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Big Changes In The Long Term Care Insurance Marketplace

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National Guardian Life is a fresh face in the recently hard-pressed LTCi marketplace. NGL has not been in the LTCi game long, thus they have enlisted in the services of Jim Glickman, President and CEO of LifeCare Assurance Company.  With over 30 years of designing, pricing, underwriting and launching new Long Term Care insurance plans – Jim and LifeCare Assurance bring the expertise and experience to NGL’s enthusiastic market entry.

NGL’s Essential LTCi

  • New Carrier – First new carrier to the traditional LTCi market in 10+ years
  • Product Pricing – First carrier to launch a product priced below the current market
  • Unlimited Benefits – First traditional carrier to return to an optional unlimited benefit pool
  • Limited Pay – One of a few carriers offering a 10-pay option, and the only traditional LTCi carrier offering a Single Pay option

The significance? 

Price stability may have finally arrived to the traditional LTCi market.

Without extreme confidence in product pricing, NGL and LifeCare Assurance wouldn’t be able to offer single premium, fully paid policies without the possibility of a rate increase, unlimited benefits pools, and pricing that undercuts the current market in many scenarios.

The industry is looking at a significant amount of work ahead to regain advisor and client trust, but the launch of NGL’s EssentialLTC suggests a course for price stability is set.

Contact us for more information today.

Myth Busters – The Last Word On LTCi

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“It is certainly widely accepted that rate increases, particularly the big fat and somewhat unanticipated ones, are bad for all concerned. It should not however be a revelation be that individual health insurance is often subject to the variable and often violent wind storms created by medical inflation. Unfortunately, that universally accepted truth does not exactly hold water when viewing the history of rate increases in the world of stand-alone long term care insurance. Medical inflation has been consistent with expectations and was always a planned-for pricing consideration. The fact is that, this time, what did contribute to the creation of what I suspect looks more like an adverse selection rate spiral than anything seen before could simply not have been anticipated by those stakeholders involved in the creation and growth of this market.

Don’t misunderstand—the damage caused by this lack of omnipotent clairvoyance is very real and verges on the catastrophic. All too many have been running for the exit doors, including: reinsurers, companies, agents and most importantly consumers…” Click here for the full article, originally published in the September edition of Broker World Magazine.

Event: The Broadtower ProSeries With Mutual Of Omaha

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Event Information:
Date: Tuesday, September 27th & Wednesday, September 28th
Location: Omaha, NE

REGISTER NOW

 

We all know what makes a standout LTCi Brokerage General Agency. Agents and advisors come to you because they see you and your team as experts in long-term care planning. They trust that you have superior knowledge when it comes to sorting through the plans and options available to their prospects and clients. They know you can help them get tough cases to the right company and through the underwriting process. They believe you have personal contact with the home office decision makers and thought leaders. Top commissions are important but the rubber meets the road when your customers see you as a PRO.

That’s why we’ve created the Broadtower ProSeries. We want you and your LTCi marketing staff to have the same opportunity we have had over the years – to learn from the top long-term care insurance home office experts and executives. Give us and our insurance company partners two days and we will help you up your game!

Our second ProSeries event is in Omaha, Nebraska on September 27th & 28th. It is being hosted by Mutual of Omaha, who currently offers the top selling traditional plan by independent advisors.

Key Highlights:

  • Insights from senior management into Mutual of Omaha’s future and the future of long-term care insurance
  • Perspectives and strategies from top executives on the future of long-term care insurance distribution
  • Details on the most competitively priced, client friendly product on the market
  • Conversations with the creators and developers of Mutual’s state of the art marketing and sales tools – with the opportunity to discover how to best use them
  • Discussion of current underwriting criteria and future trends with Mutual of Omaha’s “medical A-Team”
  • An exclusive preview of future product initiatives and the next generation of long-term care planning solutions

You or your key long-term care marketers are invited to join us. Get yourself to Omaha – and Mutual of Omaha will cover all ground costs including hotel, food and transportation to and from the hotel and corporate home office. The high level agenda is as follows:

Tuesday  |  September 27th

11:30 AM CDT: Arrive In Omaha
1:00 PM – 5:00 PM CDT: Lunch & Meetings
6:30 PM CDT: Dinner At Midtown Crossing

Wednesday  |  September 28th

7:45 AM CDT: Breakfast
8:00 AM – 12:00 PM CDT: “Dive Deep” Training With Mutual of Omaha Experts
12:00 PM CDT: Box Lunch & Departures

Space for this meeting is limited to the first 15 agency principals (or LTCi specialists) who wish to attend.

Making The Most Of RMDs

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Beginning this year, the first of the baby boomers are turning age 70 and more reach that age every year. Seize the opportunity to help them protect their future using existing qualified money. Utilize the market’s only all-in-one funding solution that combines an annuity and a life insurance policy to provide LTC protection for both spouses, while maintaining an efficient tax strategy.

Show your clients how they can:

  • Use qualified funds to fund their Long Term Care plan
  • Spread tax liability over a 20-year period
  • Satisfy RMD requirements
  • Protect themselves and their spouse from LTC costs with one pool of money
  • Offer flexibility of Return of Premium, Death Benefit, and leverage tax free funds for Long Term Care costs
  • Guarantee performance regardless of market conditions

Mr. Client, Aged 60

make-most-RMDs

 

The Flexibility Of Cash With Mutual Of Omaha

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It is important to your clients that the long-term care policy they select today will meet their needs tomorrow. Provide your clients the flexibility they need – to choose how they will receive their policy benefits – with a built-in cash benefit offered in Mutual of Omaha’s LTCi policies.

