LTC Annuity

[ltcadviser]

originally posted by ltcadviser



Interesting comment considering you go by "ltcadviser".

I advise my clients. And Arthur you are free to call me anytime to discuss. But I am not running illustrations for other agents on a chat forum when you have the same software that I have. I don't have enough time to run the illustrations for all the leads I have. Sure don't know how to post a PDF file on a website. There is no secret sauce here. Anyway, neither NY or CA approved it so neither Steve or you will have it to write anyway.

 

[Arthur Rudnick]

originally posted by ltcadviser

I advise my clients. And Arthur you are free to call me anytime to discuss. But I am not running illustrations for other agents on a chat forum when you have the same software that I have. I don't have enough time to run the illustrations for all the leads I have. Sure don't know how to post a PDF file
on a website. There is no secret sauce here. Anyway, neither NY or CA approved it so neither Steve or you will have it to write anyway.

Understood........
I was just commenting on your point of agents being a "LTC Specialist" when you go by the moniker of "LTCAdviser". I don't see much of a difference between the two.

 

[ltcadviser]

originally posted by ltcadviser



Understood........
I was just commenting on your point of agents being a "LTC Specialist" when you go by the moniker of "LTCAdviser". I don't see much of a difference between the two.

I wasn't the one asking to see the illustration. Herman was.

 

[Stephen]

LTCadvisor: When would you recommend a LTCI policy over a hybrid product?

 

[ltcadviser]

LTCadvisor: When would you recommend a LTCI policy over a hybrid product?

I ALWAYS have recommended an LTCI product over a hybrid; however, for certain applicants, generally over age 65 where a comparable LTC policy may cost 5-6% of the necessary principal deposit (and maybe 9% after a rate increase) certain linked benefit annuities can make sense.

For older single applicants in standard or sub-standard health, an ongoing LTC premium can be fairly high without discounts.

Still not a big fan of the life insurance LTC hybrids due to the higher cost of inflation protection within them;

Keep in mind it's the client that ultimately makes the recommendation, i.e., the client has rejected and will not buy a long term care insurance policy under any circumstances.

 

[Stephen]

Thanks, I am looking to add LTCI to my practice in the next few months.

 

[ltcadviser]

Thanks, I am looking to add LTCI to my practice in the next few months.

Good luck to you. My best advice is to not try to pigeon hole your clients into one solution. You will find that some clients specifically wish to have long term care insurance; other clients specifically wish to have a linked benefit policy (I just wrote $230,000 of hybrid life insurance/LTC this afternoon). Keep an open mind and you will do fine.

 

[Stephen]

Good luck to you. My best advice is to not try to pigeon hole your clients into one solution. You will find that some clients specifically wish to have long term care insurance; other clients specifically wish to have a linked benefit policy (I just wrote $230,000 of hybrid life insurance/LTC this afternoon). Keep an open mind and you will do fine.

Thank you for that LTCadvisor, I agree 100%.

 

[jmarkk1]

They actually lose more in the LTC annuity versus standalone LTC and a standalone annuity.

Disclaimer:

I'd like to see the annuity you are talking about, it may be different than what I am familiar with in CA.

The LTC Annuities that I've seen give clients coverage that they need, and they are not losing anything. If client doesn't need LTC, then annuity value is passed on to beneficiaries.

LTC policies may or may not pay out. Client has to qualify for these benefits, and we all know that it can be hard to qualify. Secondly, if client doesn't go into LTC/Home Care....premiums are wasted. To each his/her own, but you can't say that the LTC Annuity offers a losing proposition for client when referring to premium that is funding policy.

 

[scagnt83]

The LTC Annuities that I've seen give clients coverage that they need, and they are not losing anything. If client doesn't need LTC, then annuity value is passed on to beneficiaries.

LTC policies may or may not pay out. Client has to qualify for these benefits, and we all know that it can be hard to qualify. Secondly, if client doesn't go into LTC/Home Care....premiums are wasted. To each his/her own, but you can't say that the LTC Annuity offers a losing proposition for client when referring to premium that is funding policy.

The client has to qualify for benefits with an LTC-Annuity just like they do with a traditional LTCI policy.


I have found that clients like LTC-Annuities for two reasons:
1. Its not use it or loose it when it comes to premiums.
2. Clients love to make a single bucket of money work in multiple ways. (They feel they are getting a bigger bang for the buck)