Care Solutions
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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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Q&A – Premium Modes for Asset Care
Question: With the release of the “new” Asset Care, are the premium modes being changed? Answer: We have made changes to our funding options. As we have done in the past, we will offer single premium (cash or 1035 exchange), the use of non-qualified deferred annuities and qualified money, and recurring premiums. Recurring premiums are… Continue reading
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Asset Care Apps During Transition Period
For application submitted for “old” Asset Care who would like to change to the “new” Asset Care, here are the guidelines. 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 required, and you need to… Continue reading
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Q&A – “New” Waiver of Premium
Question: With Asset Care, how does the “new” waiver of premium work? Answer: With the updated Asset Care, the way the waiver of premium (WOP) functions has changed. Simply, the WOP waives charges for both the base policy and Continuation of Benefit Rider when an insured is on claim. Once the claim ceases, the premium… Continue reading
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Waiver or Premium / Elimination Period
Let’s take a look at two of the new features that you will find in the Asset Care product relaunch in July – waiver of premium and the elimination period. Frankly, this is a pretty significant upgrade. The revised waiver of premium waives the policy premium for BOTH the base and Continuation of Benefit Rider… Continue reading
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Q&A -PA & MA
Question: Will the “new” Asset Care be approved in Pennsylvania and Massachusetts? Answer: Yes! The “full” product will be available. This means that on July 1, joint policies will be available for PA residents and the Continuation of Benefit will be available in MA. Continue reading
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I’ve got this
A long term care claim does not need to be permanent for an insured to receive benefits from a policy. As noted in “Is it covered?”, life insurance with chronic illness riders will not provide coverage for services that are not permanent in nature. True LTC policies (traditional and asset-based), cover both permanent and recoverable maladies.… Continue reading
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Claims Concierge Video
Care Solutions from OneAmerica has provided LTC benefits for nearly 30 years. (If you didn’t know that, you either haven’t heard me speak or I blasted through that so fast that you never caught it.) Not many carriers in the linked benefit / asset-based LTC / hybrid space can say that. In fact, there is… Continue reading
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Q&A -Need Tax Info
Question: All of this stuff that you mentioned in the last article has got me wondering if you have resources available that can help answer design strategies and/or tax questions. What do you have? Answer: Depending upon the nature of your question, we have many resources for you. Here is a list of some. Asset-based LTC… Continue reading
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Individual Policy 1035 Funds Joint Policy
YOU NEED TO READ THIS ARTICLE AS IT EXPLAINS HOW THIS CAN BE ACCOMPLISHED. Earlier this week, I was asked if there is a way to fund a joint policy using a 1035 exchange from an individual policy. Before I go any further, the basic rules for a 1035 exchange are: the exchange must be… Continue reading
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Look at Your Annuity Clients
Do you remember the Eveready Battery ad with Robert Conrad? Where he pitches the product and the says “I dare ya”. Well, this is my Robert Conrad – Eveready Battery moment … Take a look at any your book of business, take a good honest look at all of your clients. I dare you to… Continue reading
Fridays with Fisher 