At about this time last year I wrote:
“We know how important our [AM Best] rating is to you and your clients and we are doing everything we can to gain back the security of being rated.”
Well, it took a great deal of effort from our entire senior management team, but last June we were successful in having our rating reinstated with an improved (“stable”) outlook. We continue to work to improve our rating but the key to that seems to be increasing sales, so this is somewhat of a chicken and egg situation. (We need to increase sales to increase profits to improve our rating, but at the same time, we know that many of our agents want to see a further improvement in our rating before submitting more business.) So it goes. My father always said, “Life isn’t always fair, but keep trying and don’t give up!”
Looking back to 2018, we were pleased to be able to bring out next generation short-term product, SecureHorizons, to you in the new states of Arizona, Colorado, North Carolina and South Carolina. (We continue to work on Indiana.) In addition, SecureHorizons continues to be available in the states of Georgia, Illinois, Louisiana, Missouri, Nebraska, Oklahoma, Pennsylvania, and Texas. We believe that STC is a worthy alternative for many of your clients who are concerned about their finances and who may not be able to afford full long-term care coverage.
On the other hand, we remain committed to providing strong products at a fair price to the LTC community. Eventually when the health market calms down a bit and consumers and their families are able to refocus on their own future LTC needs as they age, we expect to see the sale of LTC pick up again for the industry as a whole.
As always, we want to thank you for working with us. We know it’s tough selling LTCi, but in spite of these difficulties, LTCi remains an important part of your client’s coverage needs. We continue to try to make it easier for you. Rest assured we greatly appreciate your business and please, remember, hang in there and don’t give up!
Best Wishes for a Happy, Healthy, Productive and Successful New Year,