There is a crisis occurring in America right now: Millions of seniors FAIL TO PLAN adequately for their retirement and long-term healthcare needs. They may have started with good intentions, even purchasing life insurance, but now they face serious health issues and their current income and savings no longer cover their mounting expenses.
Through the LifeCare Xchange program, you will be able to restore choices into your clients’ hands. This innovative program offers you the opportunity to help your senior clients Xchange their life insurance policy for solutions customized to meet their unique situation.
A client’s life insurance policy is a valuable asset. We have simplified the process to make it as quick, easy and painless as possible to Xchange that asset for a different type of solution that better meets the new and changing needs of your clients.
Xchange solutions include:
Partial retained death benefit paid to beneficiaries upon passing of insured
Immediate Annuity pays $2100/month to client for life
$3750/month tax free payment to care center for 5 years
Cash paid to policy owner now
*For illustrative purposes only.
Based on Face Amount, not offer chosen. Speak to a GWG Life representative for details. Call 1-855-713-9904.
Most of your clients haven’t heard of the LifeCare Xchange program or even know there are options to Xchange their life insurance policy for a new type of asset better suited to their current situation.
Agents appointed by GWG Life have access to many helpful tools and resources, including examples of Conversation Starters and compliance-approved marketing materials to introduce the concept of LifeCare Xchange to your senior clients. Learn more about our Marketing Services.
Also, you may have clients you haven’t talked to in a while. The LifeCare Xchange program gives you a new reason to check in with your senior clients and remind them of all of your services, including the expanded opportunity to meet new financial needs they may have for retirement or long-term care.
Appointed Agents refer a policy owner lead directly to GWG Life using a simple lead referral form. GWG Life contacts the policy owner on the agent’s behalf to begin the health and policy review process. There are no requirements of the agent to gather medical records.
Minimum age of 70 with a minimum policy face amount of $100,000. The most common policy types are Universal Life and Term Life, but other policy types can qualify as well.
A Policy Xchange is designed for seniors with impairments, chronic, or terminal health conditions. Oftentimes, applicants will be nearing or currently in need of long-term care support and services. GWG Life will require a signed HIPAA release authorizing us to perform a tele-med interview and possibly review medical records. Again, there are no requirements of the agent to gather medical records.What types of policies qualify for the Xchange?
Many factors are considered when determining the value of a policy. But here are some general guidelines:
No, the Xchange value is based on the face value of the policy and the outcome of the medical underwriting. The Xchange value is determined by calculating the projected remaining life expectancy of the insured relative to the cost of keeping the policy in-force over that timeframe.
Millions of seniors across the country needlessly abandon their life insurance policies every year. For many, they either cannot afford to pay the premiums or they plan to lapse or surrender their policies to qualify for Medicaid. What they don’t realize is that they have the legal right to Xchange their policies into other living benefits.
Since 1911, the U.S. Supreme Court has recognized a life insurance policy as an asset and grants the same personal property protections as someone who owns a home. An insurance company has no legal basis to interfere with the transfer of ownership of a life insurance policy.g