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CPS Insurance Services

About CPS Insurance Services

http://www.cpsinsurance.com

Questions? Contact our Sales Teams at (949) 863-0700. Life Insurance - Option 1 / Annuities - Option 2 / LTC - Option 3 / DI - Option 4.

Posts by CPS Insurance Services :

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Calculating Retirement Needs – We Can Help You Do The Math

Retirement planning has become the first priority for many individuals. Social Security and other retirement plans may not be sufficient for the clients’ needs. Though a client may be funding a 401(k) and IRA, they still might worry that they do not have enough savings opportunities, or that they may have a potential retirement shortfall.

One of the most overlooked savings tools for retirement is life insurance.

The cash value of a life insurance policy grows on a tax-deferred basis and may provide your client with a source of additional retirement income.
 
Address potential planning opportunities in your clients’ retirement plans.
 
We can generate a detailed report unique to each client on the potential income gap between their dream income, and what they are actually going to receive in retirement.
 
A member of our team would use this information to conduct a thorough retirement check-up, and help you show your clients how life insurance can positively affect retirement years.
 
Please contact us today – we look forward to the opportunity to help you complete a retirement check-up for each of your clients.
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Score With Life Insurance Underwriting Niches

Take a look at some surprising possibilities that can help you win a sale for clients with health impairments.
 
Preferred Plus MAY be available even with the following conditions:
  • Anxiety/Depression/Mood Disorder – One episode, duration of less than one year, recovered, no current medication
  • Asthma – Mild exercise induced or mild seasonal asthma
  • Osteoporosis – With no complications
  • Some skin cancers – Basal cell, superficial squamous cell carcinoma or single atypical nevus or dysplastic nevus (mole) with no family history of melanoma; Must have well-documented dermatology follow-up
Preferred MAY be available even with the following conditions:
  • Anxiety/Depression/Mood Disorder – Current and only on one drug; Well-controlled
  • Epilepsy – No seizures for more than 5 years; Not taking any medication
  • Moles/Nevi – Up to 3 atypical or dysplastic nevi (moles) with no history of melanoma or family history of melanoma and favorable dermatology follow-up
Contact the Life Underwriting team for more details and soon win the fanfare of your clients.
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Tell A Story – Sell LTC

Getting your clients to talk about Long-Term Care (LTC) can be very challenging. Many clients don’t believe that it will happen to them. They are under the impression they will not be among the 70% of Americans who need LTC at some point in their life.

So how do you get people interested and talking? The answer is simple, tell a story.

Here are some tips on storytelling to get people interested in LTC:
  • Talk about your own experiences – this adds personal and emotional value
  • Use stories from others – discuss their challenges and how they overcame them
  • Express your emotions – explain how the situation made you feel, or how others felt
  • Make sure it is relevant to your audience – if a potential client doesn’t have children, do not talk about how difficult an LTC situation is on the kids
  • Don’t try too hard – people know when you are lying just to get a sale
  • Keep it positive – don’t scare prospective clients with horror stories, educate them on the benefits of LTC
  • Short and sweet is key – keep your clients interested by only focusing on important details
  • Encourage discussion – ask questions and open up the dialogue to get potential clients involved and let them share their stories

The main goal of storytelling is to get prospective clients to visualize themselves needing LTC at some point, how great they will be taken care of, and how costs will be covered.

For more information please contact your LTC Specialist today!
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3 Ways To Get Your Clients Medical Bills Covered

Injuries and illness happen, and even when your clients have medical insurance, out-of-pocket medical bills can pile up, putting a strain on their financial security.

Clients may budget to meet their annual deductible in their medical insurance plan, but many are not prepared to handle the additional medical bills that can go beyond their deductible.

3 Solutions to Get Your Clients Medical Bills Covered
Clients considering an Income Protection policy now have the option to add additional protection in the form of a Long-Term Care, Critical Illness and/or Accident Medical Expense Benefit Rider which can provide additional protection to cover medical expenses for minimal or no cost at all.
 
