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Broadtower Insurance

Nomenclature

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Alright, I admit I’m confused—but dear friends I am not alone. The only significant sign of life in life insurance sales are those products that lay claim to some level of contingent long term care planning. We certainly have a plethora (I love the way that word rolls off your tongue) of product options to accomplish a reduction in long term care risk. The problem is we have made a mess of trying to differentiate between the product choices.

The current inventory of named categories may unfortunately represent nothing more than hitting the synonym button on your computer. Let’s begin by reviewing the plain vanilla definitions of the most prevalent choices:

  • Combination: “A merging of different parts—where the individual elements are individually distinct.”
  • Hybrid: “A thing made combining two elements.”
  • Linked: “To make, form or suggest a connection.”

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Originally published in the October 2020 edition of Broker World Magazine

Register for the Virtual Long-Term Care Workshop – November 3 & 4

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Join us for a Virtual Long-Term Care Workshop!

Tuesday, November 3rd & Wednesday, November 4th

This is an event you don’t want to miss.

REGISTER NOW

The Broadtower Team and OneAmerica have designed an experience to equip you with the tools needed to increase your Long-Term Care sales – each of your clients should have an LTC plan in place.

*All times shown PST

Tuesday, November 3, 10.00 AM to 11:25 AM | Tell Me the Story

  • The Need for LTC
  • Why Lifetime Benefits Matter
  • Possible Solutions to Solve the Need

Wednesday, November 4th, 10.00 AM – 11:30 AM | Show Me How to Tell the Story

  • Questions to Ask, Who to Target, Conversation Starters
  • Repeatable Sales Process and Presentation
  • Underwriting and Marketing

DOWNLOAD FULL AGENDA HERE

Mutual of Omaha LTC Rate Refresh Transition Rule Best Practices

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Important LTC Rate Refresh Transition Rule Best Practices from Mutual of Omaha

Recently, you may have received communication from Mutual of Omaha outlining the transition rules, implementation dates and benefit option changes to the MutualCare® Solutions Portfolio for the states of Kansas, Maryland, Massachusetts, Pennsylvania and Wisconsin.

We want to reinforce how important it is to take note of our transition rules as they were outlined:

  • Old applications signed after October 31, 2020, will not be accepted.
  • Old applications signed by October 31 but received by Mutual of Omaha after November 13, 2020, will not be accepted.
  • In both scenarios, new applications are required, and new rates and benefit options will apply. No exceptions will be made.

Note: Please also make sure you are checking to ensure required agent licensing, CE and LTC certifications are in-place and current.

As a reminder, the following actions during the application process are deemed as unacceptable and will lead to a letter of education or corrective action being sent to the producer:

  • Back dated applications
  • Applications signed on behalf of another producer
  • Resubmitting old applications with dates changed
  • Agents taking applications prior to being licensed, completion of required CE or LTC certification
  • Applications that have been altered
  • Applications not competed and/or poorly completed

We are asking for your assistance with helping your producers and their customers.  Please reinforce with your producers and staff how important it is to be aware of the transition rules/dates and what is acceptable and not acceptable during the application process.

Why A Plan For Extended Care Is A Critical Component In Retirement Portfolios

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View the recent presentation from Nationwide with nationally recognized LTC speaker, Attorney Harley Gordon.

Agenda

  • Part 1: Is the conversation worth having?  Particularly in a COVID-19 environment?
  • Part 2: Changing the intent of the conversation.
  • Part 3: The essential need for a plan and what a long-term care solution actually does.

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Mutual of Omaha Express

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Mutual of Omaha Express: A Weekly Update for Mutual of Omaha’s Brokerage Sales Distribution

LTC Webinar Series

Webinar: Back the Basics of LTCi

Save the date!  Join Mutual of Omaha September 17th when they go back to the basics of long-term care insurance.

New Sales Idea: Help Clients Stay at Home

By walking through how LTCi provides in-home services, you can help clients feel more secure in their purchase of an LTCi policy … and, possibly help keep them in their home longer.

Preparing for the Health Interview

You just completed a long-term care application. Before you head out the door, make sure your clients know what happens next.

Submit Your First LTC e-Application Today!

Time is money. Save both by completing and submitting long-term care insurance applications online.

Critical Illness

Cancer Survival Rates Continue To Increase

What happens after surviving cancer? A tough battle deserves the right team!

Designed With Your Recovery In Mind

The Critical Advantage Portfolio offers a number of flexible benefits and options.

A Portfolio With A Plan

The Critical Advantage Portfolio℠ offers protection for various stages of life.

SIGN-UP FOR EXPRESS

VIEW EXPRESS ARCHIVE

The Great Disconnect

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We just keep poking at the mystery. Logic continues to demand of our experientially wired brains that we could and should be able to connect the most clearly perceived dots. Therefore it is impossible to not speculate that the current most visible features of this miserable pandemic should, at the least, help us better focus on our sacred mission. Unfair and premature mortality should ride like the Four Horsemen of the Apocalypse through all our dreams. In tandem with that nightmare hovering at the edges of our consciousness is the potential personal intensive care and iron clad isolation currently being required of far too many. I can only hope and pray that this sure and certain knowledge may finally contribute to more American consumers taking action.

