E-Application Advantage

On thing that we’ve found is that submitting business using electronic application (eApp) has provided advisors with a few advantages. Along with the an assurance that an application submitted electronically is "in good order" (aka IGO), there are four additional benefits: Comp is paid faster Business cycle by 5-7 days A smoother client experience Reduction … Continue reading E-Application Advantage

Self-Funding isn’t Self-Insurance

Last week, I shared my opinion about self-insurance. In reality, self-insurance is pure risk retention.  Said another way, it is self-funding without any “stop-loss” provisions. At a minimum, reviewing the extended healthcare self-funding / risk retention strategy in conjunction with the client’s income plan is imperative to making it as solid as possible.  Most importantly, … Continue reading Self-Funding isn’t Self-Insurance

Self-Insure = Risk Retention

According to The Motley Fool in an article from February 24, 2018, the average retirement lasts for 18 years and begins at age 63. While the article is focused on retirement duration and shares a few facts about longevity, it opens the door for a conversation about the biggest financial risk to the retirement plan … … Continue reading Self-Insure = Risk Retention

Set the Right Expectation – Underwriting

Something that  we do not discuss often enough is process. More specifically, the process to move things into and through underwriting. One thing that we often face is health issues.  That is one thing that we do better than any of our asset based peers - underwrite and work with challenging health issues.  (Remember, Asset … Continue reading Set the Right Expectation – Underwriting

A Little Pool Anyone?

Here we go again – the discussion of addressing the extended healthcare (aka long term care) funding issue.  For many, self-funding ends up being the answer.  By default or by decision, people elect to bear the full burden of the cost associated with an extended healthcare event and not elect an insurance-based solution. So, here … Continue reading A Little Pool Anyone?