It takes more than continuing education to create vested multiple streams of income. It takes great products, sales ideas and a brokerage general agency that has your back so that you can put your professional knowledge into action. That’s why at our upcoming Multiple Streams of Income meetings on September 25th (Westlake Village, CA) and 26th (West Los Angeles, CA), we will be introducing you to a series of long-term care and life insurance products that will help you break through to even more financial success.
But first, I would like to post a personal follow-up to yesterday’s Blog on long-term care insurance claims payment. Back in 2002 one of our brokers who doesn’t have the time or inclination to write LTCi for his clients asked me to work directly with one of his old family friends and policyholders. BTW, this is a service that we are pleased to provide for any of our brokers.
After a phone conference with the client and a face-to-face meeting with him and his wife we wrote a joint policy with State Life. The insured’s were in their mid-to-late 50′s at the time and issued preferred plus rates. Like most of you I had to deal with ‘the cost issue’ but I was able to demonstrate that the cost-to-benefit relationship made sense. When I delivered the policy to the client I left with the following, ‘I hope you never have to use this policy’.
About two years ago I got a call from the husband asking for help; his wife was diagnosed with Alzheimer’s. She was only 60 and she had contracted a very virulent and fast moving form of the disease. I worked with him, his step-daughter and State Life to get the claims process on track. The wife received adult day care until about two months ago when she had to be confined to a nursing facility where she passed away.
Like any other insurance policy no one likes paying the premiums but they rarely complain when the policy pays benefits. This man told me that he was grateful for the help that the insurance company had provided during the claims process and that despite the tragic situation; at least he didn’t have to worry about where the money to pay for his wife’s care was going to come from. These clients could have afforded to pay for the cost out-of-pocket but they didn’t have to because of the policy that they had purchased. As you saw from the claims study I linked you to yesterday, this story is the norm, not the exception.
Now let me tell you about one of the new long-term care insurance products that you will be introduced to at our Multiple Streams of Income meetings. As we told you at our Sales Caravan this past spring I have been involved with a LTCi product development project for the past two years. The good news is that our new Loyal American Life Insurance program will be released for sale in California on September 15th. Loyal American is a member of the Great American Financial Resources Group an enterprise that has been in the long-term care insurance business since the mid-1990′s.
You may be asking yourself, ‘Why do we need another individual long-term care insurance product in the California market space right now” The simple answer,guaranteed issue at 25 employer paid lives. The Loyal American product will give you the ability to create a low-cost core benefit plan that employers can afford to provide their employees; then the employees and their spouses can ‘buy-up’ their benefits (simplified underwriting) to suit their needs.
The good news for you is that since the Loyal American product is an individual plan, first year commissions are much more generous than group and the renewals are fully vested; no one can come in the back door and grab your vested renewal stream with a broker of record letter. There is no other product on the market today like Loyal American! You will want to attend one of our September meetings to learn all of the details. Click Here for meeting information and online reservations.
Tomorrow I’ll tell you about an exiting new Term/Universal Life product that has an accelerated benefit rider for health care, including long-term care, just out from Nationwide Insurance Co.