LTCi Remains Firmly Rooted as a Viable Option

October 20, 2016

Even though the long-term care planning landscape is changing, there’s one thing that’s stayed the same. A traditional LTCi policy remains a viable way for your clients
to protect themselves from the risk of needing LTC services.

Consumers today have more choices than ever before when it comes to funding potential long-term care services. While other funding vehicles may be good options for
some people, a traditional LTCi policy continues to be the best option for many of your clients.

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Young LTCI clients: Should they buy now, or should they wait?

October 14, 2016

Oct 11, 2016 | By Margie Barrie

Question: I’m working with a number of clients in their 40s. They ask me: “Does it make sense to buy long-term care insurance now, or should we wait?” What should I advise them to do?

Answer: One of the secrets in this industry is what I call “the high cost of waiting.” It means that the younger you are when you purchase the policy, the less you will pay over the lifetime of the policy.

I too am working with younger clients. I just provided coverage to Bill, a policeman in his 30s. He saw one of his co-workers get shot; he will now be in a wheelchair for the rest of his life.

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How to help even the wealthiest clients see the need for LTC planning

October 10, 2016

By:  William Marvin Richardson III

One of the challenges we face when working with high-net-worth clients is their belief that they can self-insure their long-term care needs. We have to skillfully convince them that a health problem during retirement can easily double the monthly income they need.

As part of the financial planning process for all of our clients, we take a close look at what retirement looks like for them.

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Know the difference: Critical illness vs. LTCI riders

October 5, 2016

Oct 04, 2016 | By Rod Rishel

On the heels of last month’s Life Insurance Awareness Month, there’s no better time to consider solutions for the most pressing needs of baby boomers, one of the most populous generations in America.

These consumers, born between 1946 and 1964, are on the precipice of retirement, if not retired already, and many are challenged with planning for future health care costs. Life insurance with a chronic illness (CI) living benefit rider may be the perfect financial solution for long-term care needs. However, not all boomers understand how CI riders differ from long-term care insurance (LTCI) or how recent innovation has impacted CI rider designs.

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More Sales Ideas

September 26, 2016
  • Susan Glass: A champion for women in insurance The national president of Women in Insurance & Financial Services went from viewing the insurance industry as the domain of men to devoting her time to helping open doors for women. Read more.
  • Beyond sales: The power of why All too often we talk to prospects and clients as experts and wrongly assume they understand the why of the conversation as well as we do. Read more.
  • 5 Proven Ways to Reach Stuck Customers September’s Life Insurance Awareness Month is the perfect time to reach out to “stuck customers,” which LIMRA defines as those who know they need life insurance, but don’t have an individual policy. LIAM gives you a great “excuse” to say, “It’s Life Insurance Awareness Month. What better time than now to review your coverage?” LIMRA put together this great infographic with 5 tips to help. Read more.

Sales Ideas

September 22, 2016
  • Advisor of the Year Jeff Bucher talks about the future of the industry Advisor of the Year winner Jeff Bucher talks prospecting, dealing with the DOL and predictions for the industry. Read more.
  • Make “simplicity” your focus Follow these three easy steps to simplify your message for your busy clients. Read more.
  • Addressing the fear inside your client The fear and uncertainty our clients are feeling right now is much more severe than we realize. Read more.
  • 6 advantages of Indexed Universal Life insurance IUL policyowners enjoy virtually all the advantages they would enjoy if they owned regular universal life policies including flexibility and transparency. Read more.

New LTC entrant could appeal to execs

September 19, 2016

Bruce Shutan

September 19 2016, 4:20am EDT

A new partnership seeks to breathe new life into the long-term care insurance space, whose sales and acceptance producers have long found to be sluggish.

The National Guardian Life Insurance Co. (NGL) recently became the nation’s first insurer to enter the market for stand-alone LTC insurance in more than a decade. Teaming up with NGL is the LifeCare Assurance Company, which designed and will administer the product.

“A new entrant in the long-term care insurance market is clearly a positive development, not just for benefit brokers and advisers, but for consumers as well,” notes Teresa Miller, Pennsylvania Insurance Commissioner and chair of the Long Term Care Innovation (B) Subgroup. “This is a market that has frankly struggled over the last several years as more and more companies have decided to stop selling the product.”

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