LTCi for Client with Depression

[Ocho]

Hello -

I have a married couple, where the wife has been diagnosed with depression and taking the following two medications for it:
Abilify
Mirtazapine

Meets all build chart standards and no other medical issues or medications.

Any idea of a carrier that would take a look at this? My GA says "no", but thought I'd check around just in case.

Thanks!

 

[Mr_Ed]

Hello -

I have a married couple, where the wife has been diagnosed with depression and taking the following two medications for it:
Abilify
Mirtazapine

Meets all build chart standards and no other medical issues or medications.

Any idea of a carrier that would take a look at this? My GA says "no", but thought I'd check around just in case.

Thanks!

State Life Asset Care.
Do a 20 year pay policy.
If you need a contract, let me know.

 

[Ocho]

State Life Asset Care.
Do a 20 year pay policy.
If you need a contract, let me know.

Thanks for letting me know! I'll get back to you on the contracting.

 

[ltcadviser]

Hello -

I have a married couple, where the wife has been diagnosed with depression and taking the following two medications for it:
Abilify
Mirtazapine

Meets all build chart standards and no other medical issues or medications.

Any idea of a carrier that would take a look at this? My GA says "no", but thought I'd check around just in case.

Thanks!

State Life Asset Care.
Do a single pay.
If you need a contract let me know

 

[Mr_Ed]

State Life Asset Care.
Do a single pay.
If you need a contract let me know

boooo!
single pay sucks.
lose most of the tax savings and the time value of money.

 

[ltcadviser]

boooo!
single pay sucks.
lose most of the tax savings and the time value of money.

None of my clients have ever done a 20 pay.

And now that I think about it I have yet to see you at any of the State Life producer leaders conferences, Scott??

Will you be invited to the Grand Caymans by State Life in June 2017 so we can discuss your 20 pay ideas? I will buy your drinks all week if you make the trip

 

[Ocho]

None of my clients have ever done a 20 pay. And now that I think about it I have yet to see you at any of the State Life producer leaders conferences, Scott?? Will you be invited to the Grand Caymans by State Life in June 2017 so we can discuss your 20 pay ideas? I will buy your drinks all week if you make the tripdde0f

Thanks to the both of you for this and for your contributions to this forum. Jack, what's the advantage of going with single pay?

 

[ltcadviser]

Thanks to the both of you for this and for your contributions to this forum. Jack, what's the advantage of going with single pay?

Ocho, here are some sample premiums for Asset Care so you can see the cost of money: this is for a non-rated 60 year old single female for a Lifetime long term care benefit of $4000 month, $100,000 life insurance benefit.

Single Pay :$72,949
10 Pay: $8,446
20 Pay $5,326

So, the internal rate of return on the 9 remaining payments for the 10 Pay is 3.42%; for the 19 remaining payments on the 20 Pay it is 4.40%.

So, our clients would have to net 3.42% or 4.40% to break even on these limited pay options.

Most importantly, what I see in the hybrid space is that most of my clients are in their 60's when they buy these policies. These clients have assets, and want to write a check and be done with it. They are not looking for a bill over 10 years or 20 years.

Additionally, when these clients see the cumulative premium outlay:
$72,949 single pay
$84,460 10 pay
$106,520 20 Pay

They absolutely are drawn to the single pay.
They view the additional premium outlay as a significant surcharge.

They do not want to converse about internal rate of return on principal, possible tax deductions on the LTC rider portion of the premium if their unreimbursed medical expenses exceed 10% of their AGI, etc.

I also see clients electing to do single pay base asset, continuous lifetime pay on the LTC rider.

Now ultimately the funding election will be the client's choice, but this is what I am seeing daily.

Keep in mind we all attract different client bases, so our target markets will dictate what might be attractive to the clients we work with.

(by the way, Abilify is not a medication I look forward to writing on any LTC application today)

 

[Arthur Rudnick]

originally posted by ltcadviser

(by the way, Abilify is not a medication I look forward to writing on any LTC application today)

Abilify has been a problem med for LTC for years.

 

[Ocho]

originally posted by ltcadviser



Abilify has been a problem med for LTC for years.

Anybody had any luck getting someone insured? I think I have a pretty good case. Stable, full time job, non smoker, no suicide thoughts or attempts. Only been diagnosed with depression.