CLICK HERE TO READ MORE

Originally published in the August 2020 edition of Broker World Magazine

Mutual of Omaha LTC New Business Rate Refresh & Benefit Changes

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As a leading long-term care insurance carrier, Mutual of Omaha has a responsibility to their policyholders and distribution partners to ensure their pricing strategy and product offerings are effective. They have been monitoring industry trends, internal claims data and the economic environment over the past several years. As a result, they are refreshing their rates and implementing benefit option changes to the MutualCare® Solutions Portfolio effective September 1, 2020.*

The details are outlined below:

Impacted States

Alabama, Alaska, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wyoming

Rate Adjustments

Premium adjustments may vary by age, sex and benefit selection. You may view the new rates by referring to the quoting software beginning September 1, 2020.

Benefit Changes

Cash Benefit:

  • MutualCare® Custom: 25% of home health care benefit up to maximum of $2,000 per month
  • MutualCare® Secure: 25% of home health care benefit up to maximum of $2,000 per month

Partner Premium Allowances:

  • Both Issued: 15%
  • One Issued: 5%

Transition Rules

New paper and e-Applications for MutualCare Solutions will be required beginning September 1, 2020. Please discontinue use of all old applications. The following transition rules will apply:

Paper Applications

  • Applications with a signed date of September 1, 2020, and later will get the new rates and benefits and will require the new application.
  • Applications signed prior to September 1, 2020 and received in the Mutual of Omaha home office on or before September 11, 2020, will receive the current rates and product benefits.
  • Old applications received after September 11, 2020, will not be accepted regardless of application sign date. Applications will be closed, and a new application will be required to apply for coverage. No exceptions will be made.

e-Applications

  • If you have a pending e-Application started prior to September 1, 2020, your application must be signed prior to September 1, 2020 to receive the old rates and benefits. You can access your pending application, complete and submit like normal.
  • Pending e-Application must be received in the Home Office no later than September 11, 2020, or it will not be accepted.

Quoting Software

Winflex, MutualCare® Solutions, and mobile quote software will be available for download effective September 1, 2020.

Marketing Materials and Forms

Marketing materials are in the process of being updated. You will be notified when the materials are ready to order.

Old Applications

  • Paper applications are available for download only on Sales Professional Access until August 31, 2020.
  • e-Applications will be available until August 31, 2020.

New Applications

  • Paper applications will be available to order through your normal ordering channels on August 19, 2020.
  • e-Applications will be available on September 1, 2020 on Sales Professional Access.

MutualCare® Solutions Portfolio is Designed for Long-Term Stability

Mutual of Omaha has decades of expertise developing products and pricing them effectively for the long run. They sold their first long-term care insurance policy in 1987, and since then, they’ve paid over $1.1 billion in benefits to their policyholders. That means they will continue to be here for your clients when they need us most.

Although Mutual of Omaha understands these changes may impact your business, the benefits that make Mutual of Omaha unique in the standalone LTCi space remain in place. They include:

  • Calendar Day Elimination Period
  • Cash or Reimbursement Benefit
  • Home Health Care
  • Monthly Benefit
  • Inflation Buy-Up

*These changes do not impact the LTC Rider or LTC17W.

READ COMPETITIVE BROCHURE

Earn Cool Cash for Mutual of Omaha Critical Advantage Apps!

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Try Mutual of Omaha’s Critical Advantage portfolio this summer and they’ll treat you to something cool!

Earn Cool Cash for Critical Advantage Apps!
Critical Illness | Cancer | Heart Attack & Stroke

Send Mutual of Omaha two or more Critical Advantage applications… in any combination. The more, the better! What could be sweeter than adding a Cancer or Heart Attack & Stroke policy to a Medicare supplement sale?

It Won’t Last Long

Applications must be submitted to Mutual of Omaha and placed between July 1 and August 31, 2020. Awards will be paid after October 15, 2020.

Here’s What You Can Earn

Click HERE to view full details, minimum requirements, and eligibility.

Common Cause

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“This is a time for clarity. If ever there was an opportunity to reflect on the obvious it is now. Critical baseline values, intrinsic social obligations and the meaning of cultural responsibilities to each other, in my humble opinion, have never been more important. The cry for common cause and common purpose currently haunts every American psyche. In these troubled times the disparity of understanding of what should unite our thinking and consolidate common ground is truly alarming.

Clearly identifying those common denominators of collective knowledge that bind us together is the only way we can ever move forward. It struck me that this is particularly true in our own little back eddy of long term care risk mitigation. Therefore, in no particular order of importance, I would like to try to establish a baseline of what we should all know to be Common Knowledge: … “

CLICK HERE TO READ MORE

Originally published in the July 2020 edition of Broker World Magazine

Mutual of Omaha Announces LTC Issue Age Restriction Lifted in Additional States

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From the Desk of Marty Johnson, Vice President – Individual Underwriting, Mutual of Omaha

Mutual of Omaha is pleased to announce we are lifting restrictions for LTC applications age 65 and over in additional states effective July 6, 2020. Please refer to the Frequently Asked Questions document for a current list of all states and effective dates.

  • Connecticut
  • District of Columbia
  • Illinois
  • Massachusetts
  • Michigan
  • New Jersey
  • New York
  • Rhode Island

We continue to evaluate lifting issue age restrictions for additional states. Until then, all states not identified must follow the guidelines and processes outlined in our temporary underwriting guideline communication.

Reminder: Underwriters will initiate scheduling the face-to-face assessments for LTC applicants age 65 and over after medical records have been received, reviewed and considered favorable for insurability. This new process ensures we are only requesting face-to-face assessments on individuals who are indeed insurable, subject to the completed assessment.

Thank you for your patience and understanding.

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