Advising a Client
How can we help?
Trust-Owned Life Insurance
At some point every conversation with your best clients will turn to estate taxes – and how to avoid them. Setting up an irrevocable life insurance trust (ILIT) is a powerful tool toward that end. We can help you and your client determine whether an ILIT is appropriate, move existing policies into place, acquire new insurance, and use a sophisticated and dedicated system for evaluating and managing trust-owned policies. We can also help with creative strategies to fund ILIT policies without dipping into lifetime exemptions or annual gift exclusions.
Your client may have life insurance policies they bought for good reasons – business or personal — but those reasons no longer matter. Rather than letting an old policy lapse, your client may be able to sell it as part of a Life Settlement.
A life settlement is the sale of an existing life policy to a third party. Proceeds are less than the death benefit but more than the cash surrender value. It can be an option for those who no longer need or want their life insurance policy or require funds for other needs.
Most types of policies may be candidates for settlement: Universal Life, Guaranteed Universal Life, Survivorship Universal Life, Variable Universal Life, sometimes Whole Life, and even – at times — Convertible Term.
We can help your client determine the tax consequences, future ability to buy life insurance, length of time needed to settle, and the costs – among other factors – before agreeing to a life settlement. It can get complicated. We can guide you both through the process.
Few clients are aware that their family is more likely to suffer deep financial loss from their being hurt or sick than if they die unexpectedly. We can help determine how much is needed to keep life moving along, whether individual coverage or business continuation coverage for business owners.
Your client has high expectations – even more so for something as important and personal as their financial plan. To make sure your clients’ insurance policies perform as originally intended, we offer professional, ongoing in-force policy management through Valmark Financial Group’s Policy Management Company. For a flat, reasonable rate, we can take this important function off your plate.
Life insurance is a long-term solution for ever-evolving needs. Monarch Insurance Partners is a proud member office of Valmark Financial Group, a firm specializing in working with clients’ trusted advisors to add life insurance to a fully designed financial plan. Our relationship with Valmark ensures our access to its proprietary PURE underwriting program, a full spectrum of insurance products, and the ability to regularly monitor and manage policies through The Policy Management Company.
Whether you are evaluating existing coverage or seeking new insurance, Monarch Insurance Partners uses a unique five-step process called Life Assurance 360™ to make certain that your policy fits your current needs and continues to serve its intended purpose for the duration of the policy.
By taking a comprehensive, 360° approach to designing, implementing and managing life insurance, we believe that the outcome produced for our clients is better than when each of these steps is addressed in isolation…that the whole is indeed greater than the sum of its parts.
Long-Term Care Insurance
Few things can drain retirement savings more quickly than the cost of long-term care. Whether it’s full-time residential nursing care or just help with daily tasks, cost of care is high and rising. LTC insurance can help make sure adult children aren’t saddled with these expenses, and a healthy spouse doesn’t find themselves in financial straits. We can help you build coverage around your clients’ existing benefits and savings and examine the appropriateness of hybrid LTC and life insurance.
The best of intentions may go awry without a plan in place. We can help you guide your client to the most tax-efficient, plan-friendly way to incorporate giving into a long-term financial strategy, including ways to avoid estate, gift, and generation-skipping transfer taxes.
* Valmark Securities supervises all life settlements like a security transaction and its’ registered representatives act as brokers on the transaction and may receive a fee from the purchaser. Once a policy is transferred, the policy owner has no control over subsequent transfers and may be required to disclosure additional information later. If a continued need for coverage exists, the policy owner should consider the availability, adequacy and cost of the comparable coverage. A life settlement transaction may require an extended period to complete and result in higher costs and fees due to their complexity. Policy owners considering the need for cash should consider other less costly alternatives. A life settlement may affect the insured’s ability to obtain insurance in the future and the seller’s eligibility for certain public assistance programs. When an individual decides to sell their policy, they must provide complete access to their medical history, and other personal information.