Tim Fuller

President, SRS Inc.

Tim Fuller is President of SRS Inc., a full-service IMO (Independent Marketing Organization) and BGA (Brokerage General Agency) that has connected independent financial professionals with life, annuity, disability income, and long-term care solutions from 60+ carrier partners for more than 50 years. Tim and the SRS team specialize in impaired-risk underwriting, advanced case design, and helping advisors place the cases other IMOs turn away.

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LTC Field Underwriting: 6 Things to Uncover Before You Submit

September 25, 2026February 11, 2021 by Tim Fuller

Adult daughter and her aging mother sharing a warm moment while discussing long-term care planning

Long-term care cases move fastest when the underwriter doesn’t have to hunt for information. A little detective work at the application stage can prevent weeks of delays and surprise decisions.

Key takeaways

Ask which specialists the client sees; it reveals conditions they may not mention.
Recent diagnoses, pending tests, and ongoing therapy can all delay or change a decision.
Clients often describe medications by symptom; find the diagnosis behind every prescription.

“A water pill for fluid” could mean mild swelling — or heart failure. Always find the diagnosis behind the medication.

1. Ask about specialists

A specialist tells the underwriter a lot. After bypass surgery, is there a cardiologist? After joint replacement, an orthopedist? With rheumatoid arthritis, a rheumatologist? Multiple medications for depression or anxiety, a psychiatrist? Diabetes, an endocrinologist?

2. Note the date of diagnosis

A diagnosis within the last six months to a year may not give the underwriter enough time to judge stability.

3. Note the last doctor visit

If it’s been more than two years since a physical and lab work, preferred rates are unlikely. Also ask about upcoming follow-ups; knowing about ongoing treatment lets the underwriter order records right away.

4. Listen for pending tests, surgeries, and therapy

Pending tests: anything scheduled but not yet done.
Recent surgeries: what type, was anything malignant, has it healed, and is follow-up still needed?
Physical therapy: for what, is it resolved, did it help, and has surgery been recommended?

5. Find the diagnosis behind each medication

“Water pill”: could be mild swelling or heart failure; note the dosage.
“Blood thinner”: ask about stroke, TIA, heart surgery, clots, or leg surgery.
Bone medication: ask about recent bone density tests and results.
“Arthritis” medication: rule out rheumatoid arthritis.
Narcotic pain medication: why, how often, and for how long.

6. Question anything unusual

A younger applicant who isn’t working may have a health condition or be receiving disability benefits. The underwriter will need to know, so ask first.

Frequently asked questions

What information speeds up long-term care underwriting?

Specialists seen, diagnosis dates, last doctor visits, pending tests, recent surgeries, therapy, and the diagnosis behind each medication.

Why do medications matter so much in LTC underwriting?

They often reveal conditions the client didn’t mention, and some medications are associated with uninsurable conditions.

Does a recent diagnosis delay LTC approval?

Often. A diagnosis within six to twelve months may need more time to show stability.

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Reviewed by Tim Fuller on 2026-09-25

Tim Fuller

President, SRS Inc.

Tim leads SRS Inc., a full-service IMO (Independent Marketing Organization) and BGA (Brokerage General Agency), connecting independent financial professionals with life, annuity, disability income, and long-term care solutions from 60+ carrier partners.

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Critical Illness Insurance: Lump-Sum Cash at First Diagnosis

September 26, 2026February 10, 2021 by Tim Fuller

Advisor supporting a couple as they review living needs benefits paperwork together

More people survive cancer, heart attacks and strokes than ever before, but surviving can be expensive. Critical illness insurance pays a lump sum at diagnosis so clients can cover the costs health insurance leaves behind. Here is how it works and which clients to talk to first.

Key takeaways

Critical illness coverage pays a lump-sum benefit on first diagnosis of a covered condition such as cancer, heart attack or stroke.
The money can be used for anything: deductibles, lost income, child care, travel for treatment or home care.
Some plans offer large benefit amounts, extended benefits past 65, or a return of premium feature, so compare carefully.

Medical advances mean more clients survive a critical illness. The financial strain of that survival is the gap this coverage fills.

Why surviving a critical illness creates a financial gap

Health insurance pays for hospital stays, physicians and prescriptions. It does not cover deductibles and coinsurance, lost income, child care, travel to treatment centers, home modifications, or home health care. A recovering patient often pays those costs directly, at a time when they may not be working.

