Winter Wonderland
Spring Clean up!
Beautiful NY/NJ!!! As we enjoy the winter here are some short money making tips from your good friends at NJLTC. In our two great states our insurance departments can sometimes be our friends.
1. In NY Genworth LTC rates remain substantially below market and the Flex 2 product still allows a level of coverage for unlicensed care.
2. Do not forget to talk about the NY state tax credit of 20% on each and every LTC sale. 20% of premium comes off the bottom line amount of state tax you owe.
3. MedAmerica - True cash Flex product – Just a strong feeling (not confirmed) that we have anywhere from the next month to 3 months to sell this one of a kind product. Lose two ADL’s or cognitive impairment and get paid in cash no matter who provides care (licensed, unlicensed, a family member). Medam’s new product is filed in both states, NJ & NY…..approval is coming soon!
4. Unisex LTC rates – Transamerica, Mass Mutual and MedAmerica are still offering unisex rates for couples and more importantly for single females. With sex distinct rates, female’s rates are twice as much as unisex female rates. Now is the time to seek out single females and get them signed up.With approvals coming shortly for Trans, Medam, and others, just another reason to move now.
5. And finally on the DI side remember 5 lives will give you GSI (Guaranteed Standard Issue Underwriting) with both MetLife and Ameritas. What an easy, stress free, client friendly way to place critical disability insurance for your clients. As brokers we should be in “seek and destroy” mode on this item.
Shared care, shared waiver, 10-pay, fixed rate cost of living - They are all on the table as the LTC industry continues to change more rapidly than any time in the past 25 years. 2015 will bring more change as the carriers seek profitability. Going forward NJLTC hopes today’s message helps you, the broker, be on the leading edge of the next few months to bring the best possible coverage to your clients.
Time for Spring Cleanup $$$