Stretch Veterans’ Long-Term Care Savings With an A&A Pension

April 20, 2017

Advisors can help veteran clients supplement long-term care savings with aid and attendance benefits through the VA

Advisors who serve veterans with extended long-term care needs may want to consider an immediate annuity to help them qualify for an aid and attendance (A&A) or housebound pension through the Veterans Administration, according to Dale Krause, president and CEO of The Krause Agency and an elder law attorney.

Veterans may qualify for one of these types of supplemental pensions in addition to their base pension if they have long-term care needs. However, there are income restrictions to qualify for the benefit that may force veterans to reduce their monthly income and net worth.

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Armatures, Bricks and Firewalls

April 4, 2017

The Last Word On LTCI…  Ronald R. Hagelman Jr.

I am perpetually amazed at the degree of cognitive dissonance stirred up in my own mind every time I ask myself this most basic rhetorical question:  “How can anyone in their right mind ignore the probability of an expensive and extensive need for care?”

The absolute unvarnished truth is that no matter how well you have constructed your plans for retirement and the disposition of your estate, an extended need for custodial assistance can blow up all your carefully crafted expectations.

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The LTCI “Over-Quoting” Mistake

March 13, 2017

Bill Comfort

Owner, Comfort Assurance Group, LLC

A huge mistake that many people make when considering LTC insurance is “over-quoting”. Most people do not need to buy coverage for 100% of the cost of the highest-possible cost of care (skilled nursing home), and even shorter benefit periods (3-4 years) will cover the vast majority of care needs. It’s kind of like thinking, “If I can’t afford a Mercedes, then I’ll just wait for the bus.”  It shouldn’t be a zero-sum, all-or-nothing decision – that’s a HUGE mistake.  A Malibu with cloth seats and a 4-cylinder is great transportation …

$3000 a month of LTC insurance benefits will pay for five hours of home care seven days a week, or 10 hours every-other day.  It will cover more than 1/2 of a good Assisted Living Facility in most of the country, and provides a 33% “discount” to a $9000/month bill in a nursing home.

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Sales Ideas

February 15, 2017

4 ways to bridge the $12 trillion life insurance gap A recent LIMRA study points to a significant underinsured life insurance market. Here’s where the biggest opportunities are to fill that need. Read more.

2017 Life Insurance Planning: Why this could be a strong year despite uncertainty in the tax law Check out this recent article and get a pro’s perspective – in case your crystal ball has been on the fritz lately too. Read more.


‘Hybrid’ insurance policies offer a way to cover long-term care

January 31, 2017

By Elliot Raphaelson, Tribune Content Agency

The Savings Game

Because everyone is living longer, many life insurance companies have found traditional long-term care (LTC) policies are not profitable enough.

Several years ago, MetLife and Prudential stopped selling these policies, and they were joined recently by John Hancock, which increased the premiums for existing policies. Genworth still offers new policies, but it has increased the premiums for existing and new policies. Other companies are still selling traditional policies, but premiums are generally guaranteed for one year only, and can be increased if the insurance company gets your state insurance commissioner’s approval.

Consumers do have other policy options that cover both life insurance and long-term care. These options are generally known as “hybrid” policies. One of these options is purchasing a single-premium policy that provides both traditional life insurance coverage and a rider that provides some LTC coverage.

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Genworth – Planning for Long Term Care

January 18, 2017

At some point in their lifetime, about half of Americans will need high levels of long term care services and support after age 65 to help them with everyday activities.* That’s why we believe it’s critical to help raise awareness about long term care — what it is and how you can plan for it.

Let’s Get the Conversation Started!

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Meeting the needs of the middle market with combination products

January 13, 2017

Disruptive forces are causing carriers to focus on product innovation

Dec 28, 2016 | By Linda Chow

The US life, annuity and long-term care (LTC) industries are facing a number of disruptive forces, from macroeconomic changes and demographic shifts to rising consumer expectations. Carriers are responding by changing their business models, modifying sales distribution practices, digitizing core processes and functions, and upgrading their risk management capabilities.

In addition, there is an effort to stimulate revenue growth with innovative products that address industry issues and meet the enormous consumer need for LTC services and support. Among the products that have gained significant traction in the insurance industry are combination products, which combine base life or annuity policies with LTC riders.

This article will examine the rise of combination products, why they have enjoyed considerable growth in recent years and possible future developments in this increasingly important market.

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