Five-year survival rates for many cancers are now high, and millions of Americans are living after a stroke, many with lasting disabilities. That is good news medically and a planning issue financially.

How critical illness insurance works

The policy pays a lump-sum benefit, generally income-tax-free when personally owned, upon first diagnosis of a covered illness. Covered conditions vary by carrier but typically include cancer, heart attack and stroke, and some plans cover a longer list that may include conditions like Alzheimer’s disease.

Features to compare across carriers include:

Maximum benefit amounts (some carriers offer benefits up to $500,000; confirm current limits)
Whether benefits reduce at a certain age, often 65, or continue longer
Return of premium features that refund premiums to the beneficiary if the insured dies without a claim
The list and definitions of covered conditions

Which clients to approach first

Clients with a family history of cancer, heart disease or hypertension
Self-employed clients and business owners without paid sick leave
Families with high-deductible health plans
Existing disability income clients who want protection that pays regardless of work status. See our post on income protection planning.

Coverage is typically affordable, especially at younger ages, and it is easier to qualify before a diagnosis than after.

Getting help with case design

We work with several critical illness carriers, and plans differ significantly in definitions, age limits and optional features. Our team can help you compare options and pair critical illness coverage with disability or life insurance for a more complete protection plan.

Frequently asked questions

What does critical illness insurance cover?

It pays a lump sum on first diagnosis of a covered condition, typically including cancer, heart attack and stroke. The exact list and definitions vary by carrier.

Is a critical illness benefit taxable?

When the policy is personally owned and paid with after-tax dollars, the benefit is generally received income-tax-free. Clients should confirm with a tax advisor.

How is critical illness insurance different from disability insurance?

Disability insurance replaces income when a client cannot work. Critical illness pays a one-time lump sum at diagnosis, regardless of whether the client keeps working.

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Reviewed by Tim Fuller on 2026-09-26

Tim Fuller

President, SRS Inc.

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Trust-Owned Life Insurance Policy Reviews: Opportunity and Liability Protection

September 26, 2026February 9, 2021 by Tim Fuller

Not every life insurance policy held in a trust was built on guarantees. Many older policies have underperformed their original illustrations and could lapse before they do their job. Offering trust-owned policy reviews protects trustees and advisors, and it builds referral relationships.

Key takeaways

Non-guaranteed policies held in trusts may underperform and lapse early if nobody is watching them.
A documented policy review can be an important defense if beneficiaries later question how a policy was managed.
Offering complimentary trust policy reviews is a strong way to start relationships with CPAs, estate attorneys and trust companies.

A documented review, even one the client chose not to act on, can make the difference when beneficiaries later ask what went wrong.

Why trust-owned policies need regular reviews

Many trust-owned policies were designed with non-guaranteed assumptions. After years of lower interest crediting and rising cost of insurance charges, some are now projected to lapse before the insured’s life expectancy. Because these policies usually carry large face amounts on older insureds, a lapse can mean a significant loss to the trust beneficiaries.

Trustees, often family members, may not realize they have a duty to monitor the policy. For more on this, see our post on older UL policies at risk of lapse.

A cautionary story

A carrier representative shared a case in which trust beneficiaries sued the writing agent, the brokerage general agency and the carrier for failing to maintain a sound insurance strategy and review the policy to prevent a premature lapse.

A review had been done within the prior three years. It identified the underperformance and recommended an alternative. The insureds, the beneficiaries’ parents, chose not to act and did not tell their children. The documented review was enough for the case to be dismissed. The lesson: review, recommend and document.

Use reviews to open doors with professionals

This story is a natural conversation starter with CPAs, estate planning attorneys and trust companies. Many have clients or friends serving as trustees who may not understand their exposure.

Offer a complimentary review of trust-held policies.
Share findings in plain language with the trustee and the client’s other advisors.
Look for more efficient solutions even when a policy is performing, since newer products may offer better guarantees or lower cost.

How SRS helps

We can help you order in-force illustrations, analyze current performance, and compare alternatives. For complex trust designs, our advanced markets support can help you structure recommendations. Because trust-owned policies tend to be large, even one review a month can meaningfully grow your practice.

Frequently asked questions

Why do trust-owned life insurance policies need reviews?

