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He said it was declined, second sentence. But he could be using that just as a general term.
Stand alone LTC for a patient taking Donepezil?
- Thread starter Thomas Mead
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He said it was declined, second sentence. But he could be using that just as a general term.
I wouldn't even do this much. Possibly moving large sums of money with a guy who has Dementia sounds like a recipe for disaster. The OP may better off just moving on.
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He could ladder CD's to self insure with one maturing each month with a large enough sum to cover expected expenses. The cashing in of a matured CD is a whole lot easier than trying to liquidate an account. His client is best served by appointing a POA right NOW! with a medical directive and trust set up
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- 10,330
He is an existing client of the OPs. Sounds like OP sold him the annuities. He cant just abandon him.
I get your stance. Self preservation is more important than anything in this biz. But you are basically saying "screw this guys needs". When moving funds into an Income Rider with LTC benefits could be a huge benefit to his financial safety and standard of living when the disease progresses.
The key is to bring in the Beneficiaries of the annuity policies into the conversation. Most likely its children or other close family... most likely the same person or one of the same people that will have POA when the time comes.... and executor of estate when the time comes. And document, document, document. Even video record the meetings. People with dementia still need financial services.
- 10,330
Might as well put it in a bank account vs. CDs. At least an annuity would give the premiums 2x the growth a CD would... plus the annuity waives surrender charges for LTC needs. A true wealth advisor could find higher yielding bonds and ladder them, but that doesnt give you the liquidity the annuity does for ltc needs.
Totally agree about the POA and medical directive and trust. Needs to be done yesterday.
I have seen that go left both inside and outside of the insurance business. I have seen it where children get involved and make claims like "this person stole my parents money" or sold them this for commission, etc.
The fact that he got angry during the phone interview is not a good sign at all - dont care how much he tinkers with cars, is only 65, etc.
Sometimes you have to know when to back off. Not everyone can be insured and not everyone's situation can be fixed.
He didn't abandon his client. He attempted to get him coverage according to thr clients needs as stated by the OP "no hybrids."
Can he make one final attempt? Sure, but be fully aware when dealing with folks with Dementia how this can go.
He is not saying "screw this guys needs" if he cautiously let it be.
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Cashing an annuity that hasn't matured cost gain
Well, final attempt with what exactly? We have a client with prescribed Aricept. I understand that many insurance agents aren’t fully aware of underwriting, but agents need to understand that no one cares at all if your clients play softball and can hit .450. They do care if your client can remember the batting order, though.
Not always true.
Lol. Not a final attempt to get LTC insurance as the client is as uninsurable as uninsurable gets.
A final attempt for the OP to solve his clients problem using the alternative methods provided by @scagnt83 & @fed up.
Underwriters are not the only ones that could care less on how well you bat but care if you can remember the batting order. There is another group of folks who feel the same way - lawyers.
"You restructured my clients annuities and took his money to ladder CD's knowing full well he has Dementia, thus compromising his decision making?"
That's an easy lay up for a lawyer.
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