Since the roll out of our new Asset Care products over the summer, many of our current producers have been pleased by the new opportunities that have been created. Here are a few reminders: 1.) Our qualified money solution has been enhanced and rebuilt to maximize the long term care benefits while minimizing taxes. It … Continue reading Asset Care Recap of Highlights
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
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
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?
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
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
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.
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
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
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
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
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