  1. The Activities of Daily Living (ADL) Rider or Catastrophic Benefit Rider pays an additional monthly benefit in addition to the scheduled monthly benefit if your client is unable to perform 2 or more Activities of Daily Living (ADLs) without stand-by assistance or if cognitively impaired.
  2. The Supplemental Health Benefit Rider is similar in many ways to a traditional Critical Illness policy. This rider will pay a lump sum benefit equal to 6 times the monthly benefit if the insured has a stroke, diagnosed with cancer, or has coronary bypass graft surgery.
  3. Accident Indemnity Rider. When an accident occurs on or off the job, 24/7. The Accident Indemnity Rider pays fixed dollar amounts for emergency care, ambulance, diagnostic exams, surgery, and follow up Doctor’s visits. This rider pays even if there is no diagnosis of disability due to the injury. Coverage can include the insured’s spouse and children.
4 Ways to Present to Your Clients
  1. We offer customizable flyers, pre-approach letters, and client approved handouts – available to you, to provide your clients or prospects to generate interest.
  2. Prior to your appointments, consider sending your clients some educational pieces related to Income Protection and how the Additional Medical Expense protection works.
  3. At your appointment, first determine the Disability Insurance (DI) policy type and monthly benefit needed to meet your clients’ needs. When appropriate point out the features and the affordability of the added protection can be and the benefits it can provide.
  4. The riders are very affordable and can turn a basic disability policy into a comprehensive plan for little or no additional premium. Some riders will automatically pay a lump sum benefit and others will reimburse your client for medical expenses. There are some limitations and the riders are not approved in all states.
Please contact us for more specifics on how these benefits can enhance a product offering.
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Group 401k Retirement Plan Programs 101 💸 Thursday, July 11

Group 401(k) Retirement Plan Programs 101

Thursday, July 11th – 10.30 AM to 11.30 AM

REGISTER NOW

The value and distinctions of Multiple Employer Plans (MEPs), Pooled Employer Plans (PEPs) and Multiple Employer Aggregation Programs (MEAPs) to your clients and practice. During this presentation we will discuss:

  • Why group 401(k)s?
  • Understanding group 401(k) retirement plan programs
  • Identifying potential opportunities
  • Recognizing and assessing client perspectives
  • Determining the best fit for your client
  • Realizing the value to your practice

Presentation by Patrick Mulquin, Regional Director with Lincoln Financial.

Questions?  Contact Jim Moore, CPS VP of Retirement Services, at jmoore@cpsbenefits.com or (949) 225-7145.

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Properly Documenting Your Clients Intentions

In the most important episode of his life Paul Revere did not fire a shot. But his willingness to spread the alarm averted what could have been an early military disaster for the revolutionists of Massachusetts Bay.
 
Planners, too, in addition to fulfillment of their usual responsibilities must fill the role of an alarmist if they are to keep their clientele financially whole.

The sad truth is that if your clients do not take the time to plan correctly the government is poised to do it for them poorly when the need arises.

State laws allows for a citizens to assure that their affairs are handled according to their wishes, but they must takes steps to document their intentions properly.
 
Proper documentation can be achieved through the execution of these three basic planning documents:
  • A durable Power of Attorney that permits an appointed agent (attorney-in-fact) to conduct financial transactions for your client under the terms expressed.
  • A Health Care Directive (a/k/a – healthcare proxy, living will, durable power of attorney for health care) that appoints an agent to make health care decisions if the client becomes unable to do so.
  • A Last Will & Testament that, upon death, allows the client to a) decide who will receive the assets owned by the client, b) appoint who will manage those assets, c) state preferences for the guardian of the client’s minor children, and d) appoint trustees of trusts created by the Will.
If these are not in place a client must understand that there is legislation in every state that will make these decisions for them.
 
Broaden the influence you have with and the comprehensiveness of the service you provide to your clients by asking them if they have taken the time have drafted at least the three fundamental planning documents listed above.
 
We do not practice law or offer legal advice (nor do you), but will look at a client’s planning documents to direct them better when they have them reviewed by legal counsel. Give us a call.
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Rethinking The Term Insurance Strategy Can Save Clients More On Premiums

For many individuals, term insurance is an affordable way to protect their income during their working years, or to protect a financial obligation, such as a loan or mortgage.  What do these insurable interests have in common?

