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Old 03-30-2015, 03:41 PM   #1
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State: Lakshmi is an Insurance Agent from Michigan
Questions on Long Term Care Questions on Long Term Care
I'll try to keep this short. I've been expanding my business and getting away from doing what I used to do (health insurance with cross selling of term LI, Ci, and some DI) since about 2010, but primarily now have been doing term, CI, and DI, (and accident coverage when the person doesn't medically qualify for anything else).

I've recently wanted to start doing a lot more Whole life, and oddly enough during my prospecting over the past two or three weeks, I've done 5 WL policies. Odd, bc I rarely get asked for that and wasn't asking for it, but ended up with it.

I did those policies for younger people ranging in age from 4 yrs old to 30, with adding a VER, value enhancement rider, to increase the cash value when they are around retirement age, while making sure to prevent a MEC.

Well, the other odd thing is that while out prospecting (some walking and talking and some cold calls), I have been asked for Long Term Care....three times. I say "odd" because those aren't what I'm normally marketing, and I'm usually not asked for those policies specifically. Might be just a fluke, or more and more people are wondering about those.

The main companies I have been using is Transamerica, so I'm familiar with them, but more for term; Assurity for the Whole life. I'm contracted with Genworth but prefer to use TA or Assurity. I haven't been thrilled with Genworth lately, for my own reasons.

Is anyone setting up WL for usage for LTC in older years?

I was thinking I could do the same as I did for the younger people, set them up with as much as possible with a VER to prevent a MEC, and add a CI rider as well to help with LTC costs.

Is this a dumb idea, or could it work?? With a good explanation, of course, that it 's not a traditional LTC plan.

This is new to me, and could use some feedback. Again, I am expanding my business. I would ask my MGAs and another GA I have, but they seem very inexperienced in this when I'm even lucky enough to get a call back...they always want to seem to try and make me sell something I don't want to sell...I seem to learn more around here or simply reading what I come up with myself.

I doubt I will do a whole lot of LTC, but do want to help this guy out, as I am also re-doing his term which is coming up to the end of term, plus I'm helping with other ideas for employee retention...

This one particular guy I am most concerned with helping is a 50 yr old, rather healthy, only on a HPB med for years that's controlled it....health and weight in a good range, no other health issues. He's also very insurance minded and doesn't mind paying a little more for exactly what he wants...

Thank you in advance for any help...if this is a silly idea, maybe someone can chime in and help with what to do through Transamerica...I'm in Michigan by the way.
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Last edited by Lakshmi; 03-31-2015 at 12:18 AM.
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Old 03-30-2015, 04:31 PM   #2
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Questions on Long Term Care Re: Questions on Long Term Care
Lakshmi,
You've got a lot going on here. In fact, maybe too much.
You seem to be all over the place:
Life Insurance, Critical Illness, Disability and Accident.
You also would like to start doing Whole Life & LTC.

You admit you're not well versed in LTC and your MGA & GA are both very inexperienced.

LTC is a complicated business. There may be 8-10 carriers in MI. Each one sells a different policy with different benefits, each one charges different premiums and each one looks at medical history differently as well. In order to sell the product, you must know not only the carriers that you do business with, but you also must know your competition.

To do this properly and keep up with all the carrier & product changes, you're going to need someone to hold your hand. Otherwise, the time you're going to invest for the 3, 4 or 5 policies you'll sell a year just won't be worth it.

You can't knock on doors or cold call from the phone book looking for LTC prospects. You need a targeted group to call on. That target is based on age, income and assets.

Yes, you can sell LTCi part time but you need an MGA or GA who can provide you with the back office support that you're going to need. If you're serious about getting into the LTC business, find an agency that can provide the structure that's required.

Good luck.........

------------------------------------
Arthur Rudnick, LTCP, CLTC
[email protected]
914-946-5695
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Old 03-30-2015, 06:50 PM   #3
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ltcadviser on Questions on Long Term Care
 
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Questions on Long Term Care Re: Questions on Long Term Care
Originally Posted by Lakshmi View Post
Is anyone setting up WL for usage for LTC in older years?

Is this a dumb idea, or could it work?? With a good explanation, of course, that it 's not a traditional LTC plan.

Thank you in advance for any help...if this is a silly idea, maybe someone can chime in and help with what to do through Transamerica...I'm in Michigan by the way.
You could consider Care Choice One with Mass Mutual if you are looking for a WL policy with LTC rider for a 50 year old.

https://fieldnet.massmutual.com/publ...cc14li9029.pdf

I might lean to the Lincoln Moneyguard policy; or the State Life Asset Care policy, though.

All 3 of these options will most likely be better than Transamerica's options.

Good luck.

------------------------------------
Jack Lenenberg, J.D.
[email protected]
(800) 891-5824
http://longtermcareinsurancepartner.com
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Old 03-30-2015, 07:20 PM   #4
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Questions on Long Term Care Re: Questions on Long Term Care
Originally Posted by ltcadviser View Post
You could consider Care Choice One with Mass Mutual if you are looking for a WL policy with LTC rider for a 50 year old.

.
The traditional Mass WL or the 10pay or 20pay WL with the LTC Rider blows that product out of the water imo, unless you need a very large monthly benefit.

Guardian now has a similar Rider that looks even better than the Mass rider.

Keep in mind that both have a separate pool of LTC benefits that builds with dividends. Certainly worth taking a look at if they need both life & LTC coverage.

I agree that State Life is a good option too.


