We’ve all heard about Murphy’s Law … and felt the wrath of it at the most inopportune times. Think about the last case you worked to place that didn’t go as planned. Maybe you had a tight placement deadline to meet, a table rating you were trying to get for your client or both. As one thing after another went wrong, you either had to put in additional time and energy to get it placed – or it ended up as a dreaded decline. At times like these, wouldn’t it be nice to have a trusted resource step in to change fate, fix anything that might be “broken” in the placement process and start turning things around? By partnering with Creative Life, you can be confident that even the worst of situations result in the best possible outcomes.
THE FACTS
- Male client, age 56
- Overweight
- High net worth business owner
- Estate planning concerns
THE GOAL
Create an Irrevocable Life Insurance Trust (ILIT) to ensure life insurance proceeds are not taxed upon the client’s death. At the same time, purchase life insurance with the lifetime gift exemption maximum, a single $3 million premium, to maximize the death benefit for the client’s heirs.
THE COURSE OF ACTION
The agent met with a high net worth client to discuss his plans for purchasing a life policy. The client wanted to remove a portion of his assets from his estate to reduce tax liabilities for his heirs. The agent then worked with his strategic alliance partners (the client’s estate planning attorney and CPA) to determine that creation of an ILIT would be in the client’s best interests for achieving his goal. With just six weeks to place the policy before year’s end, the agent immediately contacted Creative Life for assistance.
The Life Team began building the case in-house and determined that Aviva’s Advantage Builder III IUL would be the best solution for this client. The team then ordered an attending physician’s statement (APS) to help reinforce the client’s good health, despite his weight, and coordinated setting up the paramedical exam, including an EKG treadmill test to further support the intention of getting a strong table rating for the policy. However, when the client showed up for his exam, he didn’t dress for the treadmill test. We rescheduled for the earliest follow up by setting an appointment directly with the client’s physician. In the meantime, Creative Life’s in-house underwriter reviewed the case for approval to keep the process moving, but little did we know that Murphy’s Law was already in play.
THE SOLUTION
The client’s physician was unavailable to complete the treadmill test, so he was referred to a fellow physician in the practice. Unfamiliar with the client’s health history, that doctor refused to complete the treadmill and referred the client to a cardiologist. At this point, we stepped back in to obtain a doctor’s approval to refer the client to a new cardiologist who could complete the treadmill test within a week’s time. Everything seemed to be back on track, until the client didn’t show for his appointment.
After rescheduling a fourth time and with the holidays nearing, the treadmill test was completed, but the doctor’s office did not have anyone available to interpret the test results. We went back to the agent, who contacted a professional he had worked with on a previous case who could interpret the results. It was already December 27. By coordinating with our underwriter and the carrier, one policy was issued standard non-tobacco up to $10 million and a separate policy was issued at table 3 for an additional $10 million on December 30. The case was paid the following day.
THE RESULT
For the client: With Creative handling the coordination, the effects of Murphy’s Law were minimized. The client was able to obtain life coverage that would take care of his loved ones upon his passing and ensure they weren’t left with an unwanted tax burden in the end.
For the agent:
| Advantage Builder III IUL face amount |
$10,000,000 |
| Advantage Builder III IUL face amount |
$10,000,000 |
| Total target premium |
$385,000 |
The agent’s confidence in the Creative Life team grew exponentially, and he was able to get paid on the policy in the initial set timeframe.
The next time Murphy’s Law is at work making your job extremely challenging and wreaking havoc on your mental state, take a step back and relax. Just give your Creative Life team a call, and we’ll do our best to fix it every time.
FOR AGENT USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 12199 – 2012/2/24
Aviva Advantage Builder III IUL [Policy Form 2EDB08] is issued by Aviva Life and Annuity Company, West Des Moines, IA. Product features, limitations and availability vary by state.
Guarantees provided by life insurance are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. Agents may not give tax, legal, accounting or investment advice. Individuals should consult with a professional specializing in these areas regarding the applicability of this information to his/her situation.