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Broadtower Insurance

Immediate Need Annuity Distribution Strategy Change From Genworth

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A note from the desk of Shawn Davis, Head of Individual Sales US Life Insurance Companies at Genworth.

As we enter 2019, we are continuing our efforts in developing a market for the Income Assurance Immediate Need Annuity (INA) product. INA is a medically underwritten single premium immediate annuity issued by Genworth Life Insurance Company (Genworth Life.) Over the past 3 years, we have not been able to develop this market through the Brokerage General Agency (BGA) channel. Many efforts were made by our wholesaling team partnering with BGAs to drive sales. Unfortunately, this didn’t generate enough traction for us to continue with this model as part of our 2019 strategy.

In 2019, we are going to deploy a different distribution strategy that affects our BGA model. Beginning December 3, 2018, we will only offer INA as a producer direct opportunity, specifically meaning any producer wanting to offer INA to their clients will need to be contracted directly with Genworth Life. We are making this change to offer producers a higher commission rate of 5% to sell the product. We will notify all producers engaged in the marketing and selling of INA of this change. Any business submitted prior to November 30, 2018 under your BGA hierarchy will be attributed to you in that structure. After this date, the producer will need to have a direct relationship with Genworth Life for INA, and you will not receive compensation.

I realize this change in distribution strategy has an impact on our BGA partners. Please know the decision was not made lightly and is based in part on the feedback we have received that the current compensation structure is not properly aligned given the duration and complexity of the sales process for this product. We believe this is the right decision to make at this time and will help to accelerate the market opportunity for this product.

Thank you in advance for your understanding and support.

NGL / EssentialLTC Product Updates

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EssentialLTC’s Employer Group rate class launched in 38 additional states as of 11/30/18!

Visit the new Worksite Section of the Agent Resource Center at www.ngl-essentialltc.com

LTCi For Almost Any Business
Learn more about EssentialLTC’s program for the worksite. View PDF

2018 Tax Summary
Use this flyer to see the tax advantages of LTCi for individuals and businesses. View PDF

Recording Of EssentialLTCs Program For The Worksite
This session highlights EssentialLTC’s program for the worksite that is available to businesses with at least 5 employees, offers a streamlined group approval process, and features competitively priced comprehensive benefit options. View Recording

Worksite Process & Resources
Learn more about what to expect when you have an employer group prospect. This flyer will give you an idea of what to expect from start to finish and provides you with resources to help guide you through the process. View PDF

NGL Press Release
Employer Group rate class – View
ThinkAdvisor Article – View
Detailed Release Announcement – View

Website Self-Registration Now Available
Effective 11/30/18, you will be able to more easily access the EssentialLTC Agent Resource Center at www.ngl-essentialltc.com. Just click the “Request Access” button, follow the prompts, and you’ll have access to all things EssentialLTC.

Webinar Reminder
Tuesday, December 4th, 2018 at 11:00 AM PDT / 2PM EDT 

LTCi Funding Strategies for the Worksite
This episode of the Essential How-To’s Webinar Series will discuss some of the most popular strategies used to encourage funding LTCi in the workplace. Help businesses consider funding LTCi plans to get an additional 2018 tax deduction while they still can. Don’t miss this session! Register

Tools To Help Build Your Business

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LTC Awareness Month may be over, but Mutual of Omaha is committed to helping you build your business all year long. Check out some of the tools that make it easy for you to sell their traditional LTCi products.

e-APP
Mutual of Omaha makes it fast and easy to submit your LTCi applications online. You’ll save time and effort because their e-App ensures you’re using the right forms. You can also be confident your app is completed in its entirety before you hit “submit”.
Use the LTC e-APP

Mobile Quotes
Get quotes on your smartphone or tablet wherever you are, whenever you want. Download Mutual of Omaha’s mobile app from the Apple Store or Google Play.
Get the Mobile Quotes App

Marketing Credits
Mutual of Omaha awards marketing credits for the LTCi applications you place with them. Use your credits for all types of business-building activities, including finding prospective clients so you can make more LTCi sales.
Learn about LTC Marketing Credits

