Dan McDevitt

Memphis, Tennessee, USA

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Dan McDevitt Advanced Insurance

An independent practice focused on strategic planning + risk management for individual + family needs, business + ownership concerns.

Facing risks + uncertainties of government + marketplace, we want controlled results. Even when comfortable with a plan, seek additional fresh viewpoints.

Financial planning is the charting of an individual’s or entities financial goals in accordance with the ways and means of accomplishing the particular objectives.

Risk management is the basis of a serious financial plan; with insurance products being the most efficient + cost effective way to mitigate risks.

With the loss of a family bread-winner or business partner, having the correct life insurance will provide funds to keep the financial plan on track, without compromising a standard of living or a business continuation.

As life insurance serves multiple needs, a candid conversation + life insurance review helps determine types + amounts required for individual circumstances + goals.

With traditional purposes of individual life insurance being risk protection + savings, advanced use includes wealth creation + inheritance equalization. Benchmarking life insurance with investing fails to grasp the primary purpose to protect. Only life insurance pays a cash sum upon an insured’s demise.

Life insurance is an integral part of a financial plan tailored to individual needs.

Individual + Family Needs

As an independent advisor I provide only the best insurance plans for your specific situation, working for you without obligation to any particular insurance company’s products or agenda.

Individuals, families + financial planners benefit from receiving concierge services free from conflicts of interest. Called upon for solutions to the standard + special risk life insurance needs, my job is to address issues of qualifying + securing life insurance coverage for individual concerns, family protection, long term care, income replacement + estate planning. Selecting the lowest cost + best value is the goal.

An example; a husband and wife (one with health concerns), with young children desired life insurance for family protection. After a candid discussion of options + underwriter review to determine design + available discounts, applications were submitted. Both received prompt approval for coverage of $1,500,000 term + whole life policies, at competitive rates lower than expected.

Another example; an established property & casualty broker had a challenge. A client, 80+ years of age with health issues, wanted a $2,000,000 life insurance policy for an inheritance equalization plan under discussion with her wealth management team. Knowing that age + health are primary underwriting issues for life insurance, he wanted to help but did not know how to proceed.

After discovery meetings with broker, client + advisors, with a fuller understanding of their objectives, I was of service in the design of a $2,000,000 life insurance contract with annual premiums the client would pay using accumulated low interest CDs.

Business + Ownership Concerns

Life insurance provides liquidity when needed the most for protecting loved ones + business interests. As an asset class, life insurance has valuable benefits, playing a vital role in providing security + protection, no matter what happens.

As part of a holistic financial plan to protect interests, life insurance planning is widely advised today as important in addressing personal + business responsibilities.

Concerns of business + ownership include key person, executive bonus, buy/sell + business continuation plans.

Companies + families have similar life insurance needs as they both can require financial protection against an untimely passing in order to pay expenses as they continue to move forward.

Key Person insurance is meant to replace financial loss to a business upon the death of a key employee or partner, while the Executive Bonus goal is to reward + retain those affecting a company’s financial value.

Buy/Sell agreements are funded with life insurance to offset costs to surviving partners + have cash available to acquire the deceased persons interest in the business. Business Continuation plans are important when a death impedes a business with challenges in retaining value, cash flow + management.

Strategic plans to retain key persons responsible for establishing success + value in an enterprise, and having properly designed buy/sell agreements + business continuation plans are critical to ownership’s value, credit worthiness + attractiveness to suitors.

Of the value drivers in all enterprises + industries, motivated talent is top of the list. Motivated people tend to remain loyal as executive benefits, life insurance + group benefits are meeting individual needs.

Insurance + Benefits Advisory

A challenge today is to further distinguish service value while remaining focused on daily responsibilities. Our work requires a consultative process; respectful collaborations help amplify established brand value + competitive edge.

Serving as an additional resource, I assist in business development, discovery meetings, presentation, plan design + participation. Experienced in the best practices of insurance + benefits communication; for when you need another knowledgeable insurance + benefits advisor.

 

Dan McDevitt Advanced Insurance

An independent practice focused on strategic planning + risk management for individual + family needs, business + ownership concerns.

Providing seamless concierge services for individuals, business + advisors; consultative discussions, planning + design services are complimentary + provided as a professional courtesy to advisors. Compensation fees based on established schedules as paid by selected insurance carriers.

Dan McDevitt Advanced Insurance dan@dan-mcdevitt.com