Today I?d like to begin my introduction of the Transamerica Long-Term Care Insurance product to the agent community. One of the most significant aspects of this reentry is that we now have another A+ rated choice in individual and multi-life long-term care insurance. Also of import is the fact some of the benefits that seem to be vanishing from the marketplace such as affordable lifetime benefits and limited pay options, including one-pay, are back.
The current Transamerica individual long-term care product offers a fairly simple menu of benefit options for your client?s consideration:
n Home care, residential care, nursing facility
q Comprehensive long-term care insurance
n Preferred, Standard & Sub-Standard rate classes
n Daily Benefit : $50 – $400
n Facility Elimination Period: 0, 30, 60, 90, 180
q 0-day Home Care
n Benefit Periods: 2, 3, 4, 5, 6, unlimited
n 30% Cash Alternative (included in base policy)
n Inflation Riders
q Deferred, 3% compound or 5% simple or compound inflation
n Discounts:
q Preferred discount 10%,
n Non-smoker (3 years) & driving are the required
q Couples discount 40%
n 40% if both apply in good faith and one is declined
n Payment options:
q Lifetime, 10-pay, PU-65 and One-Pay
n Dial a rate guarantee
q One to ten years
While we are currently in the process of identifying product ?sweet-spots? it is clear that one of Transamerica?s strong suits includes spousal rates. The 40% couples discount along with the 10% preferred rate class makes this product hard to beat. Also, for those of you still intent on offering unlimited benefit plans you may want to compare Transamerica?s lifetime rates to the seven and ten year benefits plans that have become one the new industry standards.
Has a prospect ever asked you about rate guarantees? Transamerica allows you to dial in a rate guarantee period; anywhere from one to ten years; now this is absolutely one of kind in today?s market.
And no, your eyes are not deceiving you. At least for the time being, we can currently offer Transamerica?s one-pay payment plan. Currently, no other insurance carrier in the Californiamarket has this premium payment option. With year-end tax planning in sight, this may be something you want to discuss with some of your C-corporation business owners. Please contact me directly if you have a case you wish to discuss, barry@paradigmins.com.
Transamerica is now in the process of putting the finishing touches on its individual proposal software. We can get you rates however, so if you have hot prospects contact your BJFIM/Paradigm marketing representative for more details.
In the meantime, don?t forget to register for our introductory Transamerica product roll-out webinars on Monday and Tuesday of next week; Link to our website now to register.
Check out my Blog on Thursday to see how this great Transamerica individual product fits into the expanding world of multi-life (group), long-term care insurance.
We look forward to helping you with all of your long-term care insurance brokerage needs.