Navigating 101(j) – an ounce of prevention can avoid a ton of liability

Navigating 101(j) – an ounce of prevention can avoid a ton of liability
I was very annoyed. It was the first application that I took for a key-person life insurance policy after August 18, 2006. The underwriter kicked the application back because the insured-employee did not sign the "Notice and Consent" form, acknowledging that the employer was both the owner and beneficiary of the policy. When I suggested to the underwriter that we get this signature at delivery, he informed me that the policy would not be issued until the signed "Notice and Consent" was received. This was bull, I never had to get this form in the past. So, what was the big deal? It turns out th...
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Hire a World Class Marketing Organization – for $1 a Day

Hire a World Class Marketing Organization – for $1 a Day
With September's arrival around the corner, our industry once again celebrates Life Insurance Awareness Month (LIAM). Created and produced by LIFE Happens and promoted by carriers and industry organizations, LIAM is a purposeful effort to raise consumer awareness with respect to client vulnerabilities and the solutions we deliver. Go to LIFE Happens to use all of the tools and resources available to help promote LIAM. Danica Patrick is back as LIAM spokesperson with all-new videos promoting financial fitness. For one month each year our industry makes a concerted effort to shine a spotlight on...
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Happy 100th Birthday – There Goes Your Life Insurance

Happy 100th Birthday – There Goes Your Life Insurance
The July 20, 2017 Wall Street Journal article, "Happy 100th Birthday! There Goes Your Life Insurance," points out a major hidden flaw in older life insurance contracts: the risk of living too long. In the mid-20th century, the life insurance industry, along with government regulators and actuaries, did not expect or anticipate that more than a handful of policyholders would reach age 100. But today, some insureds fortunate enough to approach these "golden" ages are surprised to learn that their policies will "endow"– that is, coverage will end and any cash values will be paid to the policy own...
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$522 Billion

$522 Billion
A 2014 study by the RAND Corporation estimated the cost of informal caregiving in the US at $522 billion: "Across America, people spend an estimated 30 billion hours every year providing care to elderly relatives and friends. The cost is measured by valuing the times caregivers have given up in order to be able to provide care." Those numbers continue to grow in 2017, as the baby boomer generation ages and creates greater demand for long-term care services. Numbers like this get everyone's attention, and long-term care (LTC) is a concern that is at once personal, cultural and political. Those ...
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The State of Estate Planning – 2017

The State of Estate Planning – 2017
You probably feel as if the field of Estate Planning is in turmoil right now – uncertainty about income taxes, estate taxes and wealth transfer solutions seems so disruptive that Larry Brody, a widely respected estate planning practitioner, has titled an upcoming presentation: "What the Hell Do We Do Now?" Is it really that bad? Well, here are links to two excellent and recent AALU publications that may help answer that question. Survey Says: Tax Reform and Client Planning – What Advisors are Seeing and SayingWhat's Trending: What Experts from the 2017 Heckerling Institute Had to Say The takea...
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The no good, ugly, scary future of life underwriting

The no good, ugly, scary future of life underwriting
The tension is palpable. Underwriting is being turned on its head, driven by big data, automation, alternative risk assessment tools, and more predictive underwriting models and processes augmented by analytics. Go to any underwriting industry meeting and there will be considerable time and energy devoted to one or more of these topics, along with a fair amount of angst among the underwriting folks present. Traditional and new industry players speak about the latest risk assessment models and tools, back-tested through hundreds of thousands of client records and data points, producing mortalit...
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A split dollar power play made Jim Harbaugh college football’s highest paid coach — what was that about?

A split dollar power play made Jim Harbaugh college football’s highest paid coach — what was that about?
Last summer ESPN.com ran the headline: Michigan, Jim Harbaugh agree to increased compensation in form of life insurance loan. We suspect that most sports fans just shrugged and moved on to see how the Cubs were doing, but those of us in the life insurance business sat up and took notice. After all, we seldom get any press on the business page, let alone the sports page. And this was indeed big news about a big compensation boost, using a relatively little-known but powerful combination: Split Dollar and cash value life insurance. (Related: American Institute of CPA's: Split Dollar Insurance Pl...
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Filled With Gratitude

Filled With Gratitude
As we close out the books on 2016 and begin a new year we wanted to express our gratitude for all the love and support we received during an emotionally challenging 2016. In June we unexpectedly and rapidly lost Jerry Schwartz; dad, best friend and co-founder of Windsor. Hal Brooks beat back lung cancer with surgery and two rounds of chemo. Lastly, in early December Jane Brooks, Hal's wife of 60 years, succumbed to her decade-long battle with Alzheimer's. Family, friends and business associates provided tremendous support for us during these difficult times with messages of love and friendship...
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An Interview with DuWayne Kilbo and Marc Schwartz: Why You Need to Review Your Clients’ Policies Now.

An Interview with DuWayne Kilbo and Marc Schwartz: Why You Need to Review Your Clients’ Policies Now.
In our previous two blogs, Marc Schwartz talked about how pricing adjustments among a few life insurers had created an "out-of-control" environment for some of our clients. In part two of "Putting Clients Back in Control," Marc explored several product solutions that can help put your clients back in control – but for you, what's most important is knowing first what your clients want out of their life insurance policies. Here, Marc and DuWayne Kilbo discuss why you need to review your clients' policies now. The idea and process of Policy Review has been around forever. Why is it so important n...
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What Can We Do to Put Clients Back in Control – Part Two

What Can We Do to Put Clients Back in Control – Part Two
In our previous blog we explained how many of our clients feel as though what they want and expect from their life insurance policy is no longer in their control. Because some life companies have taken actions that create additional uncertainty and expense for their customers, it's up to us, as experienced professionals, to find a way to put our clients back in control. The key is to know what's important to your clients and then find the products and features that deliver the predictability and value they expect. No Lapse Guarantees (NLG) No question that we've seen a dramatic retraction of t...
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