Life-LTC combo products on rise; now represent 25% of total new U.S. life insurance premium

June 28, 2018

Total new premium for life combination products (which combine life insurance with long-term care or chronic illness coverage) increased 18% to $4.1 billion in 2017, according to LIMRA’s 2017 Individual Life Combination Products Annual Review, released June 21. This is the third consecutive year of premium growth.

Life combination product market share of individual life insurance premium has increased 10 percentage points over the last two years and represents 25% of total new U.S. life insurance premium in 2017.

“Life combination product premium has increased by double-digits in four of the last five years. Much of this growth may be attributed to the attractive value proposition these product offer to consumers,” said Elaine Tumicki, corporate vice president and director LIMRA Product Research. “Our consumer research finds more than a third of U.S. consumers said they would consider a combination product because no matter the circumstances they or their beneficiaries would benefit.”

LIMRA’s study finds there were 260,000 policies sold in 2017, 5% higher than 2016 results.

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Industry Articles

June 27, 2018

How to Talk About Long-Term Care Planning Now
Here are some phrases you can use to persuade listeners to notice the train that’s coming at them. Read more.


Fighting to Honor a Father’s Last Wish: To Die at Home

June 11, 2018

Joseph Andrey was 5 years old in 1927 when his impoverished mother sold him to the manager of a popular vaudeville act. He was 91 last year when he told the story again, propped in a wheelchair in the rehabilitation unit of a nursing home where it seemed as though age and infirmity had put a different kind of price on his head.

Craning his neck, he sought the eyes of his daughter, Maureen Stefanides, who had promised to get him out of this place. “I want to go home, to my books and my music,” he said, his voice whispery but intense.

He was still her handsome father, the song-and-dance man of her childhood, with a full head of wavy hair and blue eyes that lit up when he talked. But he was gaunt now, warped like a weathered plank, perhaps by late effects of an old stroke, certainly by muscle atrophy and bad circulation in his legs.

Now she was determined to fulfill her father’s dearest wish, the wish so common among frail, elderly people: to die at home.

Full Article


Medicare could run out of money by 2026

June 8, 2018

By Phil Galewitz, Kaiser Health News

Medicare’s financial condition has taken a turn for the worse because of predicted higher hospital spending and lower tax revenues that fund the program, the federal government reported Tuesday.

In its annual report to Congress, the Medicare board of trustees said the program’s hospital insurance trust fund could run out of money by 2026 — three years earlier than projected last year.

A senior government official briefing reporters attributed the worsened outlook for Medicare to several factors that are reducing funding and increasing spending.

Full Article


A Fresh View on the LTC Insurance Market

June 7, 2018

Posted by CPS Insurance Services

Learning how to adjust to the changing market is crucial to the continued success of your LTC Insurance business.

Today’s market reflects an expanding, diverse clientele, so being able to respond to their unique needs and budget constraints is critical.

The first step is to understand their concerns around buying coverage, including potential objections about the cost of a policy. Adapting your approach to the new market will not only demonstrate that you are responding to changing trends, but will ultimately help to increase your LTC Insurance business.

3 important concepts to consider…

Full article


I-Pipeline – American National is terminating the agreement to support the i-Go e-platform with i-Pipeline

June 4, 2018

Special Message:  I-Pipeline – American National is terminating the agreement to support the i-Go e-platform with i-Pipeline including – illustrations effective June 30th.  Please move your e-app life submissions to our Expert App platform for fast, easy and efficient processing.  Here’s a You Tube training video walkthrough of our Expert App: https://img.anicoweb.com/wps/portal/img/home/expertoffice/quicklinks/expertoffice_training

Click this link for Easy Access to all of American National’s Forms (no password necessary):  https://img.anicoweb.com/wps/portal/img/home/expertoffice/quicklinks/expertforms

 


Industry Article – How to Sell More by Finding What Your Clients Need

May 23, 2018

How to Sell More by Finding What Your Clients Need
The worst obstacle to closing sales is that people think they’re broke. Read more.