Finally, Some Good News: You’re Going to Live to be 121-Years Old
Ernest G. Dorado, the agent you keep.
Insurance Agent Ernest Dorado is the bearer of good news. People are living longer. Consequently his company, New York Life, has just adjusted its life expectancy tables upwards from age 100 to 121, meaning if you’re born today, New York Life will ensure you until you’re a very ripe 121-years-old.
“It’s official,” Dorado said.
Actually, there’s some fine print in the policy. The insured party has to be at least 15 days old to be on a policy.
Dorado is full of good information like that in his continual quest to educate people about insurance and their insurance needs.
There’s a not-so-funny joke going around that says 401k investment accounts that people were counting on to fund their retirements are now called 201ks, owing to the stock market panic of 2008 that only recently has shown signs of recovery.
To help families ride out that huge “paper” loss, say, a $500,000 401k that has lost half its value, Dorado has sold clients term policies for the difference. “This way, families have protection while they wait for their 401ks to come back up,” Dorado explained.
“Now, no matter what happens, you’re covered.”
For years, Dorado sold resins and the other raw materials that go into making plastics. As that sector of the manufacturing economy cooled, Dorado felt the timing was right to make a mid-career move.
Loving What You Do
“I’ve always loved what I’ve done,” said Dorado, a native Southern Californian who moved to La Verne a decade ago on leafy 6th Street by Roynon Elementary. “But in my new job, I really feel like I’m making a difference.”
In his career transition, he has moved from super salesman to super educator. “I share what I know and what I have learned, and hopefully, my client will interject what they feel, what they think and what they want to do, as far as achieving their hopes and dreams. Then I can share what’s available and then let them make their decision.
“The right policy, the right program is the one that fits them. After leaving an appointment, I feel so good. It’s emotional. When you do it right, you tell yourself, that’s what I’m here for; this is what I’m supposed to be doing.”
Even if Dorado doesn’t walk away selling a policy, he figures he’s succeeded if he’s increased a potential client’s awareness about safeguarding the people and possessions they hold dearest.
“As with most things in life, the key to achieving your long-term financial objectives is planning,” Dorado said. “Your goal may be to fund your children’s college education, protect your family during your working years or guarantee your own retirement security. 
“These things won’t happen by accident,” Dorado added. “It’s important to determine what you’d like to achieve financially and then map out a strategy that will help you meet those goals. The good news is that’s ‘it’s never too late to start.’”
Dorado is a living example of that adage. After enjoying one long successful career, he has eagerly immersed himself in another.
Young and Old Benefit From Insurance
He is especially passionate about reaching out to young people because no one reached out to him when he was in his 20s and 30s about the importance of insurance, and, more important, and how to leverage its low cost and affordability when the policyholder is young and in relatively good health.
Conversely, New York Life offers long-term care policies that should be carefully considered, given a private room in a nursing home runs an average cost of $202 a day or about $75,000 a year in the La Verne area (end of 2008 New York Life data). By 2021, the average rate is expected to rise to about $480 a day or $175,200 annually.
“Now people are living 30 years longer than retirement,” said Dorado, who personally went through the experience of caring for an older loved one. “It’s a costly and emotional journey that can devastate a family.”
Dorado is also expert at helping people weigh their investment choices. While saving money at the bank in an interest-bearing account might seem like a simple, straight-forward choice, Dorado noted that a “permanent” insurance policy is one that provides both a death benefit and income to help pay for college and other uses.
“You can set up a permanent policy for a child who at a certain age will have ‘x’ amount of money that they can pull out for college,” Dorado explained. “You could also keep it going to pull money out to buy a home in your 30s, and you can keep the same policy when you need income for retirement.
“So you can choose to put money in the bank to collect interest. Or you can put that same amount into an insurance policy, and you’re going to get not only a cash value accumulation in your policy, but also a death benefit and insurability for the rest of your life.”
Explanations Given Freely
Dorado understands that many insurance concepts are not easy to grasp, which is why having an insurance advisor willing to spend time with a client is so invaluable. In the past, it was typical for insurance agents to review their clients’ policies annually. Dorado conducts semi-annual reviews.
“Things are changing quickly for the both the insurance industry and individuals,” Dorado noted. “In six months, you can get a raise, bring a new child into the world, buy a home, start a business and so on.”
Locally, Dorado is a member of the La Verne Chamber of Commerce, as well as one of its ambassadors talking to businesses about ways to serve them better. He is also a self-motivator who believes in using technology, be it his laptop or BlackBerry, to constantly stay in touch with people. “I want to be that agent about whom people say, ‘I called Ernie and he called me back.’”
That outreach effort will entail giving back, including “Child ID,” a program that enhances the safety of children by partnering with local business to provide free child ID cards, photos and fingerprinting, as well as free handouts addressing topics on internet safety, bike and helmet protection and other safety tips.
“God forbid if something happens, you have all of your child’s information right there with you,” Dorado said.
Providing people safety, protection, insurability and a bright, secure future in an often uncertain world will continue to drive Dorado.
“I live in the community, so my primary focus is to help my fellow residents any way I can.”
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For more information, call Ernest at 909.593.8923 (Bus.) or 909.973-0520 (Cell) or visit:
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