Many were built on non-guaranteed assumptions that have not held up. Without periodic review, a policy can lapse before the insured dies, defeating the trust’s purpose.

Can a policy review reduce liability for an advisor or trustee?

Documenting a review and recommendation can be an important defense if beneficiaries later challenge how a policy was managed. It is not a guarantee, so consult legal counsel about specific duties.

What does a trust-owned policy review include?

Typically an in-force illustration at current and guaranteed assumptions, an assessment of lapse risk, and a comparison with alternatives such as funding changes or a replacement policy.

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Reviewed by Tim Fuller on 2026-09-26

Tim Fuller

President, SRS Inc.

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Permanent vs. Term Life Insurance: When Permanent Coverage Makes Sense

September 26, 2026February 8, 2021 by Tim Fuller

Term life insurance is the right answer for many clients, but not all of them. Some needs last a lifetime, and some clients want benefits beyond a death benefit. Here is how to tell when permanent coverage belongs in the plan.

Key takeaways

Term fits temporary needs like income replacement and debt; permanent fits needs that last for life.
Permanent policies can offer tax-advantaged cash value growth, no required minimum distributions and no income phase-outs.
Many permanent policies offer living benefits such as long-term care or chronic illness riders.

If the need will still exist when the client is 85, term insurance is unlikely to be there to meet it.

Start with the length of the need

The simplest test is time. If the need ends, such as a mortgage, raising children, or replacing income until retirement, term is often the most economical choice. If the need lasts for life, such as estate liquidity, a special-needs dependent, charitable goals or final expenses, permanent coverage is designed to be there when it is needed.

When permanent life insurance makes sense

Estate liquidity. Clients whose estates may exceed the federal $15 million exemption, or who live in states with their own estate taxes, need coverage that lasts. See our post on estate tax liquidity.
Business planning. Buy-sell and succession arrangements often need coverage for as long as the owner lives.
Tax-advantaged accumulation. High earners who have maxed out qualified plans may value cash value growth with no income phase-outs.
Legacy and equalization. Leaving a guaranteed amount to heirs or charity.

Features clients may not know about

Income-tax-free death benefit to beneficiaries
Cash value that grows tax-deferred and can be accessed through withdrawals and loans
No required minimum distributions and no penalty for access before 59½ (outside of MEC rules)
Indexed designs that offer upside potential with downside protection
Riders that accelerate benefits for long-term care or chronic illness
Wellness programs from some carriers that reward healthy habits

Blending term and permanent

It does not have to be one or the other. Many clients are best served by a blend: permanent coverage for lifelong needs and term for the larger temporary need. Convertible term can also preserve the option to move to permanent coverage later without new underwriting.

Frequently asked questions

When is term life insurance the better choice?

When the need is temporary, such as replacing income until retirement, paying off a mortgage or covering years of child-raising, term usually provides the most coverage per premium dollar.

What are the main advantages of permanent life insurance?

Lifetime coverage, tax-deferred cash value that can be accessed, no RMDs, no income phase-outs, and optional living benefit riders.

Can a client have both term and permanent coverage?

Yes. A blend often works well: permanent for lifelong needs and term for large temporary needs. Convertible term keeps the option to switch later.

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Reviewed by Tim Fuller on 2026-09-26

Tim Fuller

President, SRS Inc.

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Couples Discounts and Asymmetrical Designs: Making LTC Coverage Affordable

September 25, 2026February 4, 2021 by Tim Fuller

Many clients assume long-term care coverage is unaffordable. In reality, a policy is only as expensive as its design, and a few strategies, especially for couples, can make a big difference.

Key takeaways

Some carriers offer couples discounts of 20–30%, and at least one up to 40%, when both spouses apply and are approved.
An asymmetrical design gives one spouse a richer benefit and the other a smaller one, while keeping the couples discount.
Buying between ages 45 and 60 means lower premiums and a better chance of preferred health discounts.

A couples discount of 20–40% can make coverage for two cost far less than two separate policies.

Couples discounts

Many carriers discount premiums when spouses or partners apply together and both are approved: typically 20–30%, and up to 40% at one carrier, compared with little or no discount for a married person applying alone.

