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Long Term Care
Long-term care insurance helps to ensure that people can afford long-term care if they need it.
This type of policy can cover assistance with home health care, assisted living, skilled nursing, or other services like adult day care and care coordination.
Short Term Care
Short-term care insurance – sometimes called “recovery care” – usually provides benefits for a maximum of 12 months or less. These types of policies can be less expensive than traditional long-term care insurance, and the medical qualifications required for enrollment can be slightly easier.
In an effort to provide more long-term care options for clients, there are now “hybrid” products that link long-term care benefits to additional insurance benefits — such as a life insurance policy or an annuity.
A disability can strike at any age in any profession. For many people the loss of a paycheck can spell disaster for their family. Disability Insurance (DI) is “income protection” insurance.
Offering Critical Illness to your clients’ portfolio can lessen the burden at one of the worst times in their lives. A diagnosis of cancer, cardiac or other critical Illnesses can change everything. Medical bills, loss of income, and necessary travel expenses for treatment can impact one’s finances greatly.
Long Term CareOne of the largest threats to anyone’s nest egg is the lack of planning for extended care. Long-Term Care insurance (LTCi) can lessen this risk. Traditional Long-Term Care will offer custodial care which provides services beyond medical care, due to a disability or chronic illness. These services can be provided in a nursing facility, assisted living facility, adult day care and in one’s own home. LTCi also can have tax advantages and asset protection programs in various states.
Benefits are triggered after the policyholder has satisfied their Elimination Period and has been certified as needing hands-on help with at least two of the six standard Activities of Daily Living for at least 90 days. The Activities of Daily Living include:
*California also includes Ambulating
Why Agents Offer Long-Term Care Insurance Policies
Providing your client with a plan that allows them to choose this care settings
Creating an LTC plan that provides future asset protection
How to Get Started with Long Term Care Insurance
If you are interested in offering LTC to your clients, we recommend you contact one of our LTC specialists. They can assist in case design, running illustrations and providing marketing materials. Also, most state require LTC certification prior to writing an application. Ask your LTC specialist for details on your state’s requirements.
Short Term CareShort-term care insurance – sometimes called “recovery care” – usually provides benefits for a maximum of 12 months or less. These types of policies can be less expensive than traditional long-term care insurance, and the medical qualifications required for enrollment can be slightly easier.
Generally, benefits from a short term care policy are triggered the same way as benefits triggered from a traditional long term care insurance policy. However, that is not always the case. Optional benefits offered through some STC policies can include: Prescription Drug, Dental/Vision, and Hospital Indemnity Benefits. Reach out to your STC Marketer for details.
Why Agents Offer Short Term Care Insurance Policies
Offer coverage to those who can’t afford
a traditional LTCi policy
Offer coverage to those who can’t health qualify
for a traditional LTCi policy
Help families with some of the most difficult
decisions of their life
Provide your clients with peace of mind
How to Get Started with
Short Term Care Insurance
If you decide to offer short term care insurance, we recommend talking to someone from the Premier team of experts. They’ll provide answers to your questions, and have tools available to support your new product offering.
LTC HybridCommon LTC objections can be answered with our hybrid lines. These products offer the opportunity for clients to leverage their existing cash value life insurance or annuity and transfer into LTC Hybrids. These products can be offered on a single premium or a variety of flex pays. Underwriting differs due to the consideration of both morbidity and mortality. Most products offer simplified underwriting methods to include an eApp, phone interview and possible medical records.
These types of policies are unique because:
Benefits are available via LTC, surrender values or death benefits
The estate can receive a tax-free death benefit
The long term care benefits are received tax free
Flexible financing: The client can “roll” money from cash value in a life insurance policy or another annuity
Some contracts offer a 100% money-back guarantee if a client changes their mind
Why Agents Offer LTC Hybrid Insurance Policies
Client is looking for a product with guaranteed rates
Client is looking for a return of premium option
Client has qualified funds and is looking to purchase LTC
Client is wanting to purchase a single premium LTC solution
There are many compelling reasons to offer
LTC Hybrid policies, such as:
- Prevent your loved ones from making tough decisions without your input.
- Create a tax efficient funding source for long-term care expenses.
- Protect your retirement dollars and legacy.
- Leverage one’s existing coverage if ever an LTC event would occur.
How to Get Started with LTC Hybrid Products
If you decide to offer LTC Hybrid Products, we recommend talking to someone from the Premier team of experts. They’ll provide answers to your questions and have tools available to support your new product offering.
DisabilityA disability can strike at any age in any profession. For many people the loss of a paycheck can spell disaster for their family. Disability Insurance (DI) is “income protection” insurance. DI ensures that your client will still have some kind of income if something happens to them and they are unable to work. Most people can purchase DI through their workplace and some states even consider it a benefit, paid through income taxes.
There are very few disability insurance providers that offer non-cancellable (non-cancellable means the premium can never be changed), contracts. Many won’t offer individual disability policies past the age of 60. Although most policies don’t pay benefits past the age of 65, those that do will have limitations.
Some will offer only limited benefits, some might require that you health qualify every year, some only let you keep the policy for 2 more years. There can be other restrictions that aren’t mentioned here. If you already own DI, it is critical that you understand what happens when you turn 65.
There are many compelling reasons to offer individual disability plans, such as:
Most Americans can’t afford to go without a paycheck for an extended period of time
You can help families during a difficult time of their lives
You can provide your clients with peace of mind
How to Get Started with Disability Insurance
Critical IllnessOffering Critical Illness to your clients' portfolio can lessen the burden at one of the worst times in their lives. A diagnosis of cancer, cardiac or other critical Illnesses can change everything. Medical bills, loss of income, and necessary travel expenses for treatment can impact one's finances greatly.
Critical Illness can protect one’s financial stability regardless of age. CI can provide income replacement and supplements for insurance and copay’s.
With limited underwriting, CI can provide benefits in a lump sum or on a monthly basis. Product can be offered on both an individual and family chassis.
There are many compelling reasons to offer individual critical illness plans, such as:
Do you know anyone that has had to stop working due to illness?
Does your client have an emergency fund?
Would a lump sum assist your client in overcoming a chronic illness?