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Mutual of Omaha: Spring is a Time for Growth

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Updated Cost of Care Calculator and LTC Underwriting Operation Teleconference #2

Updated Cost of Care Calculator

Long-term care cost estimates are higher than ever, as you’ll see in our newly updated Cost of Care Calculator. Prices continue to rise in every US state, for every level of care.

Our calculator can be a valuable sales tool to help producers educate their clients on the cost of services. By helping clients make good decisions based on their unique situation, we can help keep them in their own homes with a lifestyle their families are used to.

LTC Underwriting Operation Teleconference #2

Join us for the next installment of our bi-monthly teleconference series with our underwriters!

This month’s teleconference information:
Let’s Talk About Our Underwriting Guidelines
Thursday, June 20 at 10 a.m. CST
Dial: 1-866-220-3018 | Conference ID: 5172044

You can learn more about these teleconferences from our flyer.

Sweet

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“A rose by any other name would smell as sweet,” William Shakespeare, Romeo and Juliet.

We’ve just spent 30 years helping consumers understand that being totally unprepared for long term care risk is a sure-fire strategy for financial catastrophe. We have spent the same period determining the true nature of the risk and where best to apply insurance protection. We have acquired a better understanding of how much insurance is enough. We have developed multiple product choices and are much better able to customize insurance solutions. But recently I have witnessed a prevalent speech impediment bordering on an institutional stutter in terms of what we call the insurance options we sell. Is it long term care, long term services and supports, chronic illness benefits or extended care?

I was recently admonished by the strident voices from “compliance” for at least the ten thousandth time that you cannot call a chronic illness ADBR long term care insurance.

Click here to read more, originally published in the June 2019 edition of Broker World Magazine.

Mutual of Omaha Announcement

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A note from the desk of Steve Pike, National Sales Director, with Mutual of Omaha.

I am writing to let you know that Brent DeGroot is no longer with Mutual of Omaha. Brent was a valued member of our team and we wish him well in his future endeavors.

While we work on filling his position I encourage you to reach out to Carol Tucker for assistance (carol.tucker@mutualofomaha.com or 402-351-6780). All of us at Mutual of Omaha appreciate our partnership with you. I want you to know we are committed to providing you with a high level of support during this transition.

Please feel free to contact me if you have any questions or need assistance.

Steve Pike
National Sales Director
(952) 239-9865
Contact Me

Introducing Nationwide CareMatters II – A flexible Solution To Your Clients’ LTC Needs

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Cash indemnity LTC benefits with the guarantees of a UL policy.

Nationwide has launched a new linked-benefit LTC life insurance product, Nationwide CareMatters® II.

CareMatters II is a flexible, competitively-priced linked-benefit universal life policy that offers clients:

  • Flexibility through cash indemnity LTC benefits that help clients obtain care where and from whom they prefer
  • Choice of a variety of payment options, including pay to Attained Age 100, make the policy accessible to more clients than ever before
  • Protection from inflation via one of several options, including a 3% compound option and a new U.S. Medical Care Inflation option based on changes in the cost of health care

Nationwide CareMatters II is designed to help bring the protection of a linked-benefit policy to a wider range of clients across a variety of ages and financial situations.

Get to know Nationwide CareMatters® II

Here is a side-by-side comparison with YourLife CareMatters to allow you to compare the new features. Download Comparison Highlights

For questions or to learn more about the benefits of Nationwide CareMatters II, contact us.

Serious Flaws

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Fairly certain no one will argue with the notion that limitations or restrictions that apply to specific policy benefits can be considered “flaws.” Any benefit that is not complete as presented must be inadequate by definition and therefore “flawed.” What “is” is of course crucial, but what “ain’t” is critical to our professional survival.

A vibrant combo life and annuity market has bubbled to the surface. As predicted repeatedly in this column over the last 10 years. (Sorry, I couldn’t stop myself.) You simply do not want to be the company that does not have a critical illness/long term care combo option. Not having one paints a giant target on the back of any existing coverage. Home office 1035 personnel are vibrating in anticipation. Combo policies have been around forever; truthfully the two birds with one stone story never loses its luster. The corollary truth is equally important: Two risks require two costs. Nobody rides free.

Click here to read more, originally published in the May 2019 edition of Broker World Magazine.

