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How do product solutions serve the broader needs in large cases?

Candace Barnes, Manager, Large Cases with Manulife discusses how permanent insurance products can be structured to suit the needs of large case clients in the affluent and business markets.

Every large case is unique. Yet in responding to them, certain principles apply. Our goal is to optimize the product solution, working with our underwriting team and reinsurance partners, to achieve the maximum amount of coverage for your client’s needs. We provide special handling at each stage. And the core client needs remain at the forefront.

What draws advisors to Manulife for their large cases? Our range of expertise and long history with a range of large complex cases. Our product specialists, our large case underwriting experts, and our tax, retirement and estate planning services team all come together to find the best outcome for your clients. 

Large cases typically have multiple needs. Some objectives may include the ability to accumulate wealth and defer taxes, pass funds to the next generation, secure collateral for a loan, provide additional retirement income, and optimize estate planning. We’re here to help you ensure you’re putting the right solution in front of your client.

Depending on the situation or the details of your large case, Manulife Par could be an excellent option to achieve your client’s needs. It may also be a good option for clients who want to protect their business and maintain access to cash, pass on value accrued in a private company, secure collateral for a loan, pay off tax liability at time of death, and leverage tax-advantaged management of extra assets.

In other instances, Manulife UL can also be a great product solution. It can work wonders when your clients need to maximize their insurance coverage from the onset, and want to increase their long-term wealth with tax-advantaged investment growth. 

Manulife UL is also an option for cases that require more flexibility for planning needs, such as the ability to make large deposits in the future or to reduce deposits without also having to decrease their insurance coverage or cash values.

Since Manulife Par and Manulife UL cater to different client profiles, my team of product experts and I work with advisors and their offices to optimize the insurance structure. We do so in a case-specific manner, in a way that best fits the needs of your affluent and business clients.  

Fundamentally, that’s how Manulife approaches every large case. Of course, no two are the same. So having a product expert to assist with structuring your solution is part of The Summit Experience. That’s what Manulife calls personalized support for large cases throughout the application, underwriting and delivery processes. 

The Summit Experience is available for cases where the life insurance has at least a $5 million face amount (or $50,000 of annualized premiums), critical illness insurance has at least a $1 million face amount (or $10,000 of annualized premiums) or disability insurance has a $20,000 monthly benefit (or $10,000 of annualized premiums).

Each case is unique. Because of Manulife's great reinsurance strength, we can work together to provide the most competitive offers and the optimum product solution on every large case. 

While doing so, we also give priority attention to large cases via advisor meetings, communications at every step, guidance, special handling and collaboration from start to finish.

Learn more about how the right products and solutions can serve the needs of large insurance cases.


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