The Insurist Has Moved!!
Sometimes life insurance seems like a losing proposition. You pay and pay premiums and can’t envision the time when you will need it or even worse, when your family gets the money upon your death. While traditional products were designed for death benefits protection, today’s products are much more flexible, allowing people to use them for cash value accumulation, disability protection, long term care protection, and should none of those needs become a reality…death benefit protection.
The term we insurance people use to describe these flexible uses of a life insurance policy is “living benefits” – meaning values created by a life insurance policy can be used during the insured’s life, not just upon their death.. These living benefits become more and more lucrative the earlier you start.
Starting early in a child’s life can allow you to provide benefits to them throughout their life. This can be through cash distributions for college funding or acceleration of death benefit for disability and long term care needs.. We’ve been structuring policies that grow to as much as $1 million of available benefit when the child reaches their 80s (i.e. when they’re most likely to need that coverage for long term care needs) for as little as $25 a month. We don’t start at a million because that would be silly, but we design the policy so it’s gets there when the time is right.
These hybrid products can allow you to use one contract for multiple needs. Cash accumulated inside the policy can be withdrawn on a tax free basis, provided the actual policy stays in force. Much more flexible than a 529 plan, these withdrawals can be used for college funding, starting a business, a home purchase and basically anything the child may need in the future. The living benefit riders allow the insured to draw down on the coverage amount for disability or long term care funding. It’s important that I note here that different carriers have different protections associated with these living benefit riders, so understanding what any given carrier is offering is essential.
These policies can be taken out up to age 90, but like we said, they perform beautifully when started in the toddler years. It’s really not about protecting those years as much as it is providing the long term living benefits we’ve discussed. Many parents and grandparents will also take out like coverage for themselves in order to protect their children and grandchildren from the financial exposure of their own long term care needs later in life. If you’ve shopped for long term care coverage you know it’s a use it or lose it proposition. When you use a hybrid life insurance product with living benefits it’s not. You use the benefit during your lifetime or it passes to your beneficiaries when you’re no longer here.
If you’d like to discuss your personal situation we’d love to hear from you. And PS…these types of policies don’t pull up on our quoting system, so don’t let that scare you.
Not too long ago, a friend introduced me to LeiLani Sandstrom (thanks Michelle!). I was immediately impressed. She had character, charisma, and a certain fight in her eye I rarely come across. She’d been licensed for a bit and had been working with one of the larger carriers in the US, but was seeking a more personable fit. She liked us and we liked her. And while I’m behind on my writing and welcomed her to The Insurist a bit ago, today I introduce you to LeiLani Sandstrom, AKA Lani.
Lani will be our Insurance Advisor in Santa Barbara and San Luis Obispo counties with a focus on the service based industries in those areas. She’s also excited about promoting one of our up and coming brands “The Insured Grandchild.”
I sat down with Lani to learn a few things about her and this is what she shared…
What is your favorite book?
I’m not much of a sit down type of book reader, but I will say my favorite is “When Tomorrow Comes” by Janette Oke.
What is your favorite food?
Probably Cajun. I love food and am not overly picky unless it’s “funky” food.
What keeps you going?
Happiness and enjoying what is given to us drives me in life. Mainly my wonderful husband, kids, my grandson, family and friends. I love experiencing new things and giving others the opportunity to experience new things. Sometimes trivial things can be amazing.
How do you spend your free time?
My hobbies are camping, riding quads, hanging out with family and friends, and painting.
What drives you to be in the insurance business?
I love to help people that can benefit from the services we offer. The insurance business can allow my husband and I to live a debt free life and for that I am grateful. It also gives me the space to live my life with my kids and grandkids and that is a rare opportunity.
Anything else you’d like to share?
I was born in Hawaii and raised in Texas. Been in California since 1995. My husband and I just celebrated our 20th anniversary and renewed our vows in my home state of Hawaii.
FOR IMMEDIATE RELEASE: October 30, 2014
THE INSURIST LAUNCHES INSUREMOMTOO.COM
#insuremomtoo is focused on the insurance needs of Moms
Los Angeles, CA: Today The Insurist (http://theinsurist.com) launches a new brand solely focused on the life insurance needs of Moms.
