So How Long DO Claims Last and What's the REAL Value of LTC Insurance?
So hard to believe...it's time for the last webinar in my Summer Webinar Series. I've enjoyed spending time with all of the attendees...nostalgic for me as it reminded me of doing the live sessions I did for so many years. I hope those who participated have gained valuable knowledge to greatly enhance your wonderful efforts to help families plan for LTC. If you didn't participate, it's not too late as recordings are available.
This last webinar is filled with cutting edge info from two greatly respected "think tanks" about what is happening on the claims side of long-term care insurance. I've used both organizations for my research for over 20 years.
There's a reason I called the claims chapter "Where the Rubber Hits the Road" in my book Protecting Your Family with Long-Term Care Insurance. If people aren't happy at claim time, why do we do what we do? This information is also invaluable as we customize benefits for prospects that fit their budget yet are meaningful at claim time.
Matt Morton with Long-Term Care Group will present some of the more practical findings from the new Society Of Actuaries LTC Intercompany Experience Report. It looks at claims from 2000-2011 vs. the last report was from 1984-2004. This new study shows that assisted living facilities are really making an impact as we thought they would. We will be discussing duration of claim for all claims and also for claims that last longer than a year, which is what I think of as true long-term care. BIG DIFFERENCE.
Jessica Miller with LifePlans will present some truly insightful views on the real value of long-term care insurance at claim time by decade of when policies were bought. How much of today's cost of home care, assisted living facilities and nursing homes are the policies paying? And drumroll...she will answer that all-elusive question....
If you missed Webinar #8, you missed how to turn clients into raving fans after a rate increase -- words from one of our speakers, Chris Sitek, not mine! We also got the inside scoop on how an insurance company decides a rate increase is necessary and how to bring it to market. Thank you Cheryl Bush, VP of Operations at MedAmerica, for a great presentation! There's nothing easy about that process, and this information will make you sound really smart when you discuss rate increases with clients and Centers of Influence.
In Webinar #7, Michael Banner with Professional Mortgage Alliance, taught us the cutting edge of what's going on in the reverse mortgage world and how to legitimately use RMs to pay for LTC. We also learned about discounted home care packages from Marc Sinton at True Freedom Home Care that can be sold to people who are completely uninsurable.
Handouts and recordings are available at http://www.ltcconsultants.com/summer-webinar-series/ Even though tomorrow is the last one, you can still buy any sessions that you missed. Or if you bought some but not all, you can add to your order by emailing Lawrence@ltcconsultants.com and he will adjust your payments if necessary with the volume discount.
|$49 each for 1-3
|$39 each for 4-6
|$29 each for 7-9
To help you decide, the complete list is below with session descriptions this time. IMPORTANT: Please note that the first 15 minutes is great music just like I've always offered in my live seminars. The actual presentation starts at 2:00 p.m. CST with interactive Q&A at the end. I'll call on you and let you ask your question yourself whenever possible.
||How to convert term life insurance into guaranteed issue LTC insurance
|Historically, the objection to traditional long-term care insurance has been the "use it or lose it" issue as typical return-of-premium riders have been expensive. People are concerned they will die before ever needing long-term care; or will use only part of their benefits. There's also the problem of people becoming uninsurable by the time they consider LTCI, often in their 60s or older. Living Care Extension is a program enabling your client to use their existing term life insurance policy in order to create a highly effective alternative to long term care insurance, and by doing so, address both issues.
||How to sell long-term care insurance that is affordable in today's market/Finding money with High Deductible Plan F with a reserve annuity
and Gary Owen
(Premier LTC Brokerage)
|How can LTC insurance possibly be affordable now that most companies are gender rating and now that nursing homes cost $220-$250 per day? ($350-$400 higher cost areas) In addition to my own ideas, our guest speakers will expose you to ways to help more people by finding money for LTCi AND make the benefits more affordable.
||How to sell LTC insurance to companies of all sizes
|How many times have you heard we need to sell LTCi to younger people? Why do robbers rob banks? Because that's where the money is! Healthy younger prospects are at WORK. There are only three companies that offer limited underwriting for worksite sales. Hear what they are looking for and I'll share my top ideas for double digit participation.
||Equity index annuities to fund LTC, with and without underwriting
|This session will offer double the content for your money. Our guest speakers will comment on why baby boomers are moving millions of dollars to equity index annuities to prevent their savings from another stock market drastic drop and how they can help solve the LTC planning need as well. I went in this direction to help people who couldn't qualify for traditional or combo LTCi and have learned a TON about the entire picture of EIAs.
||My favorite linked benefit products and how not to sell them
|My dream for this session is to get away from the popular way of selling combo plans of "Give me $100K and I'll give you $300K for LTC" with no thought about what the policy will pay out per month when care is needed.
||How to successfully do internet selling, including technology tips
|Most of you are probably selling online. I've asked my friend Scott Olson to join me as he made his first internet sell in 1999. Lawrence Vivenzio is the wind beneath my wings in my own internet selling and it won't take you long to find out why!
||Selling home care services to people who can't qualify for LTC insurance/The latest with using reverse mortgages to fund LTC and LTC insurance and how to work with the non-cross selling law
|Yes, you can still help people who are totally uninsurable but don't have the savings to do an annuity without medical underwriting. You can help them stay home as long as possible with home are packages and/or a reverse mortgage. Our guest speakers will open your eyes to the latest updates on both these topics. After listening to them, I learned I didn't "know it all"!
||My formula for analyzing a rate increase and retaining the client, plus the regulatory process of filing a rate increase and the latest on what the NAIC is doing about rate increases
|I am so proud to have my dear friend Cheryl Bush, SVP of Operations at MedAmerica and one of the smartest people I know, tell us what's really going on with rate increase regulatory activity. I'll be sharing my formula for helping clients analyze a rate increase. Chris Sitek will chime in about how he uses my formula that way and in annual reviews to retain clients.
||The latest research published in 2014 on benefits actually being paid utilizing claims studies/Projections on claim duration (get ready for a few surprises)
(Long-Term Care Group)
|We should call this session "Where the Rubber Hits the Road" because that's what paying claims is all about. LifePlans and Long-Term Care Group will share the latest research about the value of LTC insurance and a peek into the future with new projections on claim duration.
See you tomorrow after the music!