Earlier this week, an advisor (we will call him Andy) called me with an interesting question. It went something like this: “I have a client – a single man who is in his early 60s and is unmarried whose parents both recently died after spending a ton of their money on assisted living and nursing … Continue reading Qualified Money for LTC
Month: August 2019
Q&A -Updated Process Guide
Question: With the changes to Asset Care, is there one place where I can go to get information about underwriting and submitting an application? Answer: We have updated and enhanced the Care Solutions Process Guide which includes both Asset Care & Annuity Care.
Asset Care Return of Premium
Live, Die, Quit – that has been the mantra for asset-based / linked benefit / hybrid Long Term Care solutions since their inception three decades ago. (Have I mentioned that only OneAmerica and one other carrier have that experience?) We often focus on the Live and Die scenarios. If you require care while you are … Continue reading Asset Care Return of Premium
Q&A – Qualified Money Funding – 457
Question: Can a 457 plan be used in conjunction with Asset Care funding with qualified money? Answer: There are two types of 457 arrangements. One is a governmental 457(b) which can be rolled over to an IRA. So, we would suggest that the governmental 457(b) be rolled over to an IRA, or merely take the distributions … Continue reading Q&A – Qualified Money Funding – 457
Alternative Qualified Money Strategy
A short time ago, I share the new strategy for funding Asset Care using qualified money. As I noted, the new name for this strategy is a mouthful – Asset Care Single Premium Funding Whole Life. To review the article – CLICK HERE In it, I shared an example of a couple, Mr. & Mrs. … Continue reading Alternative Qualified Money Strategy
Q&A – Alternatives to Phone Interview
Question: I have experienced issues with the whole "ticket" process where I submit an application (Part I) and your vendor completes the remainder of the process. Is there a way to iron out the problems and get business moving? Answer: Yes, there is a "work around" to this issue. But first, I want to apologize … Continue reading Q&A – Alternatives to Phone Interview
Q&A – Exam Requirements from Another
Question: Will OneAmerica accept requirements done for another carrier? Answer: Yes - medical examinations and exams done for another carrier will be accepted provided that they fall within OneAmerica's time parameters. If a producer is requesting to use requirements from another carrier, Section G - Medical Information must be completed on the application and ALL … Continue reading Q&A – Exam Requirements from Another
It’s Long Term Care for a Reason
The fastest way to impoverishment or to destroying a retirement income strategy or to impact multiple generations physically, emotionally, and financially is not an extended healthcare event. It is not adequately planning for such an event. According to retirementliving.com, the cost of memory care in 2019 is: Average memory care unit $5,745 per month Highest … Continue reading It’s Long Term Care for a Reason
History of Innovation
Asset-based LTC, aka hybrid or linked linked benefit, have existed since 1988. OneAmerica stakes a claim to being the premier innovator of this space. There is only one other carrier who can make this claim. What they and the other carriers in the asset-based LTC arena cannot claim is the depth and breadth of solutions … Continue reading History of Innovation
Q&A – Annuity Training
Question: What products require annuity training? Answer: A good chunk of the Care Solutions portfolio is comprised of annuity based solutions. The following products require annuity training: Asset Care Annuity Funding Whole Life Annuity Care Annuity Care II Indexed Annuity Care Legacy Care ImmediateCare SPIA To complete the required training, go to http://www.oneamerica.com/slproducttraining
Fridays with Fisher 