But if your dealing with a business owner it is hard to beat traditional qualified LTCI that is deductible to the business.
For that I recommend Mass. Although I recently have come to like MedAmerica too. I would say that for LTCI Mass, MoO, & MedAmerica should be your 3 "go to" carriers for traditional LTCI.
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Old 03-30-2015, 08:58 PM   #5
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Questions on Long Term Care Re: Questions on Long Term Care
Originally Posted by scagnt83 View Post
I would say that for LTCI Mass, MoO, & MedAmerica should be your 3 "go to" carriers for traditional LTCI.
What about Auto-Owners, Thrivent, Knights of Columbus, New York Life, Northwestern Mutual, Genworth, John Hancock, Transamerica, and Life Secure?

Just to be argumentative, Tyler

Anyway, agents will write the companies they elect to write.

At the end of the day, health underwriting dictates the entire arena when you are writing a volume of business and you have to be open to an array of underwriters.
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Old 03-30-2015, 10:18 PM   #6
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Questions on Long Term Care Re: Questions on Long Term Care
Originally Posted by ltcadviser View Post
What about Auto-Owners, Thrivent, Knights of Columbus, New York Life, Northwestern Mutual, Genworth, John Hancock, Transamerica, and Life Secure?

Just to be argumentative, Tyler

Anyway, agents will write the companies they elect to write.

At the end of the day, health underwriting dictates the entire arena when you are writing a volume of business and you have to be open to an array of underwriters.
Giving our own posts thumbs up now are we?


And you are right. NWM is by far the best LTCI policy and the only one that should ever be sold...
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Old 03-30-2015, 10:46 PM   #7
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Questions on Long Term Care Re: Questions on Long Term Care
Originally Posted by scagnt83 View Post
Giving our own posts thumbs up now are we?
Yes, I thought my post was Fonzie-worthy.
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Old 03-31-2015, 01:10 AM   #8
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Questions on Long Term Care Lakshmi is the thread starter for: Questions on Long Term Care

Thanks for pointing me in the right direction, or a hundred other directions...lol. No, seriously... I know Arthur, I definitely will need some hand holding. When I say three times I was asked for it lately, that was just probably the past 7-10 days. It's been countless times over the past three months. Seems like the market I'm in is dictating a want/need for it. Of course, from what I do know about it, once it's proposed people tend to balk at the premiums, which is why I've stayed away from it...anyway....nothing like not having what prospects are asking for specifically...ugh. Yep, I could see where you would think I am all over the place...after re-reading my earlier post, I would think that too, but there is a method to my madness...even if only I know what it is...you are right though, I do need help and will hopefully find a good MGA in Michigan. Jack, thank you, I did take a look at the link you provided. I'm going to go more over it tomorrow. And thank you scagnt, sounds like Mass would be a good one to get myself aligned with, as I do deal with 99% business owners. That was good to bring up. He does need more life ins and I was going to hopefully do a WL with a CI rider and the VER to have a good chunk around the average age one would need LTC, if he even would---along with more term, because he wants that too. Probably not the best way to do it, I'm realizing fast. Was hoping I could get something going from TA, or one of the other companies I already have that would be suitable. But, looks like that's not one of the better options. Darn it---my appointments tomorro...need more time.

Sometimes it takes just writing it out and getting a little feedback. I do see how that initial idea was dumb. Lol. The tax deduction on traditional is the biggest reason. Thanks again!!
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Last edited by Lakshmi; 03-31-2015 at 02:14 AM.
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Old 03-31-2015, 07:20 AM   #9
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Questions on Long Term Care
You mentioned a CI rider again. Just realize that is significantly different from the LTC riders recommended to you.
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Old 03-31-2015, 10:56 AM   #10
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ltcadviser on Questions on Long Term Care
 
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Questions on Long Term Care Re: Questions on Long Term Care
Originally Posted by Lakshmi View Post
Thanks for pointing me in the right direction, or a hundred other directions...lol. No, seriously... I know Arthur, I definitely will need some hand holding. When I say three times I was asked for it lately, that was just probably the past 7-10 days. It's been countless times over the past three months. Seems like the market I'm in is dictating a want/need for it. Of course, from what I do know about it, once it's proposed people tend to balk at the premiums, which is why I've stayed away from it...anyway....nothing like not having what prospects are asking for specifically...ugh. Yep, I could see where you would think I am all over the place...after re-reading my earlier post, I would think that too, but there is a method to my madness...even if only I know what it is...you are right though, I do need help and will hopefully find a good MGA in Michigan. Jack, thank you, I did take a look at the link you provided. I'm going to go more over it tomorrow. And thank you scagnt, sounds like Mass would be a good one to get myself aligned with, as I do deal with 99% business owners. That was good to bring up. He does need more life ins and I was going to hopefully do a WL with a CI rider and the VER to have a good chunk around the average age one would need LTC, if he even would---along with more term, because he wants that too. Probably not the best way to do it, I'm realizing fast. Was hoping I could get something going from TA, or one of the other companies I already have that would be suitable. But, looks like that's not one of the better options. Darn it---my appointments tomorro...need more time.

Sometimes it takes just writing it out and getting a little feedback. I do see how that initial idea was dumb. Lol. The tax deduction on traditional is the biggest reason. Thanks again!!
When your clients are asking you about LTC, the cleanest and most efficient approach is to provide your clients with a traditional LTC policy today. Get appointed with a few underwriters and get comfortable with their underwriting guidelines and you will be fine. You can always call me with any questions or if you wish to set up a conference call with your clients.
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