Asymmetrical case design

When a couple can’t afford two rich policies, or one spouse wants coverage more than the other, give one spouse a fuller benefit and the other a smaller “token” benefit. Both usually still qualify for the couples discount, and the total premium drops significantly. Joint policies are another option; see joint life LTC for couples.

Use age and health

The ideal planning window is roughly 45 to 60. Younger applicants pay less and are more likely to qualify for preferred health discounts. See the cost of waiting.

Some protection beats none

Coverage doesn’t have to be all-or-nothing. A pool of benefits, even a modest one, hedges the risk. More levers in five ways to make LTC more affordable.

Frequently asked questions

Do couples get a discount on long-term care insurance?

Often, yes. Discounts of 20–30% are common, and some carriers offer up to 40% when both are approved.

What is an asymmetrical LTC design?

Giving each spouse different benefit levels, often a richer benefit for one and a smaller one for the other, to control cost.

What is the best age to buy long-term care insurance?

Roughly 45 to 60, when premiums are lower and qualifying is easier.

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Reviewed by Tim Fuller on 2026-09-25

Tim Fuller

President, SRS Inc.

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5 Tips to Start the Income Protection Conversation

September 25, 2026February 3, 2021 by Tim Fuller

Clients avoid conversations about disability. They lean into conversations about protecting their income. That small shift in framing makes individual disability insurance much easier to discuss.

Key takeaways

Focus on the need, providing income if a client can’t work, before discussing policy details.
Real stories and comparisons to familiar coverage like auto and home insurance make the risk tangible.
Position income protection as the foundation of the client’s financial plan.

Clients insure their cars and homes without a second thought. Their income pays for both.

1. Focus on the need, not the product

Most clients don’t know why they’d need disability insurance. Start with the basics: it provides income if an illness or injury keeps them from working. Save policy details for later. Clients often get lost in terminology; see explaining own-occupation vs. any-occupation for when details matter.

2. Tell stories to make it real

People don’t think “disability” will happen to them, but they know they could get sick or hurt. Examples like a cancer diagnosis or a back injury make the risk concrete. See the power of real-life stories.

3. Compare it to insurance they already own

Clients understand why they insure their car and home. Without income, they could lose both.

4. Stick to the facts

Illnesses such as cancer, heart disease, and musculoskeletal conditions cause most long-term disabilities, not accidents.

5. Make it the foundation of the plan

Every financial plan assumes income keeps coming. Protecting it makes the rest of the plan possible.

Frequently asked questions

How do I bring up disability insurance with clients?

Talk about protecting their income rather than disability, focus on the need first, and use real stories and familiar comparisons.

Why do clients avoid disability insurance conversations?

Most believe disability won’t happen to them and find the topic uncomfortable. Framing it as income protection helps.

Should disability insurance come before investing?

Many planners view income protection as foundational, since it keeps the rest of the financial plan funded if the client can’t work.

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Reviewed by Tim Fuller on 2026-09-25

Tim Fuller

President, SRS Inc.

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Life Insurance for Non-Owner Family Members in the Business

September 26, 2026February 2, 2021 by Tim Fuller

Many family businesses are built with help from a spouse, sibling or adult child who works hard but owns no stock. If the owner dies, those family members may have no claim on the value they helped create. Life insurance offers a simple way to protect them.

Key takeaways

Family members who work in a business without ownership often sacrifice pay and opportunity for its growth.
If the owner dies, successor owners may feel little obligation to those non-owner family members.
Company-paid or bonus-funded life insurance can reward their contribution and protect their future.

Sweat equity without actual equity leaves loyal family members exposed if the owner dies unexpectedly.

The unsung builders of family businesses

Entrepreneurs often build businesses by reinvesting nearly everything in the early years. Family members frequently make the same sacrifice: working long hours, accepting lower pay, and passing on other opportunities so the business can grow.

The difference is ownership. When the owner holds all the equity, a spouse, sibling or child who helped build the company may have nothing to show for it on paper.

What happens if the owner dies

An owner may fully intend to reward family members once the company succeeds. An unexpected death can end that plan. Successor owners, outside buyers, or even other heirs may not share the same sense of obligation, and the non-owner family member may lose both income and job security.

This is especially common in blended families or when one child runs the business while others do not. For succession strategies, see our post on succession planning for family-owned businesses.

