24
22
62
66
25
23

http://www.finaid.org/calculators/scripts/costprojector.cgi, http://money.cnn.com/tools/collegecost/collegecost.html

This sample illustration shows how a well-designed Indexed Universal Life policy can in just six years develop enough tax free income to complete both students higher education. Most importantly the solution is self-completing, meaning that even if the insured breadwinner dies early the tax free funds are available to complete the plan.

Information provided by Allianz Life Insurance Company of North America. Both loans and withdrawals from a permanent life insurance policy may be subject to penalties and fees and, along with any accrued loan interest, will reduce the policy's account value and death benefit.

The just in time family has very different objectives. They have already accumulated assets. The husband and wife are in their 50’s their daughter is 17.  Their primary concern is securing government support for daughter’s education. They have $750,000 in various banks and assets. Their daughter would like to attend UCLA. They will need some of this cash to be liquid to cover costs over and above grants and scholarships.  

With their current asset positioning the family will not qualify for financial aid. When they complete the FAFSA form to apply for support they will need to declare the $750,000. Assets in life insurance are not included for FAFSA so the family could qualify for aid if the assets were repositioned into a life insurance policy. The following example illustrates the potential for growth, liquidity, and tax efficiency of this solution.

Information provided by North American Company for Life and Health. This is a Modified Endowment Contract, loans and distributions are subject to tax and penalties if the client is under age 59 1/2.

Permanent life insurance is not only a great cash accumulation vehicle for college planning. It is also a great way to reposition assets to provide a competitive return, tax deferred growth, and exclusion FAFSA consideration. These factors taken together can help consumers college planning and retirement outcomes.

Call Bill Jackson J.D. CLU, Senior Advanced Markets Consultant if you have a case you would like to discuss or would like added information on: 888-251-5525, ext. 361.

For financial professional use only. Not for use with consumers.

This material is intended to provide general information only. It is not intended to render legal, accounting, Social Security or tax advice, and the services of those professionals should be sought. Financial professionals who utilize this material may be able to identify potential retirement income gaps and introduce products, such as fixed annuities, as potential solutions. The testimonial may not be representative of the experience of other financial professionals and is no guarantee of future success.

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Wednesday, August 2, 2017

The PILLAR System Launches with Positive Response

The PILLAR System is a Practice Management and Seminar System unlike anything in the industry.

We want to thank those that participated on Monday's PILLAR webinar launch. We received a positive response from the field and webinar participants. Are you still wondering what The PILLAR System can do for you? This complete sales, marketing, and seminar system uses a secure online training platform that is made up of different educational modules, tools and resources to enhance your learning.

If you are interested in furthering your success as a financial professional visit www.thepillarsystem.com, click APPLY and fill out the enrollment form. Partners Advantage will review your submission and Oscar Toledo or a member of his team will contact you within 24 business hours. 

Partners Advantage is dedicated to educating and helping you open more sales opportunities and better serve your clients. We are here to help you thrive in 2017! 


We are eager to hear your questions. Please reach out to your Partners Advantage Brokerage Team at 888-251-5525, Ext. 700.



For financial professional use only. Not for public distribution.


Becoming a member of The PILLAR System may be dependent on various factors including but not limited to production requirement and "PILLAR" carrier contracts placed with Partners Advantage Insurance Services, LLC.


Partners Advantage Insurance Services, LLC reserves the right to change the requirements of the PILLAR System at their discretion. Results may vary, this communication does not constitute an offer or guarantee. Participating agents will need to be properly licensed and may be subject to screening. Participating agents must adhere to all federal and state compliance and market conduct standards. Additional terms and conditions to be set forth in an agent agreement between Partners Advantage Insurance Services, LLC and the agent.

All rights reserved, trademark pending. 

Thursday, July 27, 2017

Pillar Five: The Power Close

The PILLAR System is a Practice Management and Seminar System unlike anything in the industry.

The highly anticipated program — The PILLAR System — is launching via a webinar on Monday, July 31 at 11 a.m. Pacific/ 2 p.m. Eastern. Register Now.