A note from Mutual of Omaha LTC | Brent’s Bits April 2019 – The Investment Value of Stand-alone (Traditional) LTCi

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A note from the desk of Brent DeGroot, Brokerage Health Sales Director for Mutual of Omaha.

Good Day!

The marketplace for extended care coverage has expanded in recent years with the entry of various products, especially on the Life side. While each client and their agent/advisor need to determine the solution which is right for them, I want to point out some of the benefits of a stand-alone LTCi policy and what a wonderful investment it can be.

I have included here a copy of our marketing piece which discusses the benefits of Stand-alone LTCi – comprehensive coverage, tax benefits, and state partnership protection; just to name a few.

Also, the return on investment for a traditional LTC policy can be quite impressive. Below are a couple of examples from the Break Even Analysis feature which is included in our MutualCare Solutions software. Rates used were for Nebraska.

Example #1 – A single female age 65 when purchasing coverage of $5,000 a month with a 4 year benefit period and 3% inflation for 20 years. If she went on claim at age 75, it would take just 226 days for her to be paid back the premium paid in.

Example #2 – A married male age 55 when purchasing the same coverage and going on claim at age 75, would receive all premiums back in benefits in only 112 days.

Both clients then have the potential to receive hundreds of thousands of dollars in benefits above what they have paid in. A great return on their initial investment. Not to mention piece of mind knowing they are covered, and the tremendous help this coverage can be by not creating hardships to the family dynamic.

Please consider the many benefits of traditional LTC when meeting with your clients. The benefits are many and the investment return can be great.

Brent DeGroot, LTCP, CLTC
Brokerage Health Sales Director – LTCi, Mutual of Omaha
(402) 351-6012
Brent.DeGroot@mutualofomaha.com

Average

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Truthfully this basic mathematical concept has gotten us into more trouble than we have ever acknowledged. On which side of justice do you wish to fall? In the case of chronic illness risk, average or even median numbers can be very skewed and seriously misleading. We do however have to have a target to try to accommodate. The real problem all along has been the nature of the risk itself. You must be disabled to qualify, but you must be healthy to buy. We have never come to grips with all the time in between. All those years of virtually non existent claims have played havoc with our thinking. Please take a moment and carefully review this long term care claim occurrence chart. It looks like an inverted alpine ski jump, with relatively level cross country skiing before rapid acceleration as you begin a blast off into claims in your late seventies ending with the universally required jump of faith into the hereafter. Where is the middle of this? And even if you were to arbitrarily choose one, what would it mean?

Click here to read more, originally published in the April 2019 edition of Broker World Magazine.

A Message from Mutual of Omaha – Spring Brings New Beginnings

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Same Great LTC Product Now Looks Even Better!

Long-term care upgraded its marketing materials with a fresh, new look. This includes new Product and Underwriting Guides! No longer combined into one document, the new LTC Product and Underwriting Guides are two standalone booklets.

See what else is new –>

(Please discontinue use of old materials and order through your normal ordering channels.)

LTC Underwriting Teleconference – April 18th

We’re kicking off a bi-monthly New Business teleconference series and you’re invited!

In our first teleconference, we will be introducing our underwriting leaders, discussing the new Underwriting Guide, and concluding with an interactive Q&A session.

“Underwriting Operation: Kick-Off” Teleconference #1
When: Thursday, April 18 | 10 a.m. CT
Conference Number: 1-866-220-3018
Conference ID: 1080585

2019 Teleconference Schedule –>

LifeSecure News: Level the Playing Field

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VOLUME 13 * ISSUE 7 * APRIL 2019

Sales Tip: 3 Ideas to Level the Playing Field

Competing with larger rivals is a daily challenge for your small business clients. Check out these tips to turn small employers into big prospects.

Hospital Recovery Insurance with Observation Coverage

On April 25, LifeSecure will release their enhanced Hospital Recovery Insurance with Observation Coverage to the individual and worksite markets in 20 states. Click here for state availability and product details.

Below are important dates regarding LifeSecure’s current Hospital Recovery Insurance product. Please note: this information only applies to the 20 states where Hospital Recovery Insurance with Observation Coverage will be available.

Now Available: Request a custom worksite proposal for up to three plan designs. Contact their Worksite Sales team, Cori Mooberry and Sue Root, for details.

April 17: Worksite – last day to submit applications for LifeSecure’s current Hospital Recovery Insurance. Enrollment periods must end on or before April 17 at 5 p.m. ET.

