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TrueNorth's Approach to Life Insurance Acquisition

posted by TrueNorth Financial Strategies on Thursday, November 9, 2023

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In a world full of uncertainties, both individuals and businesses seek a safety net against unforeseen challenges. Life insurance serves as a crucial component of risk management, providing financial security when it matters most. Whether you're an individual looking to protect your family's future or a business seeking to ensure continuity, TrueNorth's Life Insurance Acquisition Process is a vital tool in safeguarding your interests. At TrueNorth, we don't sell life insurance, we help individuals and businesses that need it, acquire it the right way.

Step 1. Discovery:

Our journey begins with a comprehensive Discovery Session, which is the cornerstone of effective risk management. For individuals, this step is about assessing your financial picture. It’s about developing a deep understanding of how you want to mitigate specific personal and family risks. For businesses, it's about determining what would happen in the event of an untimely death of an owner or key person. We do a deep dive into what would happen in several scenarios. This approach will allow a business to use a dollar to mitigate multiple risks at the same time, which integrates seamlessly with their risk management strategy. At the end of the day, we get a deep understanding of our client's needs and goals from the beginning.

Step 2. Health Risk Analysis:

Next in line is the Health Risk Analysis. This phase plays a pivotal role in insurance selection and is often skipped by insurance salespeople. This process comprehensively analyses our client's health history. Our decades of experience in life insurance underwriting helps us narrow down an ocean of insurance carriers from hundreds to the few that are priced well for each health risk and health risk combination. We then present each client individually to the top insurance carriers and sell our client's risk to the insurance company. This is a significantly different approach from insurance agents that only represent one company. What are the odds that their medical underwriting niches and product portfolio are a perfect match for you?

Step 3. Policy Design & Education:

Our process advances to Insurance Policy Design. We leverage the insights gained in the Discovery Session and Health Risk Analysis to design multiple insurance policy designs. There are going to be multiple options in the form of different products, designs, and funding strategies that will solve one or multiple risks we have identified in our Discovery Session. We build multiple options and educate our clients on the pros and cons of each. Education is paramount in our process, our clients walk away with an understanding of their options.

Step 4. Selection & Implementation:

The final phase involves Selection and Implementation. Through our Discovery, Health Analysis, and Policy Design & Education sessions, we then prepare the paperwork on your behalf, acquire signatures, and apply to the chosen insurance company for coverage. During this process, we guide you in making informed choices, ensuring that your life insurance is aligned with your unique needs. This phase brings the risk management process full circle, securing the future for both individuals and businesses.

TrueNorth Companies' Life Insurance Acquisition Process is not a transaction; it's a comprehensive risk management strategy. For individuals, it's about safeguarding their family's future. For businesses, it's about ensuring continuity and protecting against the unexpected. We don't sell life insurance; we guide you through a thorough and structured process to acquire it properly, ensuring that your risk management needs are met. That's the TrueNorth way.

Reach out to your TrueNorth representative, or fill out the form below to have one of our Advisors reach out to you:

(Securities offered through Lion Street Financial, LLC (LSF), Member FINRA & SIPC Investment Advisory Services offered through Lion Street Advisors, LLC. LSF is not affiliated with TrueNorth Companies, L. C.)   

Tax and Legal services are not offered by Lion Street Financial, LLC., or Lion Street Advisers, LLC.