Here is a small summary of Pillar Five: 
In Pillar Five, we guide you through a carefully designed meeting structure that reviews client goals and outlines solutions, while driving you toward a favorable outcome. We provide the framework and the entire toolset to establish your success. 

Join us for the highly anticipated launch of The PILLAR System.
Don't miss the opportunity to benefit from this cutting-edge program.
4 days until launch!

We are eager to hear your questions. Please reach out to your Partners Advantage Brokerage Team at 888-251-5525, Ext. 700.



For financial professional use only. Not for public distribution.


Becoming a member of The PILLAR System may be dependent on various factors including but not limited to production requirement and "PILLAR" carrier contracts placed with Partners Advantage Insurance Services, LLC.


Partners Advantage Insurance Services, LLC reserves the right to change the requirements of the PILLAR System at their discretion. Results may vary, this communication does not constitute an offer or guarantee. Participating agents will need to be properly licensed and may be subject to screening. Participating agents must adhere to all federal and state compliance and market conduct standards. Additional terms and conditions to be set forth in an agent agreement between Partners Advantage Insurance Services, LLC and the agent.

All rights reserved, trademark pending. 


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Monday, July 24, 2017

Pillar Four: The Financial MRI

The PILLAR System is a Practice Management and Seminar System unlike anything in the industry.

The highly anticipated program — The PILLAR System — is launching via a webinar on Monday, July 31 at 11 a.m. Pacific/ 2 p.m. Eastern. Register Now.



Here is a small summary of Pillar Four: 
In Pillar Four, we discuss how to conduct a high-close-ratio client meeting. This process builds trust, positions you as a dedicated financial professional, and improves your conversion ratios. 

Join us for the highly anticipated launch of The PILLAR System.

Don't miss the opportunity to benefit from this cutting-edge program.
7 days until launch!

We are eager to hear your questions. Please reach out to your Partners Advantage Brokerage Team at 888-251-5525, Ext. 700.



For financial professional use only. Not for public distribution.


Becoming a member of The PILLAR System may be dependent on various factors including but not limited to production requirement and "PILLAR" carrier contracts placed with Partners Advantage Insurance Services, LLC.


Partners Advantage Insurance Services, LLC reserves the right to change the requirements of the PILLAR System at their discretion. Results may vary, this communication does not constitute an offer or guarantee. Participating agents will need to be properly licensed and may be subject to screening. Participating agents must adhere to all federal and state compliance and market conduct standards. Additional terms and conditions to be set forth in an agent agreement between Partners Advantage Insurance Services, LLC and the agent.

All rights reserved, trademark pending. 


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Friday, July 21, 2017

Pillar Three: The Seminar Breakthrough

The PILLAR System is a Practice Management and Seminar System unlike anything in the industry.

The highly anticipated program — The PILLAR System — is launching via a webinar on Monday, July 31 at 11 a.m. Pacific/ 2 p.m. Eastern. Register Now.


Here is a small summary of Pillar Three: 
Pillar Three focuses on one of the most successful of all lead generation tactics – our game-changing client seminar. This robust training includes everything you’ll need to fill seats, deliver an impressive seminar, and convert those prospects to happy clients. 

Join us for the highly anticipated launch of The PILLAR System.

Don't miss the opportunity to benefit from this cutting-edge program.
10 days until launch!

We are eager to hear your questions. Please reach out to your Partners Advantage Brokerage Team at 888-251-5525, Ext. 700.



For financial professional use only. Not for public distribution.


Becoming a member of The PILLAR System may be dependent on various factors including but not limited to production requirement and "PILLAR" carrier contracts placed with Partners Advantage Insurance Services, LLC.


Partners Advantage Insurance Services, LLC reserves the right to change the requirements of the PILLAR System at their discretion. Results may vary, this communication does not constitute an offer or guarantee. Participating agents will need to be properly licensed and may be subject to screening. Participating agents must adhere to all federal and state compliance and market conduct standards. Additional terms and conditions to be set forth in an agent agreement between Partners Advantage Insurance Services, LLC and the agent.

All rights reserved, trademark pending. 


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