Summary
Despite careful planning, surviving family members may face thousands of dollars in expenses while waiting to obtain the death certificate in order to access inherited funds. The new strategic partnership and integration of the innovative Beneficiary Liquidity Plan® (BLP) with the OneDigitalTrustTM estate planning platform, creates an embedded digital capability to overcome this critical gap in traditional estate planning: ensuring immediate financial support for loved ones in the wake of a loss. This new partnership, expands the comprehensiveness of OneDigitalTrustTM in setting a new standard for holistic end-of-life financial preparation.
The Need
With this capability embedded in the OneDigitalTrustTM platform, any customer, member or employee using the platform can allocate funds that their beneficiaries will receive within 24 – 48 hours of death. This tackles a widespread problem that often goes unaddressed in conventional estate planning. Studies show that more than 50% of families report going into debt following the loss of a loved one, often resorting to credit cards or depleting personal savings to cover immediate and necessary expenses. This financial strain adds unnecessary stress to an already emotionally challenging time.
The OneDigitalTrustTM platform enhanced by BLP, allows users to proactively provide for a range of post-death expenses. These may include – funeral costs and celebrations of life, travel expenses for loved ones to pay their respects, essential mortgage and utility payments, outstanding medical bills that could otherwise burden the estate, and legal fees associated with estate settlement. By addressing these time-sensitive financial needs, this new capability ensures that beneficiaries can focus on grieving and honoring their loved one’s memory, rather than grappling with financial stress during an already difficult time.
How It Works
When you offer your clients, members, customers or employees the OneDigitalTrustTM estate planning platform, branded as your own, any user can choose to opt-in by clicking on a link and completing a simple application form, while being assured of the following:
- Guaranteed issue whole life policy *
- No health questions
- No medical exam or tests
- No required ongoing premium payments
- PLUS, BENEFICIARY ACCESS TO POLICY FUNDS WITHIN 24-48 HOURS
Once submitted, the application is reviewed and a single premium, whole life insurance policy is issued for an amount as chosen by the user. The policies are issued by Homesteaders Life Insurance Company, who works directly with any licensed funeral homes across the country to complete the claims process. When the beneficiaries of any user file their claim through a licensed funeral provider, the funds are disbursed within 24 – 48 hours.
As a result, there is no need to wait for a copy of the official death certificate to access inherited funds which can take 4 – 6 weeks after requesting from The Department of Health & Human Services (DHHS). Plus, the time to submit the death certificate and file the claim with the financial institution holding the funds, can realistically add another 3 – 4 weeks.
A User-Specified Amount Disbursed To Beneficiaries Within 24-48 Hours of Death To Cover Essential End-of-Life Expenses
For Financial Advisors
The integration of BLP into the OneDigitalTrustTM platform offers a particularly powerful tool to strengthen client relationships and extend them to the next generation – a crucial aspect of long-term practice management. By offering this comprehensive solution, advisors can demonstrate their commitment to clients’ long-term financial well-being, even beyond their lifetime. This approach may also help mitigate situations where beneficiaries might face frustrating delays in accessing inherited funds, potentially blaming the advisor for circumstances beyond their control. Further, this new capability serves as an excellent conversation starter for advisors and allows them to broach the often-sensitive topic of estate planning in a constructive manner, highlighting the practical benefits of immediate liquidity for beneficiaries. This can lead to more comprehensive financial planning discussions and potentially uncover additional planning needs or opportunities to serve the client.
The OneDigitalTrustTM platform, bolstered by BLP, truly serves as the final piece of a robust financial plan. It creates a bridge between generations, ensuring that an individual’s financial legacy translates into immediate support for their beneficiaries.
For Institutions
Now institutions can go even further than offering an essential and affordable digital estate planning platform to their members, customers and employees. With the BLP integration, the white-label OneDigitalTrustTM platform can provide stakeholders with an unprecedented level of control over their legacy. This allows users to extend their care and support for loved ones beyond their lifetime, ensuring that their passing doesn’t create undue financial hardship. This capability adds even more peace of mind to customers, members and employees, knowing that even in death, they can still provide for their family’s immediate needs. By offering this innovative capability, pre-integrated into the OneDigitalTrustTM platform, extends the comprehensiveness of the platform to new heights by offering peace of mind and financial security that goes well beyond an individual’s lifetime, truly connecting generations through thoughtful financial planning.
This new capability represents a significant step forward in digital estate planning, acknowledging that a comprehensive plan must address not only the long-term distribution of assets but also the immediate financial needs that arise upon a person’s passing. Institutions can garner the following benefits:
- Further augment personal & family wellness
- Amplify brand-loyalty through an affordable & comprehensive platform-offering
- Generate revenues from platform subscription PLUS insurance commission
Conclusion
The integration of the Beneficiary Liquidity Plan® (BLP) into the OneDigitalTrustTM platform marks a significant evolution in digital estate planning. It addresses a crucial need that has long been overlooked in traditional estate planning approaches, providing immediate financial support to beneficiaries when they need it most. For financial advisors, it offers a powerful tool to enhance their service offerings and strengthen multi-generational client relationships. For institutions, it equips them to deliver even more peace of mind to their customers, members and employees by providing them with a tangible way to care for loved ones even after they’re gone. As the financial planning landscape continues to evolve, innovations like this set a new standard for comprehensive, thoughtful, and truly impactful digital estate planning.
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The Beneficiary Liquidity Plan® (BLP) was founded by industry experts with decades of experience in working with top financial advisors. They recognized the need for an innovative solution to help individuals provide their loved ones with quick, easy access to funds following their death and enable advisors to build and maintain relationships with their clients’ beneficiaries.
Insurance policies under the plan are funded by Homesteaders Life Company, a mutual company and national leader in providing products and services to promote and support the funding of end-of-life expenses.