5 Reasons not to HATE Traditional LTC Insurance

Posted by Steve Cain, National Sales Leader, LTCI Partners on Jul 21, 2017 10:35:01 AM

Recently I had the privilege of attending an annual meeting of a large financial services firm (independent broker-dealer) and speaking on an insurance panel. The panel included financial advisors sharing case studies and one of these was on LTC planning.

The product recommendation given for the case study was for a Linked-Benefits (Life/LTC) plan. One of the primary reasons the advisor gave this recommendation was that she would never consider Traditional LTC Insurance (LTCI) - due to rate increases on older blocks of business.

Read More

Topics: Advice articles about planning

Linked or Standalone LTC Insurance? Here's three questions to ask

Posted by Tom Riekse Jr on Apr 27, 2017 1:54:55 PM

 

Each year, the top LTC Insurance companies meet at the Intercompany Long-term care Insurance Conference . One of the big trends at the most recent meeting in Jacksonville was the visibility of carriers that offer linked life/ltc products - names like Lincoln Financial, OneAmerica and Nationwide.

Their participation is great news and shows that the desire for insurers to offer products that can help families plan for long-term care is strong and growing. However, it also means that advisors will have to help their clients who do choose to plan ahead navigate the choice between a standalone, or health based LTC Insurance product and the life-insurance based linked products now available. Since I would argue there is more in common with the products at this point than differences, I would suggest three questions can help make the decision easier.

Read More

Topics: Advice articles about planning

What to do when a couple applies for LTC coverage and one is declined

Posted by LTCI Partners on Mar 22, 2017 1:50:36 PM

 

For a lot of people there is nothing more romantic than seeing an elderly couple celebrating a long-term anniversary or holding hands in a park on a beautiful day.

A majority of LTC Insurance is purchased by couples, and the average age of purchase is about 60 years old. These couples have typically been together for a long period of time and are planning on taking care of each other until death to them part.

Some of those couples decide that buying LTC Insurance, either of the standalone or linked variety, would be a wise decision and one that comes from a place of true caring. So when after applying one spouse is declined for coverage due to health condition it often creates an emotional reaction in the couple which can lead to irrational decisions.

Read More

Topics: Advice articles about planning

How I used Improv skills to help people plan for care

Posted by LTCI Partners on Sep 29, 2016 9:46:34 AM

Read More

Topics: Advice articles about planning

The ever-increasing tax deductibility of LTC Insurance

Posted by Tom Riekse Jr on Sep 15, 2016 2:05:49 PM

Does your client own LTC Insurance or are they considering purchasing a plan?  Then they need to know about the important tax advantages of long-term care insurance.   A surprising number of policyholders have the ability to deduct premiums, and those insured also find that the amount of premium that can be deducted increases each year. A big reason is that more and more buyers of LTCI also own Health Savings Accounts and can pay premiums with pre-tax dollars.

It's important to understand that when we are talking about the tax-advantages, we are talking about "tax-qualified" LTC Insurance.  Tax qualified LTC Insurance was codified by the IRS in 1996 as part of the original HIPAA legislation.  Under section, 7702B, LTC plans that meet certain requirements are considered tax-qualified.  Almost 100% of current standalone LTC Insurance sold are tax-qualified, and many riders on life insurance plans are tax-qualified as well.  

Read More

Topics: Advice articles about planning, Worksite Benefits, New Product