Having been in the insurance business for fifteen years, Founder Mindy Lamont noticed a gap in education around the need to insure the lives of Moms and has set out to solve that issue with an educational program she’s branded as #insuremomtoo (http://insuremomtoo.com).
“Time and time again, when I’m in meetings with growing families I hear couples express a misunderstanding of why you would buy life insurance for wives and mothers. I call it a social hangover, but today the needs of children are highly dependent on the resources a Mom provides inside or outside of the home (or both!) and these resources are crucial to the financial success of the family. Not insuring Mom can have devastating effects on the future of her children if she were to pass away. Single Moms almost always understand the need. In all cases, we can typically insure Mom’s value to the family for less than anyone expects.”
A survey conducted by LIMRA found that 83% of people believe life insurance is too expensive with a majority of those believing a $250,000 20 year policy would cost $400 per year when in fact it would be closer to $150 per year. Another point made clear by recent industry surveys is Moms are one of the most underinsured demographics in the nation with less than 30% owning adequate life insurance coverage.
In the next six months #insuremomtoo will launch via events throughout Southern California, starting with Club MomMe’s Fall Fest on November 9th. Following that, influential Mommy bloggers will be invited to educational lunch meetings and in the first quarter of 2015 The Insurist will start inviting Moms to fun and educational events at blow dry salons, lunches and brunches. Those interested in being on these invite lists can send their contact information to email@example.com.
About The Insurist: The Insurist is a unique insurance agency that combines old world agency management strategies with new world technologies. Founded in 2012 by Mindy Lamont after years in the industry, the company is rapidly expanding to serve the needs of growing families and growing companies throughout America.
Today we’ve announced a new Insurance Advisor in Lorraine Spector. Lorraine comes to us with a wealth of knowledge of the financial industry, having spent most of her career selling information services to traders at large firms, hedge funds and the New York Stock Exchange. She has also spent time helping non profits recruit fundraisers, giving her experience with Dress for Success, New York Cares, Women’s Shelters and Foster Care for Success.
When a friend suggested she use her financial expertise and people skills to start an insurance career she was immediately sold. After getting licensed and learning the ropes at a large firm, she stumbled across The Insurist and knew she had found her home. In the words of Lorraine, “We know that finding the right insurance solutions can be overwhelming, and we work to educate and simplify the process for our clients.”
Lorraine will be heading up our mid city markets assisting corporate and individual clients with life, health, disability and long term care insurance solutions.
We sat down with Lorraine a few days ago to get a better idea of what makes her tick “off camera.” Here’s what we found:
What’s your favorite restaurant?
“I’m not great with favorites when it comes to anything, but in terms of dining out in Los Angeles I would definitely say Mercado and Petty Cash.”
What about favorite books?
“I like to read memoirs and travel books.”
Favorite vacation spot?
“Without a doubt, the Big Island of Hawaii.”
When you’re not working, how do you spend your time?
“Knitting, needlepoint, reading, volunteering for women and children focused charities, hiking, walking and exploring our great city.”
What’s the craziest thing you’ve ever done?
“Backpacked through Europe, then jumped on a ship via Greece to Isreal to work on two Kibbutz.”
And finally, why insurance?
“I like that we help people protect themselves, their families and their businesses. I especially enjoy building new relationships and learning people’s stories…that’s where the fun is.”
We welcome Lorraine with open arms and are ecstatic she has joined our team at The Insurist.
“Insurance is an industry that depends upon data to accurately assess and manage risk. It is inherently a cautious business — and slow to change, many would add. But it is also a business designed to problem-solve, to engineer, to market and sell customized solutions to a consumer base that needs its products more than ever. At a moment of enormous opportunity, this industry is poised to deliver the innovative products the public is demanding. While they’re at it, thought leaders are embracing new technologies and distribution models that make buying insurance not only necessary, but also easy.
In the midst of what is arguably the most creative era insurance has seen, we present 24 innovators who are leading the charge in product development, underwriting, marketing strategy, research, and sales distribution.”
