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Webinar: An Introduction to Insurance Commission Advance – A Broadtower Preferred Service Provider

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Meet Insurance Commission Advance (ICA) – A Broadtower Insurance Preferred Service Provider

Thursday, January 9th, 11.00 – 11.30 AM PST

CLICK HERE TO REGISTER

Insurance Commission Advance (ICA) is a specialty finance company focused on providing customized solutions for today’s insurance producers – with a focus on disrupting the traditional lending space and providing alternative solutions to traditional debt by utilizing existing renewals.

Managing Partner of ICA, Joe Botteron, will cover:

Commission Buyouts

  • Using existing renewals to pull cash flow forward with no strings attached: taxes, estate/succession planning, marketing, funding new product launches, dividends, buyout partners, debt, retirement, etc. The list is truly as unique as the agent.
  • ICA will do a deep dive analysis of your book and project out the future commissions based on commission schedule and anticipated lapse rates.
  • No multiples or factors applied, each policy is priced out individually.
  • ICA will work with you to gather the required documents making it a simple hassle free, no obligation valuation.

Agency Valuations

  • Total enterprise value.
  • Product mix and value created among each product type.
  • Exploring a new product launch: leads, conversions, commission schedules, what product are you chasing your tail with vs. which products are creating long-term value for your agency.

M&A

  • Looking to expand? Consider ICA to finance the acquisition.
  • Sum of the parts are greater than the whole. Agents and cross selling new clients is more valuable to you: Do they have a superior contract that is worth? Located in key markets? Have a product line you want to explore? Existing renewals are more valuable to ICA. Structure a transaction with no cash out of pocket. ICA buys the renewals, you get the agents, ongoing operations, and the opportunity to cross sell the existing book.

Heaping Commissions

  • Are you interested in receiving all your commissions up front at point of sale? A heaping program pays you 100% first year commissions + a multiple of your expected renewals day 1.
  • Are you an agency that could utilize this program? Would putting this in place be a benefit to your producers? By heaping their renewals with your own capital, you are building a more valuable renewal stream and ultimately a more successful agency.

CLICK HERE TO REGISTER

Expediency

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“Human nature continues to get in our way. But of course this perpetual uphill battle defines our chosen profession. What I would like to suggest is that this remains a double-edged sword. Perhaps the greatest flaw in our sales history is the propensity to sell what arrived in our briefcase at the moment of a sales presentation. Convenience and expediency continues to threaten our basic fiduciary responsibilities.

Let’s begin with the largest mystery that clouds current sales results. Combo life sales will represent 90 percent of extended care risk solutions in 2019. But what was the true nature of that sale? Was it simply a traditional life sale with long term care/chronic illness furnished as an “add on,” or was it offered as a direct alternative to a request for help with that specific risk abatement? Was the sales conversation a comprehensive one in which all alternatives were described and offered?”

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

It’s Just Numbers

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“A very short 16 years ago the promise of stand alone LTCI was shining brightly. We had directly addressed a pressing need with the help of a clear cut legislative mandate. Over a hundred companies had flocked to our cause. Sales growth had been steady since HIPAA. In marketing staff meetings across America we congratulated each other on our marketing wisdom and optimistically predicted continuing successful growth. And then quite frankly our chickens began to come home to roost. There was simply much we knew and conveniently misplaced in our minds:

  • This was health insurance after all and would be subject to claims experience. I remember vividly standing at the first ILTCI Conference at that initial cocktail gathering hearing many wish we had more claims experience. Careful what you wish for.
  • We knew sales drift to more affluent customers as time goes by. We knew big premiums and big commissions were a well known and potentially dangerous siren song, but the music was so sweet we could not resist.
  • We knew this was a contingent liability but the cost for catastrophic coverage was so competitive when measured against the potential risk, why not just sell life time benefits with five percent compound inflation protection? And so we overloaded the boat.

In fairness, there was also much we could not possibly have seen…”

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

NGL LTC | Webinar: How to Simplify LTC Solutions for Many Prospects’ Needs

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You’re Invited! Join NGL for a Webinar: November 5, 2019 at 11.00 AM PDT / 2.00 PM EDT | REGISTER NOW

Join NGL for a special LTC Awareness Month session highlighting how EssentialLTC can fit into many of your client conversations. Lori Gubash, NGL National Sales VP, will show you how to easily create a cost-competitive solution that suits a client’s needs in many situations.

Don’t miss this session, so you’re prepared to provide simplified LTC solutions after you spread LTC awareness!

Contact Me
Matt Anderson | President | Broadtower Insurance Solutions, Inc.
manderson@broadtowerinsurance.com
(949) 223-6140

New LTC Resources and Campaign Launches from Mutual of Omaha

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November is LTC Awareness Month!

Mutual of Omaha is celebrating LTC Awareness Month by adding some promotional pieces you can share with your producers, which will help them create awareness for the need for long-term care insurance. Soon, you’ll be able to share:

  • “Start the Conversation” Flyer
  • Marketing Solution Center campaign
  • A brand-new need for long-term care video*
  • Mutual of Omaha Claims Data flyer*

Materials currently pending consumer-use approval.*

Look for Mutual of Omaha’s LTC Awareness promotions beginning late October.

LTC Real Wins

The average worker gets over 100 emails a day so it’s easy to miss (or ignore) one or two here and there, especially when you’re focusing on meeting client needs. But one email we want to call out is our new campaign, LTC Real Wins.

Designed to give you real world examples of successful client scenarios, LTC Real Wins can help you close your next deal. You can use these as conversation starters with your customers.

