Commissions: 1099-MISC 2016 Tax Information

Important information about 1099-MISC (miscellaneous income) tax forms: A 1099-MISC will be filed for each person who is paid at least $600 in commissions in 2016. This includes all product lines. 1099-MISC forms will be mailed directly to each person no later than January 31, 2017. Some payments are not required to be reported on this form, although they may be taxable to the recipient. For example, commissions paid to a corporation are not required to be reported via a 1099-MISC. 1099-MISC forms will be mailed to the resident address of the producer if one is on file. If you
Read More

Categories: Genworth and Long-Term Care.

December 16, 2016: Deadline for Long Term Care New Business Requirements

As the year comes to a close and to optimize your 2016 placed production, please keep in mind that the year-end cutoff for new business is December 16, 2016. Genworth’s final commission cycle will be on December 23, 2016 for all Long Term Care Insurance. Requirements for Final Commission Payment All delivery requirements must be received by December 16, 2016 Applications must be “in Good Order,” which is defined as but not limited to: All application and suitability questions answered All signatures and dates completed All requested information provided All regulatory forms completed accurately and received by Genworth All initial
Read More

Categories: Genworth and Long-Term Care.

Genworth’s 2016 Commission Year-End Pay Schedule

The last commission payment processing cycles for 2016 are: Fixed life and fixed annuities – Friday, December 23rd, 2016 Long term care insurance – Friday, December 23rd, 2016 Variable life and variable annuities – Friday, December 23rd, 2016 Final commission payments will also include earned commissions that have not previously met the $50 minimum check amount. For this final payment only, the minimum amount is $.01. Genworth is closed for the holidays on Friday, December 23rd, Monday, December 26th, and Monday, January 2nd. Commission payments will be distributed as follows: Daily EFT and DTCC(NSCC) Fixed life/fixed annuities – Tuesday, December
Read More

Categories: Genworth and Long-Term Care.

“The Fed Destroyed US Boomers’ Retirement Dreams,” by John Mauldin, Forbes

“Here is the great irony and possibly the most harmful part of the Fed’s monetary policy initiative. They wanted investors to move out on the risk curve. But did they bother to look at the demographics of this country?  We have a huge bulge of Boomers—retirees and near-retirees—who do not need to be moving out on the risk curve at this time in their lives. They need Steady-Eddie returns, and they need to be reducing their risk, not increasing it.  …  What was supposed to happen was a normal recovery. What we got was the weakest recovery on record.  Not
Read More

Categories: Industry News and Long-Term Care.

“The Gray Gender Gap: Older Women Are Likelier to Go It Alone,” by Paula Span, New York Times

“Every few years, a group of federal agencies publishes a raft of data on every conceivable subject affecting older people. Housing. Employment. Leisure. The numbers that jumped out at me from the latest report, called Older Americans 2016, concerned a more intimate matter: gender differences in marital status. To be blunt, they’re enormous, with consequences beyond the purely personal.  At every age, the report shows, older men are far more likely to be married than older women.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The numbers behind these numbers and the reasons why make this
Read More

Categories: Industry News and Long-Term Care.

“Long-term care insurance rated a worthwhile benefit,” Business Management Daily

“Reassure employees who may be on the fence about long-term care insurance with new findings from America’s Health Insurance Plans, the trade group that represents health insurers. According to a survey of the customer experience and satisfaction levels of long-term care insurance policyholders who are already collecting benefits: Nearly 90% of those with long-term care insurance are satisfied with the amount of coverage they purchased. Almost eight in 10 customers found filing a claim to be easy. 89% of consumers reported that they did not need to purchase any additional services not covered by their policy. Download the full report
Read More

Categories: Industry News and Long-Term Care.

“Running Out of Money Ranks Top Retirement Concern,” Advisor Magazine

“What do you get when you have 10,000 baby boomers retiring every day, at an average retirement age of 62 with a life expectancy of about 22 years, and retirement savings of only $104,000?  If you answered a recipe for fiscal disaster, you’d be right.  A recent survey of CPA financial planners conducted by the American Institute of CPAs found that running out of money in retirement is top of mind for many of their clients, including high net-worth individuals.  Concerns shifted from financial to health after ten years of retirement as serious illness, including dementia and diminished capacity, was
Read More

Categories: Industry News and Long-Term Care.

Good News | Complimentary Tickets to the Insurance Agent Summit

Complimentary Tickets To The Insurance Agent Summit The Insurance Agent Summit is the world’s largest online event for insurance agents. This year’s summit takes place next week: October 24 – 28. Don’t miss this once in a lifetime opportunity to attend masterclasses with 30+ of the world’s best agents, brokers and thought leaders as they share their secrets for building a better business and a bigger life. Claim Your Free Ticket Now Click here to add carriers/products to your appointments. If you have questions or need additional information, please call us at 1-800-842-7799. Read Full Good News Article
Read More

Categories: GoldenCare News, Industry News, Life Insurance, and Long-Term Care.

Two Great Technology Tools to Help You Write More LTCi Business

Mobile Quote Tool Mobile Quote Tool Benefits: • It’s Fast • Easy to Use • Simple to Download • Available on all Android and Apple devices Access: • To go either Good Play (Android) or the App Store (Apple) • Search for “Mutual of Omaha Quotes for Sales Professionals” • Download and start quoting Resources: • Mobile Quote Brochure (149402)   LTCi E-Application LTCi E-App Benefits: • Applications are “in good order” • Ensures you’re using the right forms • You choose your method of signature collection • Provides a paperless, “green” experience Access: • Go to Sales Professional Access
Read More

Categories: Long-Term Care and Mutual of Omaha (& Affiliates).

Good News | CareShield Sales Promo

With This Brand-New Product Comes A Stellar Sales Incentive! With the recent launch of Minnesota Life’s new CareShield™ product, came a fabulous incentive to help jump-start your CareShield sales! Between September 20, 2016 and December 31, 2016, agents will receive a $300 Visa® gift card for two paid CareShield applications or a $500 Visa® gift card for three paid CareShield applications. For details, click below: Win BIG: Earn Up To $500 For Selling CareShield Click here to add Minnesota Life’s CareShield™ product to your appointments. If you have questions or need additional information, please call us at 1-800-842-7799. Read Full
Read More

Categories: GoldenCare News, Life Insurance, and Long-Term Care.