We are honored and excited to have our Founder included in this exceptional group of industry leaders!
Read the full article here.
Some people opt for the extended warranties on their televisions or cars to protect their valuables if something goes wrong after their purchases. A home warranty offers the same kind of protection, but for the major appliances and systems in a house. Since a house is the largest purchase most people ever make, a home warranty can add a layer of security to the purchase process.
Home warranties usually cover some of the following home features: heating and cooling systems, heat pumps, air conditioners, water heaters, major appliances, electrical and plumbing systems, washers and dryers and even septic systems and swimming pools.
WHAT TO LOOK FOR WHEN PURCHASING A HOME WARRANTY?
Before committing to a plan, consumers should double check the cost of the plan, the amount of deductibles and what’s included in the policy. The homeowner pays a deductible or co-pay for each visit. If the repair charge is still costly, the warranty may not be much of an asset. Anyone considering a home warranty should add up the costs of the policy and the co-pays to see whether a warranty makes sense or if they’d be better off putting money aside for emergency household repairs.
With a warranty, a homeowner or renter only needs to call the warranty company when there’s a problem. Then the warranty company finds an available local repair service. Consumers should make sure warranty companies use bonded and reputable repairmen.
Buyers should check their policies to make sure all repairs will be completed in a short timeframe. Check for loopholes in the policy that eliminate most major items from plan coverage. A good warranty will replace what can’t be repaired.
People should ask friends and neighbors to recommend regional or national home warranty companies that hire good repairmen and are fair to consumers.
WHEN TO PURCHASE A HOME WARRANTY?
Upon Buying a Home
Because the true costs of mortgages are so expensive for buyers, a home warranty that reduces their financial risk often facilitates a purchase. Buyers don’t know how well previous owners maintained their furnaces or dishwashers, but those items are protected with a warranty (usually for the first year after the sale). Adding in a warranty can be the tipping point that leads to a home sale. Home buyers can negotiate with property sellers for a warranty with the most coverage.
For Handy Repairs
A warranty can simplify life for people who are busy or not handy with home repairs. Not everybody owns a tool set or wants to call around for estimates. A warranty can shorten the to-do list when little things go wrong around a house. Since a policy has a prescribed deductible, a homeowner understands up front how much the job will cost.
In Old Age
A warranty can become a comfort for older homeowners who should no longer stand on ladders or move refrigerators out from the wall. In just one call, all of the home repairs can be addressed on budget.
As a Landlord
A home warranty is helpful for people who weren’t expecting to become landlords. Sometimes people decide to rent out a house instead of selling it, which adds inconvenient repairs to their busy schedules.
Home warranties can help renters, landlords and homeowners, but it’s important to understand what’s covered and how long repairs should take. A good policy encourages owners to have the small things fixed so they don’t become bigger and more problematic.
Back in November (before all the holiday madness!), I was graciously invited to join Toni Patillo and Karla Dennis on the Call Toni Radio Show. Watch the video for a summary of our conversation…and tune in on Saturdays from 3-4pm!
Yep. We’ve crossed over our one year anniversary and it’s time to expand. We’re looking for licensed insurance professionals who are tired of doing things the way they’ve always been done. People who like pushing boundaries (not the regulatory kind of course!) and want to treat their practice like the business that it is.
What do you need to be considered?
#1 You’ve gotta be a HAPPY person.
#2 You’ve gotta know what it means to be patiently persistent and strategically patient.
#3 You’ve gotta be willing to put in some time.
#4 You’ve gotta be able to maintain a professional virtual office environment.
#5 You’ve gotta be able to furnish adequate errors and omissions insurance.
#6 You’ve gotta have a creative edge to your marketing strategy.
#7 You’ve gotta have a sense of humor.
#8 You’ve gotta walk your talk.
#9 You’ve gotta be responsible for your own results.
#10 You’ve gotta be able to count to 10!
We like to be serious about our results in a fun way here at The Insurist and we’re looking for people who know how to strike that balance. Work hard play hard? That’s a great start.
All serious inquiries can be sent to firstname.lastname@example.org. Please include a resume and cover letter.