On Tuesday I described the individual long-term care insurance product that underlies the Transamerica product line. It is a good product and if individual LTCi is your focus you will want to see where it fits for your clientele. That being said, for the past year or so we?ve been extolling the many virtues of multi-life (small group) long-term care insurance primarily as a way to simplify the post-sale underwriting process and to create a vested stream of renewal stream of income for you.
Prior to Transamerica?s re-entry the products we focused on in the multi-life market space have been Prudential and MetLife. Both provide significant underwriting concessions when as few as three employer paid employee lives come into play; please refer back to my April 3, 2008 Blog posting, or if you email me at barry@paradigmins.com, I?ll send you my July Broker World article which expands on the topic.
So why would we add another company to this niche? Here is a short list of reasons:
- Transamerica?s multi-life (group) market space is the 15+ size group because of its modified guaranteed underwriting program.
- What we?ve learned is that as groups get larger underwriting simplification becomes even more critical; there is a greater chance that one or more employees can?t answer ?NO? to the simplified underwriting questions on the MetLife or Prudential employer group applications. Transamerica?s MGI questions present a lower underwriting hurdle, however, we need 15 employee lives to get to this level of underwriting concession.
- As groups become larger, a shorter application makes for an easier enrollment. Transamerica?s MGI application is the most streamlined individual LTCi application inCalifornia today.
- With as few as 15 employee lives participating in the program Transamerica MGI takes underwriting simplification to a whole new level. At our product roll-out webinars on Monday and Tuesday I will be describing the participation requirements, showing you the actual MGI questions and explain other program nuances. (Click Here To Register)
- As groups get larger more challenges come into play such as, employer paid carve-outs with secondary voluntary offerings, multiple locations, enrolling spouses and family members and billing. Transamerica offers a number of enrollment programs and tools to help you navigate these rocky shoals that our other insurance carriers do not.
If you are in the 15+ employer group market Transamerica presents an important alternative to you. Until now, you have really only had one choice for small group long-term care insurance. As I?ve written in previous Blogs and articles, in most cases, individual long-term care insurance is better for the employer, employee and you. But you have gravitated to this small group carrier because it was easier to implement than individually underwritten long-term care insurance. With Transamerica MGI, you now have an A+ alternative that is superior for all.
As you might expect, the Transamerica MGI program has issue limitations. However, I believe that you will find these program features to be consistent and competitive against the alternative. Additionally, the flexibility available to us with Transamerica allows us to help you mix and match a variety of scenarios; executive carve-out, employer paid all core benefit plans, buy-up programs and voluntary plans. And don?t forget, since the Transamerica program utilizes an individual product your first year commissions are far more generous than your A- alternative and renewals are 100% vested. No one can steal your hard work by grabbing a broker of record letter.
I know that if you are interested in this long-term care insurance market segment you will want to join Susan and I on Monday or Tuesday for one of our Transamerica roll-out webinars. (Click Here To Register)
Next week w will also be announcing exciting news about our upcoming fall course schedule which will include the 8-hour LTC-2004 certification course, the California Partnership course and an incredible continuing education, sales and marketing training event on November 18ththat will help crank up your marketing and sales plans for 2009.
Have a great weekend and we look forward to seeing you on the web Monday or Tuesday.