Selling LTC...
- Thread starter James
- Start date
-
- Tags
- long term care
crownjewel
New Member
- 1
One America is a great company for LTC insurance for people with assets of $350,000 or more. They have a life policy as well as an annuity that goes back into the estate should the individual(s) never need LTC. One still has to go thru underwriting for either but the uw is a lil more lenient unless it's dementia, alzheimers and a few others.
AVIVA has an annuity that does not require uw only suitability that has a rider that can be added that doubles the payout should the person go into a skilled nursing facility. They do have to be in the facility for so long before the rider begans and cannot be in a facility at the time of issue. I do think they have suspended the sales of these policies at the moment but keep checking because they may began again.
Blessings!
AVIVA has an annuity that does not require uw only suitability that has a rider that can be added that doubles the payout should the person go into a skilled nursing facility. They do have to be in the facility for so long before the rider begans and cannot be in a facility at the time of issue. I do think they have suspended the sales of these policies at the moment but keep checking because they may began again.
Blessings!
LTC is a great cross sell for MA/Med Supp. agents especially now that AEO/OEP is over. At their most basic LTC policies cover custodial care which is excluded under most health policies and in most cases Medicare as well. To qualify for Medicaid you must spend down to the asset minimums required by your state. The policies generally cover hmoe health care, adult day care, assisted living, nursing home care and more. It is a needs based sale and more difficult than selling MA but if you build up a decent book of business you can have a pretty healthy renewal income that you generally don't have to do much with once it is sold. Persistency percentages for LTCi products are in the high 90's, once people buy theu generally don't let their policies lapse.
- 9,744
I'm not sure this would be too helpful. The majority of nursing home patients don't used skilled nursing care, they use custodial care - and it's usually for the long-term too.
Good comments! I'm 55, so I'm getting close to that age of not understanding anything.
I saw an article in an insurance mag. by Stuart Kent Demars, of Stone Hill & Associates. He mentions $5 per month employer paid cash plan, which is simple to understand and has low rates for the employees. Anyone know anything about this?
I saw an article in an insurance mag. by Stuart Kent Demars, of Stone Hill & Associates. He mentions $5 per month employer paid cash plan, which is simple to understand and has low rates for the employees. Anyone know anything about this?
- 202
$5 per month?
LOL...
Its bs like that which hurts this industry.
what good is a policy that will pay 50 dollars per day.
to sell a policy that like to a 35 year old, imho, is malpractice.
Ichiban
Expert
- 62
Investors Insurance Corp from Legacy has a very good one. It's on both their fixed and thier indexed products.
No Underwriting
Non reimbursement
It has a 6 year deferal which is how they are able to do it. Still it is really good alternative if they don't qualify for LTC or don't want to pay for it. It's a good opportunity to go back and visit the declines from the past too. The way I see it is like the client is almost getting paid to have some sort of coverage.
- 202
- 1,802
John Hancock has the same thing; take a look at the Care Solutions Plus annuity from them. I hope this helps......
