One thing about our business – we are always planning. From managing our schedules to working with your client’s – we are always working some form a plan. It is who we are and what we do.
Looking into 2020, I would like to plant a seed or two (or three) that you might be able to utilize at some point.
How will you pay?
This isn’t focused solely on how someone will fund an extended healthcare event, but how they will fund their policy. Don’t assume that a recurring premium case is coming out of income or savings – it may come from liquidating a qualified retirement account or by annuitizing an existing deferred annuity. Ask that one extra question – what’s the premium source. It may create an opportunity where you can develop a better solution.
What’s purpose for your deferred annuity?
I’ve shared this before, but according to Gallup over 70% of annuity owners have those monies earmarked as a healthcare emergency fund. Consider this, if the client is planning to liquidate their annuity to fund their long term care funding needs, isn’t a tax-free solution a better way to go? The Pension Protection Act makes this possible.
I can’t tell you how many times this year I have been contacted with some variation of this conversation – “my client applied for a policy with your competitor and was declined, what can OneAmerica do?” We accept the challenge take a look at it. Sometimes we can offer a solutions, sometimes we can’t.
Here is what I do know. A little pre-underwriting can go a very long way and save both time and frustration for everyone involved. Regardless of carrier, ask the “knock out questions” early and if the flag goes up where there is a question about their health risk, save time and aggravation by submitting a Pre-Underwriting Inquiry request to our underwriting team who will provide a response within 24 hours.
Going into 2020, we look forward to working with you to touch more lives and utilize our Care Solutions as that solution.