The Two Ways Your Clients Can Receive Policy Benefits

Cash – There’s no elimination period to satisfy. Your clients receive a percentage of the policy’s maximum monthly benefit in cash, which can be used to pay any cost associated with their long-term care expenses.

Reimbursement – After satisfying the policy’s elimination period, your clients are reimbursed for actual long-term care expenses they incur, up to the maximum monthly benefit of the policy.

Concept Advantages

When the need for long-term care first arises, most people rely on the help of family members. Having a policy that offers the option of both cash and reimbursement benefit options provides:

  • A cash benefit can be used for anything related to a long-term care need, including services that may not be covered by the policy. This gives your clients and their families the financial ability to explore options for care before deciding what’s best
  • A reimbursement benefit allows your clients to access covered long-term care services, knowing they will be reimbursed up to the selected amount each month
  • Having the option to switch between cash and reimbursement gives your clients control over how best to spend the benefits of their policy

For more information and assistance with selecting a long-term care policy to meet the needs of each of your clients, contact your LTCi Sales Rep.

Broadtower & Life Care Funding Join Forces To Overcome Unplanned-for LTC Expenses

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Broadtower Insurance Solutions and Life Care Funding announced the launch of a co-marketed program designed specifically to help families address senior care situations by paying for the expensive costs of senior living and long-term care.

How To Pay For The Cost Of Senior Care

For someone with an immediate need to fund long-term care support and services, this funding solution for senior living gives families the ability to extend their resources to help pay for care for the rest of their lives.

This solution includes two options: Families can purchase a medically underwritten single premium immediate annuity that provides the care recipient with a lifetime of monthly income payments, helping to alleviate the possibility of running out of money; and/or they can convert an existing life insurance policy into a tax-advantaged benefit account that will pay for any form of long-term care service they want.

Both options work together by providing reliable and protected streams of monthly payments when they are needed most:

  • Genworth Life Insurance Company’s Income Assurance Immediate Need Annuity helps create certainty for a family by providing a guaranteed lifetime stream of income payments for older, less healthy care recipients who need care now or in the near future. Although the income can be used for any purpose, including medical and living expenses, this annuity is designed to help offset the cost of long term care for people ages 70 and older with adverse health conditions.
  • Life Care Funding’s Long Term Care Benefit Plan provides an alternative to lapsing or surrendering a life insurance policy by settling the policy for its highest present-day value. The funds are then placed in an irrevocable, FDIC-insured Benefit Account that makes monthly tax-exempt payments directly to any form of long-term care the account holder selects.

Both programs are for people with an immediate need for care and provide the flexibility to choose the monthly payment amounts and the form of care needed, such as: Home Care, Assisted Living, Memory Care, Nursing Home or Hospice.

“Combining the efforts and resources of two respected companies, nationally recognized as leaders in the Long-Term Care marketplace, allows us to educate and assist families about immediate funding options when they are most in need of care,” said Ron Hagelman, President of Broadtower.

Chris Orestis, CEO of Life Care Funding, added, “By putting these two programs together, we are able to provide a one-stop-shop for families that are looking for ways to enhance cash-flow to pay for senior living and long-term care well after the opportunity to pre-plan has passed and the need for care has become immediate.”

LTCi Without The Rate Increase Exposure

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While 9 out of 10 advisors don’t feel comfortable discussing the realities of LTCi with their clients, those advisors who do, position themselves to capitalize on their peers’ deficiencies.  The LTC planning process begins with a conversation, a conversation that you initiate with your clients.  The sooner the conversation takes place, the more attractive and wide-ranging the solutions you can use to solve the needs are.

For a young professional, you can use a flexible Asset Based solution which allows for affordable premium payments overtime while retaining flexibility. With a $5k annual premium for a 10 year period, the client secures a guaranteed death benefit, guaranteed cash surrender value, and a tax free million dollar pool of money for Long Term Care purposes by age 81.

Male, 45
Premium Payment $5,000 x 10 Years
Guaranteed Minimum Death Benefit Year One $51,000
LTC Pool At Age: 45 $174,000
65 $460,000
81 $1,000,000
85 $1,220,000
Cash Value 40k at Year 10
Death Benefit 100k at Year 10

Your clients have questions – they need direction when it comes to Long Term Care planning. Contact your LTCi Sales & Marketing Manager to discuss alternative Long Term Care strategies.

Leading Change: Broadtower’s Mid-Summer Distributor Update – Access The Webinar

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Industry leadership is what sets Broadtower Insurance Solutions apart from the pack. Over the last few months, Team Broadtower has been hard at work developing new and profitable long-term care insurance and planning opportunities for you and your agents.

If you were unable to attend the webinar, or would like to revisit what was covered, download the recording below.

Find your competitive edge in LTCi Planning as the Broadtower team discusses topics including:

  • National Guardian Life Traditional LTCi
  • LifeSecure Multi-Life Opportunities and Challenges
  • LTC Planning for People That Failed to Plan
  • Genworth’s Income Assurance
  • Life Care Funding
  • September 28-29: Mutual of Omaha ProSeries Meeting

This webcast is for agency principals and their marketing staff.

Download Webinar