Ways life insurance can help

Owner-insured policy with the family member as beneficiary. Provides a defined benefit if the owner dies before rewarding them.
Executive bonus plan. The business pays a bonus used to fund a policy the family member owns, building value they control.
Split-dollar arrangements. The business and the family member share costs and benefits under a formal agreement.

Each option has different tax and control implications, so coordinate with the client’s tax and legal advisors.

Bringing the idea to business owners

Owners who value loyalty respond to this conversation. It is simple, affordable and shows appreciation for the people who helped build the business. Contact us to design a plan and compare carrier options.

Frequently asked questions

Why do non-owner family members in a business need life insurance planning?

They often contribute years of work and sacrifice without ownership. If the owner dies, they may have no legal claim on the value they helped build.

What is the simplest way to protect a non-owner family member?

A policy on the owner’s life naming the family member as beneficiary, or an executive bonus plan that funds a policy the family member owns.

Is a 162 executive bonus plan available for family employees?

Generally yes, as long as the family member is a legitimate employee receiving reasonable compensation. Confirm details with the client’s tax advisor.

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Reviewed by Tim Fuller on 2026-09-26

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President, SRS Inc.

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Life Insurance Premium Financing: 3 Risks to Manage

September 26, 2026February 1, 2021 by Tim Fuller

Premium financing lets high-net-worth clients fund large life insurance policies with borrowed money instead of liquid capital. It can be a smart strategy, but only when everyone understands the moving parts. Here are the three main risks and how to manage them.

Key takeaways

Premium financing starts with a real life insurance need, not an arbitrage opportunity.
The three core risks are collateral risk, policy performance risk and interest rate risk.
A plan should be stress-tested and reviewed every year, not set and forgotten.

No premium finance plan should depend on the spread between policy crediting rates and borrowing rates.

Start with the fundamentals

The first question is always whether the client has a genuine life insurance need, such as estate liquidity or business succession. Premium financing is a way to pay for coverage, not a reason to buy it. See our post on estate tax liquidity for common needs among wealthy families.

Collateral risk

Collateral risk is the gap between the outstanding loan balance and the policy’s cash surrender value. The lender will require additional collateral to cover it.

That collateral does not always need to be cash. When structured properly, clients may be able to pledge assets like real estate or other holdings, keeping liquid assets invested. That flexibility is one of the main attractions of financing versus paying premiums outright.

Policy performance risk

Every policy carries performance risk, but with financing it compounds. If the policy underperforms, cash value may not grow enough to release collateral as expected, and the lender may require more collateral. Illustrate conservatively and show clients what happens under lower crediting rates.

Interest rate risk

Most premium finance loans carry variable rates. When rates rise, interest costs rise too. Illustrations should show realistic rate increases so client expectations are grounded.

A sound plan compares the full picture: the cost of paying premiums with cash, the value of flexible interest payments, and the return on capital the client keeps invested. Rate risk can be reduced by negotiating a favorable credit facility and reviewing it every year.

Frequently asked questions

What is life insurance premium financing?

It is a strategy in which a client borrows from a third-party lender to pay life insurance premiums, using the policy and other assets as collateral, so their own capital stays invested.

What are the biggest risks of premium financing?

Collateral risk, policy performance risk and interest rate risk. Each can require the client to post more collateral or pay more interest than expected.

Who is a good candidate for premium financing?

Typically high-net-worth clients with a clear, lasting life insurance need, strong net worth, and assets they would rather keep invested than use for premiums.

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Reviewed by Tim Fuller on 2026-09-26

Tim Fuller

President, SRS Inc.

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Life Insurance With Type 1 Diabetes: What Underwriters Look For

September 25, 2026January 29, 2021 by Tim Fuller

Type 1 diabetes is usually diagnosed early in life and treated with insulin from the start, which means longer exposure than most Type 2 cases. It’s typically table-rated, but clients with strong control and no complications have real options.

Key takeaways

Type 1 diabetes is almost always rated, but coverage is widely available.
Best-case clients over age 50 with excellent control and no complications may qualify around Table B to Table 2 at some carriers.
Consistent A1C history, no kidney, eye, nerve, or heart complications, and regular specialist follow-up drive the best outcomes.

Over 50, excellent control, no complications: Table B is possible for Type 1 diabetes at some carriers.

