On behalf of all of us at BJFIM/Paradigm I would like to thank all of you who attended ourMultiple Streams of Income continuing education and sales training meetings this past week. As always it was great seeing old friends and familiar faces as well as meeting new folks who want to create opportunities in long-term care insurance. We are looking forward to working with you to develop new ways to help your clients while creating vested streams of commissions for you.
We would also like to thank the Los Angeles Association of Health Underwriters for allowing our meetings to be its first in a series of broker2broker Live Events. We applaud LAAHU’s efforts to expand its educational offerings and to help its members consider opportunities beyond traditional medical insurance. This is good for members and their clients. Special thanks go to Sam Smith and Shauna Benson for their support and assistance in getting these meetings organized particularly within the time restraints that we were working within.
NOW for a major correction; the eagle-eyed Nancy Aita, one of our special friends from Santa Rosa, identified an error in one of my presentation slides yesterday that also extends to my September 10th Blog posting. In both I was pointing out how we have implemented an employer-paid core benefit long-term care insurance program for our employees. I asserted that for about $30 per month, per employee they would receive $73,000 of retirement income protection. In fact, they are receiving $109,500 of retirement income protection as well as coverage if they have a serious disability prior to retirement ($100 per day for three years ‘ 1,095 days –= $109,500). This program is even better than I thought! I don’t know how I came-up with only $73,000; sometimes I just get moving too fast for my own good.
Here’s the follow-up; as a result of starting this plan at BJFIM/Paradigm, one of my employees has added compound inflation protection to her policy and has also purchased a similar plan on her husband. This is exactly how multi-life long-term care insurance programs are supposed to work. The employer makes a down payment to help their employees get started and then they begin taking personal responsibility for their own retirement income protection planning. Everyone wins.
At the meetings this week I asked for a show of hands to see how many of you had agencies with three or more employees. About 25% of you raised your hands. I already know of several agencies that are sending us a census for a multi-life long-term care insurance quote for their company. Wouldn’t this be a great place for you to start your education to see how affordable and easy multi-life long-term care insurance really is’
Employer sponsored long-term care insurance is where the game has shifted in our industry. Significant underwriting concessions for as few as three lives, premium discounts and plan designs that allow for low-cost base benefits with buy-up opportunities, for the first time, makes selling LTCi easy. Let BJFIM/Paradigm help you create a valuable product offering for your prospects and clients and tap into this stream of vested renewal commissions.