New LTC Insurance e-Apps make sales easier for advisors

Posted by LTCI Partners on May 25, 2017 11:16:55 AM

 

The promise of simple e-applications that an advisor can use to sign people up for LTC coverage has been something insurance carriers and distributors have been working on for many, many years. Now, there are encouraging signs that the latest round of products may finally get more producers to adopt them.

Read More

Topics: For financial professionals, Sales Tips

The top mobile apps and websites for LTC planning

Posted by LTCI Partners on Jul 15, 2016 11:21:49 AM

 

Have you ever been on the road and a prospect asks how much LTC Insurance costs?  Or if they are insurable? Or how much home care costs per month?  

The answer these questions and others, you may not have to pull out a laptop or make a phone call to someone. You could simply need to have your smart phone available and charged.

We've compiled a list of some of the best apps and mobile tools available for LTC planning and LTC Insurance.  Note:  The tools below are for Apple iPhone - some of them may be available for Android devices as well.

 

Read More

Topics: For financial professionals, technology, Mobile

Why the latest research on LTC planning could be good news for advisors

Posted by Tom Riekse Jr on Jun 17, 2016 8:30:00 AM

 

Do you think you'll need long-term care at some point in the future?  Where do you want to receive that care? Who is going to pay for it?  Have you talked to friends or family members about your desire for care?

These are typical questions that need to be answered when creating a plan for long-term care.  As an advisor, you've probably asked some version of these questions to many clients who are 40+ years old.

Each year, variations of those questions are asked by the Associated Press - NORC Center for Public Affairs research at the University of Chicago.   (The website address is pretty easy to remember - www.longtermcarepoll.org) . The survey is one of the best funded and comprehensive studies done each year. And the results show there are a lot of opportunities for advisors who can help people plan.

Read More

Topics: For financial professionals, Advice articles about planning

How to choose an initial LTC Insurance benefit amount

Posted by Tom Riekse Jr on May 16, 2016 10:00:00 AM

In a previous post, we discussed the challenges of picking the proper type of inflation coverage to handle possible future care cost increases.

However, insurance buyers still have to decide what type of initial coverage should be selected. By initial coverage, we're talking about the maximum daily or monthly benefit that will cover the cost of home, assisted living, or skilled nursing care for someone.

Read More

Topics: For financial professionals

What type of inflation protection are LTCI policyholders buying today?

Posted by Tom Riekse Jr on May 5, 2016 11:05:07 AM

Source of Photo:  USInflationcalculator.com

Long-term care insurance is bought when someone is "young" (50's) and healthy and is typically used when "old" (80's and 90's). Since an initial benefit is chosen to cover the current costs of long-term care, policy riders that increase coverage over time have always been a LTC option.

Deciding which inflation rider to add to a long-term care insurance policy is an inexact science.  If you overestimate the inflation rate you'll end up with too much benefit - and you can't do much with excess LTC coverage.    On the other hand, not having enough coverage to pay for meaningful benefits because inflation wasn't accounted at the time someone bought a policy is also a problem.

We recently analyzed over 25,000 LTC insurance policies that our business participated in since 2011 to get a idea of trends in inflation coverage.  We included individual, group, and linked life/ltc plans from a variety of carriers including John Hancock, Genworth, Transamerica, Mutual of Omaha, and others.

Read More

Topics: New LTCi financing products, For financial professionals, Advice articles about planning