As time passes, the need for the insurance decreases – as policy owners have fewer years of income to replace, or as they pay down their loan or mortgage, the amount needed to pay-off the note decreases.

In other instances, a client may need to cover multiple obligations with different time horizons – attempting to do this with one policy is not the most efficient method.

There is a way to ensure your clients maintain an adequate amount of term life insurance, with a potentially lower cumulative premium outlay – laddering.
 
Multiple term policies of varying durations can be structured to provide a decreasing amount of coverage as a client moves through different stages of their life.
 
This can result in considerable cost savings, versus purchasing only one policy of the longest duration that will satisfy the total initial insurance need.
 
We can show you how to effectively ladder multiple term polices, and do a comparison of the costs versus a single policy sale. Even if you have previously sold a term policy – this is a great reason to contact clients and offer to do a review.
 
Call us today for more information.
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Happy Independence Day from CPS

“From every mountainside, let freedom ring,” Martin Luther King Jr.

Happy Birthday America!  Wishing you a fun and safe Independence Day…

Our office will be closed on Thursday, July 4th, and Friday, July 5th,  in observance of the holiday.  We will resume normal business hours on Monday, July 8th.  If you need any information, forms or quotes, please visit our website www.cpsinsurance.com.

Have a great 4th of July!

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Sweat Equity, Without The Equity

The business world abounds with stories of the entrepreneurs who managed success building an undercapitalized venture largely because they made little or nothing in the early years, choosing rather to channel revenues back into the growth of the business.
 
But there are often unsung heroes in these stories of delayed gratification: those talented and enterprising key employees who, captured by the vision and its opportunities, also sacrificed, giving up other more “sensible” opportunities, committing to onerous work schedules, and settling for less salary during their “salad days” so they might share in the bounty down the road.

The difference is that they have no ownership interest; and therein lies the sales opportunity.

Business owners with a conscience will be sure to reward such sacrifice among loyal employees when company fortunes turn.
 
Unfortunately there are some things over which the they have no control, like their unexpected premature death, or the level of obligation that successor owners might feel for those employees who played a role in getting the company to the dance.
 
There is an easy and economical way business owners can protect loyal employees, and the concept should be a club in the bag of every agent working the small to mid-sized business market, or who wants to be a player there.
 
Contact us to discusses how you can increase business sales using the concept of “loyal employee insurance.”
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Help Your Client Retire On-Time Using Indexed UL

Many Americans have the goal of retiring at age 65. It’s assumed that at that age, one will have worked long enough to have sufficient assets which can provide income over the rest of your life.

If your client’s primary source of funds for retirement income is a 401(k) plan, they could be facing a harsh reality when it comes time to retire.

401(k) plans are generally exposed to market volatility and are taxable as ordinary income upon distribution. If a client’s investments are down in the years just prior to retirement, they may find themselves needing to work longer to fund their retirement while hoping that their investment allocations turnaround and provide a positive return.
 
If a 401(k) plan is only one component of your client’s diversified retirement plan, then this may not be as big of a concern. But if they are banking on that 401(k) to take care of them and their family after their working career, they may want to consider using an Indexed Universal Life policy to protect against downturns in the market.
 
Above The Match
 
For those who have a company match, it makes sense to contribute to the max that a company is willing to match. Any funds that would normally contribute to a 401(k) above the match can be directed into an Indexed UL policy. This will allow clients to protect themselves against negative returns since the product has a floor rate which ensures that they will never lose a single penny of their accumulated value.
 
With caps on the interest credited around 12% they still have substantial potential to grow their retirement fund and provide a tax free income for life. This strategy also protects loved ones in the event of a premature death. If your client were to pass away before retirement, their beneficiary would receive a tax-free lump sum death benefit from the Life Insurance policy.
 
If you have clients who are contributing to their 401(k) plan without a company match or if they are contributing funds above and beyond their company match, this concept could help them protect their accumulated account values and retire on-time.
 
Call your dedicated Life Marketing Specialist to find out how much income you can help generate for your client‘s retirement while protecting their accumulated funds from market downturns.

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