living - Financial Brokerage Inc.

Are Your Clients Prepared For Long Term Care?

Presented by Leonard Berthelsen It has been reported in many articles and news features that Americans are just not prepared for the issue of long term care in the later cycle of their life. Are you? Are your clients? By most accounts most of us fall into the unprepared category. Baby boomers have heard for 10 + years that it is coming, and it could happen to them. Did they prepare? Well let’s look at some of the data that may surprise you. Most baby boomers have done a poor job of saving for their eventual retirement. (34% of surveyed baby boomers felt they had saved enough to comfortably retire). In another survey it was revealed that 57% of those reaching age 65 would continue to work in order to live their achieved lifestyle. Not by choice, but by necessity. The American Association for Long Term Care reports that although insurance for long term care services continues to be sold, only about 10% of older Americans have purchased the coverage. Then those same Americans reported that if long term care needs arose, 53% of them would hire a caregiver or move in with a family member. (Provider magazine, April 2016) We are probably not going to achieve critical mass with long term care insurance products without some form of government involvement or mandate. This is a high risk business for most insurance carriers and as we have seen in the past, the risk was too great for many of them, while others significantly scaled back the benefits they offer in order to manage the risk. So it really all comes back to who is going to pay for this. Personal wealth, family, government…your choice! I think most people would want the choices afforded when paying for it themselves. So let’s talk to them about some of the choices. Yes, long term care insurance is an obvious solution but many simply can’t afford the premiums, can’t medically qualify or simply have an issue with long term care specific coverage. Then why are we not talking about the alternatives available? Life Insurance with access to long term care benefits prior to death, Annuities with access to additional dollars for long term care services, Short term care plans and Recovery Care products. It doesn’t have to be all or nothing when it comes to protection for long term care needs. The next client you sit down with, ask if they are prepared for what many Americans are finding out. We are living longer, with developed health issues that make long term care needs almost inevitable. It’s time for us to make sure our clients know all the options available to them. Their financial future and your livelihood depend on it.

Life Insurance

Loans Too Heavy?

Presented by Gary Peterson As agents, you likely have clients that have used various living benefits of their life insurance over the years. Some have amassed loans that may be too heavy to repay and have high interest rates. Financial Brokerage works with a carrier that will examine the policy, and if it qualifies, they will allow a transfer to their policy, including any existing loans. Give us a call at 800-397-9999 and let’s discuss the best way to help your clients in these situations.

Annuities

Longevity Credits

Presented by Richard Mangiameli Longevity credits are increasing, which simply means we are living longer. Mortality Tables for 2014 now read: Males at 65 will live until 86.6 years old, and Women at 65 will live until 88.6 years old. According to LIMRAs recent report for the USA Today, “SPIA”– Single Premium Immediate Annuity sales have spiked 17% in 2014. It is important to educate the baby boomers about Lifetime Income options and product choices. If they are looking for income at a later date, then they need to learn about Fixed Index Annuity with Lifetime Income riders. If they are looking to start income within the first twelve months, they need to learn about options with SPIAs. Click on the link for more information: http://www.lifehealthpro.com/2015/05/12/longevity-credits-the-time-to-act-is-now?t=annuity-sales-strategies&page_all=1

Annuities

Annuity “Doublers” can help with Long Term Care

Presented by Richard Mangiameli More and more seniors are experiencing the need for, as well as the stress associated with, Long Term Care insurance (LTCi) benefits. Seniors are concerned that when they need help with some activities of daily living (ADLs) and are required to move into an assisted living facility or require medical help with nursing home benefits, that the cost of those facilities could wipeout their hard-earned savings and assets. They know the importance of having LTCi benefits, but are also concerned about the cost of a LTCi policy. This is where an annuity that has an income doubler can help clients protect their assets and help close the insurance gap. With an annuity doubler option, there is no underwriting and there is only a small fee incurred, typically less than ½ of a percent. The payment stream could be as long as ten years. As an example: take a male who is 65 years old and repositions $250k into this annuity. The income five years later will be $24k per year. If you cannot perform two of the six ADLs, the income will double to $48k per year. Following is an article I read from the NAIFA SmartBrief by Andrew Murdoch that further explores this topic. http://www.marketwatch.com/story/how-annuity-doublers-can-help-with-long-term-care-2015-04-21

Life Insurance

I sell life insurance

Presented by Jim Linn Other salespeople are limited. They just sell furniture, appliances, cars or shoes. I make life worth living by selling those things and many more. I sell meat, bread and milk for the table of a family deprived of a father or mother. I sell cancelled mortgages so that mother or father and children can live comfortably. I sell college educations to give the children better opportunities in life. I also sell the little extras like ice cream cones, roller blades, movie tickets and a dress for the prom. I sell time with grandchildren, golf clubs, fishing tackle, exciting trips, retirement income and self respect for later years. I sell all the necessities and good things for life, because life insurance is for the living.