What underwriters weigh

Age at diagnosis and duration: earlier diagnosis means longer exposure.
Current age: older applicants who have done well for decades often receive better ratings than younger ones.
A1C history: multiple readings over time showing stable, good control.
Complications: kidney disease (protein in urine), retinopathy, neuropathy, and cardiovascular disease weigh heavily.
Management: regular endocrinologist visits; use of insulin pumps and continuous glucose monitors can show engagement.
Other factors: blood pressure, cholesterol, build, and tobacco.

Realistic outcomes

Clients over 50 with excellent control and no complications may qualify for ratings as favorable as Table B to Table 2 at some carriers. Younger applicants and those with complications should expect higher tables. See the overview in life insurance underwriting for diabetes.

Positioning the case

Submit a complete A1C history, recent labs including kidney function and urine protein, eye exam results, and specialist notes. Carriers differ widely on Type 1, so pre-screen with our Underwriting Team before applying. Some carriers also offer credits that can improve a rating; see Type 2 case with underwriting credits.

Frequently asked questions

Can a Type 1 diabetic get life insurance?

Yes. Most are table-rated, but coverage is widely available, and well-controlled clients without complications can get reasonable offers.

What is the best rating for Type 1 diabetes?

At some carriers, clients over 50 with excellent control and no complications may qualify around Table B to Table 2.

Do insulin pumps affect life insurance?

Not negatively. Pump and CGM use can demonstrate engaged management; underwriters focus on control and complications.

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Reviewed by Tim Fuller on 2026-09-25

Tim Fuller

President, SRS Inc.

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Asking the Tough Questions on a Long-Term Care Application

September 25, 2026January 28, 2021 by Tim Fuller

Long-term care applications ask personal questions: every medication, every diagnosis, and exactly how much the client weighs. Asking them well is part of getting the best possible offer.

Key takeaways

Explain up front why you’re asking, so clients understand the questions protect their offer.
Complete, honest answers lead to better recommendations and fewer surprises.
Know which common medications signal conditions that are usually uninsurable for LTC.

“You don’t have to be in perfect health for long-term care insurance, but you do need to be in relatively good health. It’s my job to get that picture right.”

Set the stage

Tell clients why you’re asking before you start. For example: “You don’t have to be in perfect health to get long-term care insurance, but you do need to be in relatively good health. It’s my job to gather that information, so I need to ask about your health and any medications.”

Get an accurate health picture

Just as a doctor needs complete information to diagnose, you need it to recommend the right carrier and product. Encourage clients to be thorough. Missing details surface in medical records anyway and can derail the case.

Learn the story behind the medication

Medications often tell the story. Become familiar with drugs associated with conditions that are typically uninsurable for LTC. Examples include:

Prednisone: often prescribed for COPD or rheumatoid arthritis
Requip (ropinirole): used for Parkinson’s disease (and restless legs syndrome)
Aricept (donepezil): used for dementia
Avonex: used for multiple sclerosis

More medication clues in six things to uncover before you submit.

Don’t guess the weight

Ask for current height and weight and check the carrier’s build chart. Estimates cause surprises.

Add a cover letter

Share context the application doesn’t ask for, such as healthy habits, lifestyle, and how conditions are being managed. The more the underwriter knows, the better the chance of a good outcome. See what to include in an underwriting cover letter.

Frequently asked questions

What health questions are on a long-term care application?

Medications, diagnoses, treatments, doctor visits, height and weight, and questions about daily functioning and cognition.

Which medications can lead to an LTC decline?

Drugs associated with conditions like dementia, Parkinson’s disease, or multiple sclerosis often signal an uninsurable condition. Ask about the diagnosis behind every medication.

Should I include a cover letter with an LTC application?

Yes, when there’s helpful context about lifestyle or how conditions are managed that the application doesn’t capture.

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Reviewed by Tim Fuller on 2026-09-25

Tim Fuller

President, SRS Inc.

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Tim Fuller

LTC Field Underwriting: 6 Things to Uncover Before You Submit

1. Ask about specialists

2. Note the date of diagnosis

3. Note the last doctor visit

4. Listen for pending tests, surgeries, and therapy

5. Find the diagnosis behind each medication

6. Question anything unusual

Frequently asked questions

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We’re Here to Help

Why surviving a critical illness creates a financial gap

How critical illness insurance works

Which clients to approach first

Getting help with case design

Frequently asked questions

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