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

Funding Sources – The Question

52% of people age 65 will need some form of long term care? This number still indicates that there is a significant risk that an extended healthcare event will occur at some time.  I don’t really care which statistic that you like (70% or 52% or something otherwise). It comes down to this – you … Continue reading Funding Sources – The Question

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?

Q&A – Funding Sources

Question:  Do you have anything that outlines all of the ways to pay premiums for Asset Care and/or Annuity Care? Answer:  We certainly do.  The piece is a concise graph that shows the many ways that premiums can be funded. Two things to remember, for recurring premium Asset Care, the premium durations can be 5 … Continue reading Q&A – Funding Sources

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

Annuities – Think Leverage

Think about all of the people who own deferred annuities.  Now think about how many are out of surrender and have no real purpose.  Let our Annuity Care solutions provide new value to those old annuities. Here are a few points to consider when annuity discussions arise with clients. A majority of non-qualified deferred annuity … Continue reading Annuities – Think Leverage

Income and LTC

Forbes published an article on April 16, 2019 that shared “Comparing The 3 Most Popular Retirement Income Strategies”.  According to the article, there are three common approaches: Systematic Withdrawal Strategy Using this strategy, if you had $1,000,000, you could withdraw roughly 4% ($40,000) per year adjusted for inflation and would not run out of money.  … Continue reading Income and LTC