“I don’t care what the truth is as long as I know it!”
Frank Campbell shares these sage words in his recent Spotlight from his networking group ProVisors. Frank’s mission is to continue to let folks know that 88% of all life insurance policies do not pay what the beneficiary is expecting. Fight on, Frank!!!
1. What is your profession and role?
I am a Licensed Life Analyst and owner of Stratus Financial Partners. Our primary focus is verifying that our clients’ life insurance policies won’t break down on them between now and when the beneficiary is supposed to get a check. If our assessment identifies a problem, we help fix it. If it can’t be fixed, we’ll help find the best alternative.
2. What inspired you to step into this profession? Is this something you always wanted to do?
Happily retired after 32 years as a financial advisor at Prudential, I was working on my bucket list, “30 things I haven’t done in 30 years.” It was a blast! 14 months in, I was already on number 28. As I was pondering what to do next, an article on a court case caught my attention. It listed things that needed to be done to properly manage an existing life insurance policy. I realized that, while it wasn’t that difficult to implement, hardly anyone was doing it. As a result, 80% of policies never pay the beneficiary. It doesn’t have to be that way.
Stratus was founded to make a difference. The systems and procedures we’ve developed make the process easy for clients to understand and have confidence that their policies will really be there when they’re needed.
3. Who calls you? When do they call you?
There is a mix of people we can help. Everybody wants to be safe. Is a policy in the 20% that will be fine, or the 80% that will disappoint? If that question can’t be clearly answered, we can help. Individuals have a tendency to find us on the Internet. Most of our activity comes from other professionals who depend on us to help them further help their clients. As an extension of that client relationship, we help provide clarity and peace of mind.
It’s easier to avoid a problem than it is to fix it. While we offer guidance after a bad letter from the insurance company comes in, it’s much more satisfying to avoid the letter altogether. Why not do it now?
4. Can you share a quick success story of how you/your services made a difference for a client?
One we’re currently working on is a widow who got a 1099 this year for $20,000. She hadn’t paid attention to an old life insurance policy because her husband had told her it was paying for itself, and she didn’t need to worry about it. (Had we been able to look at this even five years ago, her policy wouldn’t have lapsed.)
Once we went back and got complete information from the insurance company, we were able to identify how to fix it. For a surprisingly affordable amount, she’ll be able to reinstate the policy and reverse the taxable event. According to the advisor who brought us in, this will save her over $5,000 in income tax this year. Everyone’s delighted.
5. What is one principle or phrase you live by?
The phrase that comes to mind for is “I don’t care what the truth is, as long as I know it.” My family, friends, and professional colleagues have all heard that from me. I’m always seeking the facts and how to distill them down to the basic truth and substance.