Want More Tools?
Check out the Sales Tools page on Sales Professional Access, mutualofomaha.com/sales-professionals, for more tools that can help you build your LTCi business.
Get More Sales Tools

View a short presentation to see how Mutual of Omaha’s quoting software tool allows you to set a target premium based on your client’s budget. Set Target Premium Presentation

Talk Is Cheap – It Takes Money To Ride The Train

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“Even before the Long Term Care provisions of the PPA went into effect in January, 2010, it was repeatedly predicted in this column that the day would come when almost every life company would have some form of long term care or chronic illness rider. It is simply too easy to sell against those who do not. We now live in a world where “living benefits” has become a holy mantra.

A plethora of options to address the problem now exist, perhaps even more choices than the days of the apex of stand-alone LTCI health sales 15 years ago. But these riders are not created equal. You cannot escape two of the most basic principles of living: The Golden Rule, and “You only get what you pay for.” Sadly, at least as far as I’m concerned, the majority of these options are flawed and occasionally deceptive by default.”

Click here to read more, originally published in the December 2018 edition of Broker World Magazine.

Symbiont

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“Mutually dependent and interdependent. The relationship that cannot be severed or ignored is between aging adult children and their senior parents.

What you cannot choose to do any longer is to only view the problem as if the concerns of those already in care, or living in fear of the financial implications of the possibility of the need for care, are simply fuel for the buying decisions of the adult children participating in the care of a parent and therefore clearly understanding the need to plan and be prepared for future risk contingencies for themselves.

Consumer surveys across many disciplines have historically identified those who can intelligently “plan ahead” without the experiential need of being directly and personally involved. This argument had been frequently proposed as it relates to the need for extended care originating from a chronic illness. Consumers, when surveyed, would wish us to believe that…”

Click here to read more, originally published in the November 2018 edition of Broker World Magazine.

Get An Exclusive Peek Inside Genworth’s LTC Claims Dept | Thurs. Oct 18

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Join us for a behind the scenes look with Genworth’s Claims Department on Thursday, October 18th, at 11.30 EST / 8.30 PST.

Please join Genworth for an in-depth, 30-min review of its Long Term Care Claims experience. Hear directly from Mark Beagle, Genworth’s Claims Program Leader, as he sheds light on enhancements and service improvements at the forefront of technology and statistical data directly related to Genworth’s LTC claims.

What Genworth has learned from the past can help us all in our future conversations with clients!

Register Now. Space is limited!

Victory

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“I am not going to stand on the deck of an aircraft carrier and proclaim a premature cessation of all hostilities. Chronic illness in my humble yet persistent opinion remains America’s largest unprotected risk.

To a large extent we still have an industry with its head deep in the sand hoping the approaching storm will somehow magically pass quietly around them. Where a celebratory salute does need to take place is in honor of those brave, patriotic and prophetic corporate citizens that have at least ventured out at night to wage a glowingly successful campaign against the known and certain evils  of chronic illness still embedded deep within the psyche of a financially vulnerable and woefully unprepared American public.”

Click here to read more, originally published in the October 2018 edition of Broker World Magazine.

Genworth News – Individual LTCi Incentive Campaign

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ANNOUNCING FALL INTO 10%!

Genworth is funding an incentive campaign for producers that submit qualifying applications for Genworth’s Long Term Care Insurance (LTCI) products, Privileged Choice Flex and Privileged Choice Flex 3 – Enhanced.

10% of annualized premium paid to producers for business submitted between 9/1 – 11/30/2018 and placed by 12/21/2018.

Click HERE to read the full bulletin.

Tailor-Made LTCi Premium Payment Options Webinar | Thurs. Sept 13

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Identifying funding sources can help determine a budget and provide direction on which premium payment option to recommend.

Join Marc Glickman & Michael Machlovitz from the NGL EssentialLTC team for the next installment of the Essential How-To’s webinar series for tips on how to use the Single, 10-Year, and Lifetime Premium Payment options based on your client’s needs and desires.

They will also demonstrate a new Benefits Buddy feature that allows you to use a target premium approach for a tailor-made LTCi plan.

This is a session you won’t want to miss. Register now!