Benefits of the EPC Method
The Esperti, Peterson, Cahoone (EPC) Method is an interdependent process of solving family and businesses challenges for estate planning through life insurance. Not to be confused with a single software, the EPC Method pinpoints 19 challenges, which ensures that the needs and policy placements are objective. The method also guarantees professionalism in client and estate planner administration.
EPC allows all advisors who lack the knowledge of life insurance to pursue insurance solutions with the client’s interest in mind. The six steps within the EPC method are easy to follow and allow the advisor to respond to client questions as a knowledgeable professional.
For insurance agents, the EPC method is a resource for revisiting client needs. The agent gains from the quick-to-learn expertise and understanding of how different approaches impact the client’s net worth, which enables the agent to have an informative conversation with their clients. The EPC method accelerates their understanding of family and business structures, which saves the agent years of study and practice.
Ease of Using the EPC Method
There is a guide for understanding how to use the EPC Method, which comes at the first step of the integrated method. For new agents, there are additional resources available from EPC websites and McGraw-Hill’s “Protect and Enhance Your Estate.” A combination of these resources ensures the agents gain the credibility and confidence needed to deal with their clients.
The Six Steps of the EPC Method
The first step of the EPC Method is the ‘make a gift of the guide.’ Here the client receives a guide that introduces them to life insurance. It addresses common questions and advises them on interest and actions influencing estate size, as well as issues of time and money. When the client is through the guide, he or she becomes information hungry for the services of relevant advisors.
The second step sees the client taking a life-DAT test to mark the beginning of the consultative stage. Once the test results are in, the third step is for the client and the advisor to obtain the test results reports. The fourth step sees the client affirming test results with the case study stories that are provided with the EPC Method.
This stage allows the client, with the assistance of the advisor, to become familiar with their financial situation and their estate planning concerns. In the fifth step, the client estimates the funding amount. Here they rely on the EPC calculators; these life-need calculators enlighten the client about a realistic income replacement perspective or funds required to enjoy tax advantages. The life-retire calculator is for advisors and clients, and compares the tax-related consequences for intact retirement plans or distributed ones. It enlightens them about the potentials of Irrevocable Life Insurance Trusts.
Lastly, the sixth step brings together the client and advisor, or any related specialist, to begin the underwriting process for the desired life insurance.