You may wonder why Cornerstone is constantly emphasizing the importance of having a regular financial review at least once a year. Managing Partner/Branch Sales Manager Jonathan Booher recently encountered a situation, which is a great example why these reviews are so important!
Mr. Booher recently met with a client who we will refer to as Mrs. Jones. Mrs. Jones is 66 years old currently in good health and hasn’t had any major medical complications within the last five years. Mrs. Jones was very happy with all of her insurance policies and felt like she was set and did not need a financial review. To be on the safe side, she decided to let Cornerstone review her current policies to make sure everything was still in force and in good standing, and that there weren’t any oddities to the policies she might have been unaware of (seems like there’s always SOMETHING hidden in the small print. Right?)
The Life Insurance Policy Mrs. Jones had purchased many years before, was a whole life policy that had a $25,000 death benefit. Her monthly premium was $50, and she made it very clear that was the most she could afford to pay for her life insurance.
When Mr. Booher did some research into this life policy, he found that in the years Mrs. Jones had been paying premiums into her life insurance policy, it had accumulated over $10,000 of cash value! However, Mr. Booher explained to Mrs. Jones, that in the event of her death, her beneficiary (her daughter) would ONLY be entitled to the $25,000 death benefit, and NOT to the $10,000 of cash value! This was very upsetting to Mrs. Jones, because her main goal was to leave as much of a legacy behind to her daughter as possible, and it seemed like a waste to just lose that cash value that was rightfully hers!
So, through Cornerstone, Mrs. Jones was able to take out a new life insurance policy. Using the $10,000 of cash value that had grown within her old policy she was able to fund a new policy with a death benefit of $52,800- more than double her previous benefit! ALL of this money will go to her daughter when Mrs. Jones passes away. And best of all, her monthly premium stays exactly the same!
In just one simple (and FREE) financial review, Mrs. Jones was able to use an asset she already had and double the benefit that will be paid to her family with NO added monthly financial responsibility!
This is just one example of how beneficial a financial review can be!
Cornerstone has more than 50 trained professionals who will complete a financial review completely free and with no obligation to the client! It’s what we do! These meetings can take place in the comfort of your own home at a time convenient for you.
Contact us to set one up today!