Asset Care
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Asset Care Return of Premium
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
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Q&A – Qualified Money Funding – 457
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
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Alternative Qualified Money Strategy
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
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Q&A – Alternatives to Phone Interview
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
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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
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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 www.oneamerica.com/slproducttraining Continue reading
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Q&A – Asset Care Cheat Sheet
Question: Is there a simple side-by-side comparison between the “old” Asset-Care and the “new” Asset Care features? Answer: There sure is – follow this link to the Asset Care Cheat Sheet. Continue reading
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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
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Q&A – Inflation for Asset Care
Question: What inflation options exist for the “new” Asset Care? Answer: The inflation options that are offered are 3% compound and 5% compound for both the base and continuation of benefit rider (COB). Inflation can also be either lifetime or 20 years in duration. When inflation is elected for the base, that same inflation rate… Continue reading
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Not So Average Care
The following stats are posted on LTC.gov: someone turning age 65 today will have a 70% chance of requiring “some” long term care services and/or support in later years women require care on average 3.7 years men require care 2.2 years 33.3% of today’s 65 years olds may never require care 20% of today’s 65… Continue reading
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Q&A – Apps Submitted Before June 28
Question: I submitted an Asset Care application before the deadline, what are my options now that I can see premiums for the “new” Asset Care? Answer: If an application is pending but not approved by underwriting … If an interview is ordered and/or scheduled for the “old” product, then A new Application Part 1 is… Continue reading
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Asset Care for Qualified Money
One funding approach that has been unique to Asset Care is the “self contained” funding strategy for qualified money and non-qualified deferred annuities. In the original series product, these were know as Asset-Care II (non-qualified money) and Asset-Care III (qualified money). We have made some enhancements to this strategy which, in my humble opinion, are… Continue reading
Fridays with Fisher 