Considering Adding LTC to my Portfolio of Products

[lifeismylife76]

Why should I do this? I’m sincerely asking. I have my own ideas, please let me know yours!

I’m on track to hit my goal for my 5th AEP selling season which will leave me sitting very pretty in January.

I’m 45 years old and I’m not ready to retire, I’m definitely not rich, and I’m interested in making $100k per sale on Annuities one day.

So, I was thinking of becoming a Certified Social Security Expert to attract a different type of client and become a more comprehensive type agent. Strategic retirement planning, long term care, and of course, Medicare Insurance.

I have been a licensed Insurance Agent since 2012, had my own office for going on 3 years, and I’m looking to “level up” in 2022.
Any thoughts?

 

[Mike Siegal]

How does one become a certified Social Security expert?

 

[lifeismylife76]

How does one become a certified Social Security expert?

There are actually two different programs I am looking into that offer a Certification and require Continuing Education that seem pretty legit.

 

[Life Hawk]

Why should I do this? I’m sincerely asking. I have my own ideas, please let me know yours!

It was a much easier sale when product offerings where better/ more economical and underwriting wasn't such a hurdle. If your goal is major annuity sales, concentrate on that first. LTC can become a very complex sale IMO.

 

[Allen Trent]

making $100k per sale on Annuities one day.

Even if annuity commissions stayed the rates they are today (highly unlikely), 100k in commissions per sale would be amazing as it would mean the average client would be giving you $2-$3M.

 

[Real_AMG]

I have a friend in the business who sold over 3 million dollars worth of annuities last year(that’s total assets, not commission) exclusively off of med supp leads. I’m not well versed with LTC, but I would think it would correlate to a similar consumer.

 

[Jeffrey_G]

33 years in the senior market, focusing on med Supp, LTC and annuities.

LTC underwriting has become a real beast... and offerings are slim compared to the past. Mutual of Omaha is still good but has become extremely pricey. All of my LTC and annuity biz comes from med supp clientele.

Annuities are quite lucrative but can be an E&O minefield. Commish these days has been considerably scaled back from earlier years. Some cases can linger in limbo for many weeks and suitability needs to be understood very carefully.

Making $100k off an annuity sale is likely not realistic unless you have a client worth many millions of dollars looking to put it out there.

 

[ltcadviser]

LTC underwriting is the same as it’s always been.
Advisers either know how to pre-qualify and underwrite properly or they don’t.

 

[Jeffrey_G]

LTC underwriting is the same as it’s always been.
Advisers either know how to pre-qualify and underwrite properly or they don’t.

I respectfully disagree. I started writing LTC back in the late 80s. Things are much more involved now than they were... and continuing to change still. All of these in depth home health assessments -- taking up to an hour -- that was less likely back in the day. Younger and younger people now have to go through fairly hardcore underwriting like the seniors once did. I'm talking about ppl in their mid 40's even. APS's, tight Rx screening, the works.

Mutual of Omaha has really tightened the screws in the past 10 years compared to before.

Properly qualifying a prospect before an app is submitted and underwriting begins, now that is a different story. We qualify people the same way, just more thoroughly, of necessity.

 

[Life Hawk]

LTC underwriting is the same as it’s always been.
Advisers either know how to pre-qualify and underwrite properly or they don’t.

Ask Penn Treaty if they would concur with that assessment.