April 24: Individual – last day to submit applications for LifeSecure’s current Hospital Recovery Insurance. Applications myst be submitted online before 5 p.m. ET

April 25: Individual & Worksite – first day to take and submit an application for the new Hospital Recovery Insurance with Observation Coverage, beginning Thursday morning.

Put a Spring in Your Sales and Boost Your Earnings

This spring, you can earn an Amazon gift card of up to $500 on your LifeSecure Accident, Critical Illness and Hospital Recovery insurance sales – in addition to your commissions!

Earn $50 when you sell five policies, an extra $100 for your 10th policy, $150 more for your 15th policy, and another $200 for your 20th policy. That’s $500 for selling 20 total policies.

Policies must be submitted and issued between April 1, 2019 and May 31, 2019. Click here for full terms and conditions.

Talk to Your Clients About Critical Illness Insurance

Do your clients know about the advantages of Critical Illness insurance? If not, it may be time to talk to them about this increasingly in-demand coverage.

Use this educational flyer to help give a quick introduction to the importance of coverage, product features and flexibility, and the variety of ways benefits can be used to offset expenses. You can even customize page 2 of the flyer with your name and contact information.

Start a conversation about Critical Illness insurance with your clients today and show them how it can help protect their family, lifestyle, and finances.

Office Closed April 19

LifeSecure’s home office will be closed on Friday, April 19, in observance of Good Friday. All departments will reopen on Monday, April 22, at 8 a.m. ET.

Click here to view their calendar of modified office hours.

How Does LifeSecure’s Accident Benefit Work?

Let LifeSecure show you how with their benefit payout example flyer, which you can share with your clients.

It details a sample scenario from an accidental injury and treatment to a cash benefit payout that offsets out-of-pocket costs. Click here to check it out.

LifeSecure’s Accident coverage pays cash benefits based on actual medical expenses for covered injuries, regardless of any other insurance. Other advantages include:

  • Reimbursement model with payouts that are typically higher than scheduled benefits
  • 24/7 benefits – on-the-job and off-the-job coverage
  • Flexible coverage that’s a great fit for families with young and active children

Upcoming Webinars

Simply click the links to register!
A full schedule can be found on the Agent Blog.

LifeSecure Agent Support
866-582-7701
agentsupport@yourlifesecure.com

Important Phone Numbers
Conferences
Webinars
Products & Simple Rates
Producer Advertising Guidelines
Product Availability

Genworth Bulletin: Suspension of All Individual Long Term Care Insurance and Income Assurance Annuity Sales Through the BGA Channel

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Effective as of Monday, March 11, 2019, Genworth has temporarily suspended sales of individual long term care insurance and the Income Assurance annuity through the BGA channel in all states. They will continue to sell these products through other channels.

Effective as of Monday, March 11, 2019, the Genworth companies will no longer accept new applications from the BGA channel for our individual long term care insurance or annuity products, including:

  • Privileged Choice® Flex
  • Privileged Choice® Flex 2
  • Privileged Choice® Flex 3
  • Privileged Choice® Flex 3 – Element
  • Income Assurance Immediate Need Annuity

This change does not affect the following:

  • Renewal commissions for in-force business
  • Pending business or related compensation
  • In-force policyholder servicing
  • In-force policy contractual provisions and benefits such as conversion rights

Existing customers and their benefits will not be impacted by this change, and Genworth’s commitment to them remains as strong as ever.

Transition Rules for New Applications and Pending Business Through the BGA Channel

Electronic Tools
03/08/2019 – Last day to submit an eApplication (eSuite of New Business tools)

Quote it!
03/08/2019 – Last day to quote individual long term care and Income Assurance annuity products

Applications
03/08/2019 – Last valid Application Signed Date
03/11/2019 – Last valid Home Office Receipt Date for applications, must be received by 8:00pm ET

Faxed applications must be sent to either: 434 948.5566 or 800 456.8329. Applications may be emailed to EMM-GNWLTCApps@genworth.com.

Note: Applications faxed or emailed to any fax number or email address other than those listed above may not make the 8:00pm ET cutoff.

Pending Business
04/12/2019 – Last day to receive pending new business requirements
05/31/2019 – Last day to place pending new business in-force
05/31/2019 – Pending applications closed that have not been issued in-force

If you have application questions during the transition period, please contact your Genworth New Business Team representative.