I came across some interesting data a short time ago about annuity based long term care plans. Inside an article discussing “long term care annuities”, the following data from LIMRA was shared.
According to the most recent sales data from LIMRA, stand-alone long-term care insurance sales declined 60% between 2012 and 2016, while sales of annuities with long-term care riders increased 23% on average annually.
|Year||Stand-Alone Long-Term Care Insurance Sales (Millions)||Long-Term Care Annuity Sales (Millions)|
While the information is dated, it shows a significant trend toward annuity-based long term care solutions. A similar trend has also taken place when comparing traditional stand-alone long term care insurance to life insurance based long term care solutions such as Asset Care.
My question to you is this … why are you not writing annuity-based long term care?
With trillions of dollars sitting in annuity policies that are out of their surrender period and a significant need for long term care funding solutions, why are you not even considering an annuity-based long term care policy?
Remember, adding a chronic illness benefit rider IS NOT a long term care plan. It is an invitation for a problem when the client doesn’t qualify for benefits because they receive care at home or are diagnosed with a condition that is not permanent or a host of other possible reasons.
Transforming tax-deferred accumulation into tax-free long term care benefits via annuity-based long term care is a strategy pioneered by OneAmerica.
Look into that block of deferred annuities and transform that asset sitting idle into an active protection plan with Annuity Care.
We want to earn your business. To learn more, please contact either my internal Justin Fox or me.
Justin Fox firstname.lastname@example.org (844) 658-3725
Kevin Fisher email@example.com (678) 512-9627
And – as always – thanks for taking a few minutes for me.
If you have not taken time to watch the Annuity Care episode, please do.
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