Do you have existing term clients who are interested in the Long-Term Care Rider? These clients can convert their life policy to an Income Advantage IUL or Life Protection Advantage IUL policy at the same class and will only need to go through underwriting for the Long-Term Care Rider. Here’s what you need to know: The client will need to complete a Fully-Underwritten Life Insurance App Pack plus the LTC Rider Supplemental App Pack. The Term Conversion App Pack cannot be used when the client is requesting the LTC Rider. The client will need to go through full underwriting and
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Important Info Regarding the LTC Rider Supplemental App
In a previous article, we shared information about our Long-Term Care supplemental application packet. The Long-Term Care Rider Personal Worksheet within this packet is a required form that must be submitted whenever a client is applying for the Long-Term Care Rider. On the Personal Worksheet, you must fill in the LTC rider cost per $1,000 of net amount at risk. We are in the process of having this information added to our IUL illustrations, and are working on getting this incorporated as soon as possible. In the meantime, here is what to do: Complete the remainder of the LTC Rider
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Medical Underwriting Changes Enhance Eligibility
We are constantly striving to enhance our guidelines to make them work for your clients. We’ve made changes to the medical underwriting guidelines to enhance eligibility requirements on specific health conditions and added policy owner services contact information. Effective immediately, the following medical underwriting guidelines have been changed in order to help more clients qualify for essential paycheck protection. Enhancements Detail Attention Deficit Disorder/ADD/ADHD Clients can apply for coverage after 3 months of diagnosis instead of 1 year Anxiety/Depression The waiting period for applicants is reduced to 6 months from diagnosis, and our monthly benefit maximums have increased Chiropractic Care
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Advantages of Traditional LTCi
Consumers today have more choices than ever before when it comes to funding potential long-term care services. When talking to your clients about options, be sure to point out the advantages of a traditional policy. The least expensive way to fund long-care services, providing strong value to the customer Flexible benefits provide coverage during the progression of care Qualified for various states’ partnership programs Benefits can grow over time with inflation protection options To learn more about the advantages of traditional LTCi policies, please click here. If you have any questions, please contact your Mutual of Omaha’s Sales Support
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Attention Minnesota Agents: Medicare Cost Plans Leaving Most Counties
Minnesota Medicare Cost Plans Leaving Most Counties Approximately 400,000 Minnesotans will need to select a different Medicare health plan for 2019 due to the federal law eliminating Medicare Cost plan options in the Twin Cities and across the state. Many of the insurance companies have begun to send letters to their Medicare Cost plan clients informing them of the changes ahead. While there is no change in coverage for 2018, the insurers want their clients to be prepared to discuss their options with their agent when the 2019 plan details are released. Medicare plan options for 2019 will not be
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“Life-LTC Hybrid Sales Soar: LIMRA”
“Life-LTC Hybrid Sales Soar: LIMRA,” by Allison Bell, ThinkAdvisor “Use of life insurance-based long-term care (LTC) planning arrangements soared in 2017, according to data from LIMRA’s LIMRA Secure Retirement institute. New premiums from life-LTC hybrids increased 18% over 2017 levels, to $4.1 billion, institute analysts report. The number of policies sold increased 5%, to about 260,000. The average amount of new premium revenue per new policy sold increased about 12%, to about $16,000 per policy, according to calculations based on institute data.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): Go hybrids! Life-LTC Hybrid Sales Soar:
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Clippings, Industry News, and Long-Term Care.
ALL NEW! Sales Strategy Series Webinar Topic: Designing Affordable LTCi Plans
Are your clients struggling with high LTCi premiums? Join Jeff Clark, a skilled LTCi agent with 20+ years of experience, for expert tips & proven strategies for plan designs that don’t break the bank! Click either date/time below to register: • • • • • • • • • • Wed, July 11th, 2 – 2:30 PM CDT Thurs, Aug 9th, 10 – 10:30 AM CDT • • • • • • • • • • Establishing the need for Long-Term Care insurance is critical – but are high costs affecting your sale? Are you struggling to work LTCi into their financial plan,
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A Long-Term Care Rider with a Chronic Illness Back-Up
On July 1, 2018, we are introducing our new Long-Term Care Rider on our Income Advantage IUL and Life Protection Advantage IUL. And what’s even better is that we are also keeping our Chronic Illness Rider. What if your client applies for the Long-Term Care Rider and you find out he or she doesn’t qualify? What if your client doesn’t want to pay extra for the Long-Term Care Rider? With United of Omaha, your clients still have a long-term care planning solution with the Chronic Illness Rider. This rider is included automatically with all policies that are not issued with
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Help Clients Understand the Costs of Long-Term Care
Do your clients realize how expensive long-term care services can be? Based on national average costs, people can expect to pay more than $85,000 per year for a semiprivate room in a nursing home** — and that figure is expected to keep rising. Use our Cost-of-Care Brochure and Calculator to Help Your Clients Understand the Need Mutual of Omaha’s Cost-of-Care Survey brochure provides national and state averages for a variety of long-term care services, including those received at home, in an assisted living facility and in a nursing home. And, our new Cost-of-Care calculator on our LTC Rider site helps
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Critical Advantage Application and Underwriting Guide Updates
Recently we have been working on improving the Critical Advantage application. Starting on July 16, here are the improvements made to both the paper and e-application. The changes will also be reflected in the updated underwriting guide. Cancer application Changed the cancer look-back question from lifetime to 10 years Modified look back testing question from 5 to 3 years Only 3 health questions Heart attack and stroke application Changed the heart attack and stroke look back question from lifetime to 10 years Modified look back treatment/testing question from 5 to 3 years Loosened diabetes question Removed high blood pressure question
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