A couple of months ago, I shared with you some Annuity Care pieces of information. One thing that I neglected to mention is this – there a few carriers that offer Pension Protection Act compliant annuity products like our Annuity Care product series. And, frankly, OneAmerica is the only carrier in that space with a Comdex rating of 95.
The next point that I need to reinforce is Annuity Care Underwriting.
Remember, Annuity Care is an underwritten product. Even with a base-only policy (the million dollar annuity strategy), there is a level of underwriting that the client must undergo.
In every instance, the client must not possess a malady or take medication found on the Annuity Care Ineligible Condition list and in the Care Solutions Underwriting Guide. There will also be a Medical Information Bureau (MIB) and drug script inquiries performed by OneAmerica’s underwriting team.
When a continuation of benefits rider is included with any policy, a phone interview will be required in addition to the above actions.
And, remember, it is always a good idea to prequalify the client before submitting an application. When you know that there may be health obstacles to overcome, the conversation will be far more focused and result-driven. Our Pre Underwriting Inquiry worksheet can get you the perspective from an underwriter within 24 hours.
We want to earn your business.
Remember, the ideal client for an Annuity Care solution is someone who already owns a nonqualified deferred annuity that is not intended to be used as a retirement income source. And, they recognize the issue of funding an extended care event and are under the age of 86.
When you identify the client and opportunity – call me or your BGA to discuss annuity-based solutions.
As usual, if you have questions about the underwriting process for any Care Solutions product, please contact my internal Justin Fox at (844) 658-3725 or via email at justinfox.isp@oneamerica.com
Please, join Elaine, Jen and me while we share some information about the advantages of true long term care benefits riders and how they might play given the new legislative agendas taking place in many states. A new episode airs the second Tuesday of each month.
Again, don’t forget that your clients who are over 75 and own annuities can secure long term care insurance. That is what the million dollar annuity strategy is all about. Learn more about it at https://fridayswithfisher.com/million-dollar-annuity/.
My “big ask” of you for the million dollar annuity strategy is to identify 3 or 4 annuity owners 75 or older who might be viable candidates for our leverage strategy then give us a call.
Fridays with Fisher 
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