I'll try to keep this short. I've been expanding my business and getting away from doing what I used to do (health insurance with cross selling of term LI, Ci, and some DI) since about 2010, but primarily now have been doing term, CI, and DI, (and accident coverage when the person doesn't medically qualify for anything else).
I've recently wanted to start doing a lot more Whole life, and oddly enough during my prospecting over the past two or three weeks, I've done 5 WL policies. Odd, bc I rarely get asked for that and wasn't asking for it, but ended up with it.
I did those policies for younger people ranging in age from 4 yrs old to 30, with adding a VER, value enhancement rider, to increase the cash value when they are around retirement age, while making sure to prevent a MEC.
Well, the other odd thing is that while out prospecting (some walking and talking and some cold calls), I have been asked for Long Term Care....three times. I say "odd" because those aren't what I'm normally marketing, and I'm usually not asked for those policies specifically. Might be just a fluke, or more and more people are wondering about those.
The main companies I have been using is Transamerica, so I'm familiar with them, but more for term; Assurity for the Whole life. I'm contracted with Genworth but prefer to use TA or Assurity. I haven't been thrilled with Genworth lately, for my own reasons.
Is anyone setting up WL for usage for LTC in older years?
I was thinking I could do the same as I did for the younger people, set them up with as much as possible with a VER to prevent a MEC, and add a CI rider as well to help with LTC costs.
Is this a dumb idea, or could it work?? With a good explanation, of course, that it 's not a traditional LTC plan.
This is new to me, and could use some feedback. Again, I am expanding my business. I would ask my MGAs and another GA I have, but they seem very inexperienced in this when I'm even lucky enough to get a call back...they always want to seem to try and make me sell something I don't want to sell...I seem to learn more around here or simply reading what I come up with myself.
I doubt I will do a whole lot of LTC, but do want to help this guy out, as I am also re-doing his term which is coming up to the end of term, plus I'm helping with other ideas for employee retention...
This one particular guy I am most concerned with helping is a 50 yr old, rather healthy, only on a HPB med for years that's controlled it....health and weight in a good range, no other health issues. He's also very insurance minded and doesn't mind paying a little more for exactly what he wants...
Thank you in advance for any help...if this is a silly idea, maybe someone can chime in and help with what to do through Transamerica...I'm in Michigan by the way.
I've recently wanted to start doing a lot more Whole life, and oddly enough during my prospecting over the past two or three weeks, I've done 5 WL policies. Odd, bc I rarely get asked for that and wasn't asking for it, but ended up with it.
I did those policies for younger people ranging in age from 4 yrs old to 30, with adding a VER, value enhancement rider, to increase the cash value when they are around retirement age, while making sure to prevent a MEC.
Well, the other odd thing is that while out prospecting (some walking and talking and some cold calls), I have been asked for Long Term Care....three times. I say "odd" because those aren't what I'm normally marketing, and I'm usually not asked for those policies specifically. Might be just a fluke, or more and more people are wondering about those.
The main companies I have been using is Transamerica, so I'm familiar with them, but more for term; Assurity for the Whole life. I'm contracted with Genworth but prefer to use TA or Assurity. I haven't been thrilled with Genworth lately, for my own reasons.
Is anyone setting up WL for usage for LTC in older years?
I was thinking I could do the same as I did for the younger people, set them up with as much as possible with a VER to prevent a MEC, and add a CI rider as well to help with LTC costs.
Is this a dumb idea, or could it work?? With a good explanation, of course, that it 's not a traditional LTC plan.
This is new to me, and could use some feedback. Again, I am expanding my business. I would ask my MGAs and another GA I have, but they seem very inexperienced in this when I'm even lucky enough to get a call back...they always want to seem to try and make me sell something I don't want to sell...I seem to learn more around here or simply reading what I come up with myself.
I doubt I will do a whole lot of LTC, but do want to help this guy out, as I am also re-doing his term which is coming up to the end of term, plus I'm helping with other ideas for employee retention...
This one particular guy I am most concerned with helping is a 50 yr old, rather healthy, only on a HPB med for years that's controlled it....health and weight in a good range, no other health issues. He's also very insurance minded and doesn't mind paying a little more for exactly what he wants...
Thank you in advance for any help...if this is a silly idea, maybe someone can chime in and help with what to do through Transamerica...I'm in Michigan by the way.
Last edited: