A producer called me three months ago about a business owner who needed $3 million in Key Man insurance to secure a loan of the same amount. While it might seem easy to run an illustration for a $3 million term policy, I knew that getting the full understanding of the situation was very critical before proceeding.

The producer, who is mostly focusing on AUM, worked with us to ensure the client received experienced counsel and the most appropriate outcomes regarding his client insurance needs. After the conversation with both the producer and client, we gathered the following:

The client had a 20-year existing policy with a value of $1 million that was about to expire; it had not, however, been put in place with sufficient consideration for the business’s obligations and future needs. Our discussions indicated this was an ideal time to review their insurance plan and enhance their protection level.

Our Business Consultants reviewed the company’s organizational framework and trust. We discovered that the client had implemented a sophisticated asset protection strategy to safeguard against estate taxes and creditors.

With these insights, we collaboratively worked together to craft a comprehensive solution. Rather than simply replacing the $1MM policy or issuing a new $3MM policy, we recommended increasing the coverage to $7MM based on a detailed balance sheet analysis. This would mean the business owner was fully protected from liabilities and their interests were preserved for the long term. It empowered them with the ability to confidently pursue their entrepreneurial dreams without holding back due to "what ifs."

This case is an example of how a producer, who might not have specialization in the insurance arena, can tap into our knowledge and bring serious value to their clients. We worked together so I could ensure client satisfaction, which in turn helped the producer further develop their relationship with the business owner.

But that's not the end of the story.

Our work with the business owner regarding the Key Man insurance allowed for more conversations about their own insurance needs. Feeling the value we brought, the client wanted to ensure that their own insurance was equally robust and aligned with their goals. This led to a conversation about personal life insurance, disability income protection, and estate planning strategies to further advance the protection of their wealth and family.

This case demonstrates the value of thoughtful, proactive planning. It’s not just about meeting immediate needs—it’s about building lasting relationships and delivering solutions that set clients up for long-term success. If this resonates with you and you’re focused on AUM but want to enhance client relationships with tailored insurance solutions, you know where to find me.

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