Don't forget your spouse!

As you can imagine, Gradient Insurance Brokerage fields hundreds of incoming phone calls each day from producers like you who are working on specialized and unique case situations. Each casework scenario varies based on the needs of the prospect or client, so there is no one solution to fit all. However, a question that does arise more often than not is, “What happens to a spouse if/when their husband or wife dies? What options will the spouse have?” This is a question that I like to hear because one of the most vital things that I can assist you with is the structure of the annuity. It’s important to assign the proper owner, annuitant and beneficiary based on the goals your client is seeking to accomplish and each company will vary slightly in how they view a particular situation. Below is a prime example:

When dealing with joint ownership (husband and wife) most producers want to structure the policy to give the surviving spouse the option of keeping the contract or taking the death benefit. For some companies, that is exactly how it will work. However, other carriers will automatically pay the death benefit when the first spouse passes, eliminating some of the choice and flexibility that you may have intended for the surviving spouse. The answer to this problem may be as simple as choosing another carrier that will structure it appropriately for your clients’ needs. We can often help avoid this problem while still allowing your clients to choose the first product and carrier of their choice. In some cases, we may be able to accomplish the end goal by purchasing 2 policies, one owned by the husband and one by the wife.

Another area where this is applicable is with regard to income riders. The popular question is, “Should I set it up for joint or single payout?” This question is important because some income riders have spousal continuation and some do not. Some allow for joint payouts with a single owner, while others do not. Be sure to communicate with me about the end goal and I will help you make the most appropriate choice for your client’s needs.

We pride ourselves in our knowledge of products and ability to navigate the varying objectives your clients wish to accomplish. I want to invite you to involve me as much as possible when building these cases, so I can help ensure that your goals and the goals of your clients are met in full. Don’t forget to plan for the needs of the surviving spouse and to provide the choices and flexibility they desire.

Call me today with your casework and happy selling. 800.407.4137