Look for the first installment this month.

LTC Underwriting Operation Teleconference

Join Mutual of Omaha for the next installment of their bi-monthly teleconference series with our underwriters!

This month’s teleconference information:

Common Application Deadlines
Thursday, October 17 | 10 a.m. CT
Dial: 1-866-220-3018 | Conference ID: 6382797

The Three Percent Solution

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“Impossible not to envision a classic movie version of the damsel in distress tied to train tracks with the sure and certain speeding train barreling down the tracks, steam belching from the smokestack and whistle blaring in a futile effort to prevent an inevitable catastrophe. The problem is, here we are 20 years since HIPPA and we still cannot get a clear vision of what that potential hero hopefully coming to our rescue looks like or if he or she even exists. The potential ugliness of the risk grows larger and continues to resist any amelioration designed by mere mortals.

Forgive the painfully obvious—insurance is about intervention. It is about intentionally restructuring the potential outcome of highly likely adverse future possibilities.”

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

Lincoln MoneyGuard III / Lincoln MoneyGuard II PBR Compliant Information

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A broad communication from Lincoln MoneyGuard went out and contained this information. Additional launch details including marketing materials can be found on the MoneyGuard Launchpad at http://lfg.com/mglaunchpad.  

Lincoln MoneyGuard will be making pricing adjustments leading to a cost increase – the weighted average increase is about 7% between ages 50 – 70. Overall, the pricing change range in this core market is between 0% to 20% depending on several factors, including age, gender, marital status, and funding schedule.

With these design changes, some sales opportunities have improved for certain benefit periods and inflation options, for example, the 5-year benefit period and 5% compound inflation availability.

This change will take place in every state except New York and California.

What California should know
All MoneyGuard II sales are valid only if submitted no later than 11/15/19 in good order and placed and paid by December 31st.  Please anticipate that California will need to adopt a MoneyGuard II compliant product by the end of the year so the information above about price adjustments WILL soon be relevant. Any cases not placed by year end will have to proceed with the new product and pricing.

What New York should know
All MoneyGuard Reserve sales are valid only if submitted no later than 11/15/19 in good order and placed and paid by December 31st.  Please anticipate that New York will need to adopt a new, compliant product by the end of the year so the information above about price adjustments WILL soon be relevant. Any cases not placed by year end will have to proceed with the new product and pricing.

Please contact us if you have any questions.

Click here to view the NEW Lincoln’s LTC Solutions website

NEW NGL-EssentialLTC Product Introduction Guide

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This revamped version of the Product Introduction Guide was designed to provide key information regarding:

  • NGL’s focus on LTCi
  • NGL’s history & financials
  • EssentialLTC’s most popular features

It also includes a brief explanation of all features within the EssentialLTC product.

Use this as your go-to resource for initial information regarding NGL and EssentialLTC.

DOWNLOAD GUIDE

In Case You Missed It

NGL recently hosted a webinar with best-selling author, Tom Hegna, considered by many to be THE retirement income expert.

In case you missed it, they recently posted the recording on EssentialLTC On Demand.

Missed a previous update? Bookmark NGL’s Updates Page.

Mutual of Omaha Underwriting Operation: Video Interview with Carol Carville

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Go behind the scenes with Carol Carville, Chief Underwriter with Mutual of Omaha.

We hope the first video interview we did with Demerri Bond was helpful and insightful. Now, we’re excited to bring you the next in the series, an interview with underwriter Carol Carville.

Carol has worked in group medical, life, disability and now long-term care, so her perspective is unique and varied. In the video, she talks about common application mistakes and why the relationships she has with producers in the field is so important to her and our business.

You won’t want to miss her, so take a few minutes and check out her video!

Watch Video >>

Asset Care® Update from OneAmerica

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A note from OneAmerica on updates to their Asset Care® Product

Bringing Value to More States

We’re pleased to announce that our updated Asset Care® product will be available starting Sept. 23, in Arizona, Connecticut, Delaware, Hawaii, New Jersey, North Dakota and South Dakota as we continue to launch the product across the country. Our updated Asset Care product provides several unique benefits, including:

  • Optional joint coverage and lifetime benefits.
  • Single Premium Drop-In Rider (SPDR) on the Recurring Premium Whole Life funding option.
  • A new 5-pay option on the recurring premium whole life funding option – your clients will now be able to choose a 5-, 10- or 20-year pay option or a pay to 95 option.

Additional State Notices

Montana and Washington, D.C. Announcement

Effective Sept. 21, Asset-Care® will no longer be available for sale in Montana and Washington, D.C. Existing applications must be submitted to the Home Office by Friday, Sept. 20, and be placed inforce by Dec. 31. We continue to work on these approvals and look forward to offering the new Asset Care as soon as possible after approvals are received.

California Announcement

Effective Sept. 23, we’re making changes to the Asset-Care base premium rates for California. These changes allow us to maintain product availability while we continue to seek approval on the new Asset Care product.

This change only affects applications submitted on or after Sept. 23. All existing inforce policies are not affected, as all premiums are contractually guaranteed to remain unchanged for the life of the policy.

What You Need to Know

State Approvals

The Asset Care Product Launch and Advertising Approval tracking spreadsheet shows the most current state availability information. You may continue to sell the current product in states where the new product has not launched, except for in Montana and Washington, D.C., as noted above.

Transition Rules for New State Availability

Click here for the full transition rules

Training Opportunities

Register for a FREE webinar today

Read more about the NEW Asset Care training requirement

Have questions?

Contact your OneAmerica regional sales director with questions about Asset Care.