Case Study: Customized Coverage

Imagine you are shopping for clothes and you find something you like in your size. You take it to the fitting room and it just does not fit. You have two choices; you could place it back on the rack and continue shopping until you find something else that fits you or you can have it tailored to you.

It comes naturally to us when we are shopping for items everyday items. Clothes, food, home goods, etc. However, when it comes to anything we do not purchase often (homes, cars, insurances, etc.) we tend to not understand our options, or even that we have options.

One of the outcomes we at Algren pride ourselves on is when an Advisor or their clients says, “I did not know you could do that”.

We recently had an advisor come to us with a client who wanted to do Extended Care planning. After illustrating several solutions, the client decided they were interested in Lincoln Moneyguard. The client was declined in Underwriting. We shopped the case to Nationwide and Securian (CareMatters and SecureCare respectively), but neither would insure the client either.

We then proposed single-paying a Universal Life contract with a Long-Term Care Rider. Yes, the contract will be a MEC – as are all products including MoneyGuard, CareMatters, and SecureCare when single-paid – however, all benefits paid for Long-Term Care purposes are tax-free.

The advisor said, “I did not know you could do that”, brought it to the client and they agreed it was worth a shot.

A Standard offer was tendered, which meant the cost was nearly identical to the original option we had shown.

We may not always be able to get the pants off the rack to fit your clients, but we will do everything we can to make sure they leave the store with pants they want and that fit!