BuddyInsider May Edition

This monthly publication is packed with useful updates to make it easier to understand the long term care insurance industry. We hope that you find this info relevant and beneficial to your practice. - Happy May! ????

?? Group LTCi Case Study

We had an amazing time at the California Dental Association annual convention with our friends at TDIC - The Dentists Insurance Company and Evan Kidwell, RICP? of Pacific Advisors . We kicked off an exciting new LTCi solution for the dentists who are members of the association.

What's it like being an insurance guy at a dental convention, you might ask?

• Felt like I was learning a new language
• Entranced by the rows of commercial grade dental equipment
• Paranoid about not having my teeth cleaned recently enough

I imagine there is a parallel here to how a dentist would feel at an insurance convention.

We soft launched a guaranteed issue long term care insurance solution with no health underwriting for dentists to get up to 75 months of LTC coverage (3 times extension of the life insurance benefit) and affordable pricing.

Olympic gold medalist, hall of famer, and dear friend, wendy boglioli shared her Olympic and personal long term care stories on stage.

Thanks to all of our hosts and partners, it was a wonderful experience that I won't soon forget!

PS - We still have time if you'd like to get your CA dentist, clients, or friends, a starter LTCi plan. We can even help you offer them more comprehensive LTCi coverage to add to the group LTCi solution. Multiple LTCi policies work well together.

??MARKETPLACE UPDATES

We continue to see innovation in LTC insurance solutions of all shapes and sizes.

GROUP/WORKSITE LTCI

More group / worksite benefits carriers are adding creative LTC riders to their group Life products. Just a year ago, there were just a few solutions in the marketplace. I can already count at least 10 solutions in the market by the end of this year.

Options include:

• Guaranteed issue with no health underwriting for actively-at-work employees or affinity group members
• High levels of coverage up to $12,000 per month or 50-75 months of LTC benefits
• Spousal coverage with simplified issue underwriting
• LTC riders built on term life, universal life, or whole life products
• LTC extension beyond the initial acceleration of the death benefit
• Restoration of the death benefit (A.K.A. the new full return of premium option)
• Ability to accelerate 4% of the death benefit or flexibility to choose a different amount
• LTCi products bundled with family caregiver benefits, critical illness, and other goodies

INDIVIDUAL LTCi

Not to be outdone, the individual marketplace is also taking LTC innovation to new levels:

• Streamlined underwriting: Carriers are able to collect data more quickly, so approval times and customer experiences are gradually improving. One carrier has taken their cognitive testing online without the need for a phone interview.
• We are seeing more options for high value LTCi executive carve out solutions built for small worksite groups.
• Popular products such as Joint Life + LTCi and LTCi extension riders have seen new entrants.
• Annuity + LTCi solutions are gaining popularity with limited to no underwriting options, LTCi extension leverage, and flexible funding solutions like tax-free 1035 exchanges and qualified money.
• Short term care options continue to grow. There's even a traditional LTCi solution with 1-2 years LTCi benefits and simplified underwriting in market in all 50 states.

Who said your clients can't have great LTCi options. If only knew where to find them...

?? Ok, here is where you can find them: https://app.buddyins.com/signup

?? ICYMI

Catch up on important LTC sessions you may have missed.

? Study Group Replay: Benefit Buddy Custom LTCi Demo

? Article: Reverse Mortgage May Enable Clients to Move On by BuddyIns Community Partner, Christine Jensen, of Fairway Reverse Mortgage.

?? Buddy System Update

Sales Guide for Individual

Log in and check out our newest section in the Buddy System dedicated to individual solutions.

This Sales Guide provides an almost one-stop-shop for product information, including:

• Individual Carriers: Details about carriers and their products. We cover the sweet spots, benefits, state availability, product details, and much more!
• Pricing: View a sample template from Benefit Buddy that shows the plan design that maximizes LTC insurance leverage and how you can create a compelling story for your clients.
• Applications and Quote Process:? View the application and see sample illustrations.
• Product Documents: Includes product-specific underwriting, sales guides, and consumer brochures.?

Benefit Buddy Custom LTCi Quoting Tool

Benefit Buddy's new Custom LTCi Quoting Tool provides greater flexibility when comparing LTC funding solutions.

• Input data from any carrier's illustration.
• Show a side-by-side comparison of a wider variety of LTC solutions, including hybrids and short-term care.
• Demonstrate the LTC insurance leverage of each option.
• Instantly compare to self-funding or the cost of care.

This Custom Quoting Tool is great for anyone who needs to compare LTC funding solutions. It also simplifies complex illustrations into easy-to-understand stories.

?? Go to the Buddy System

If you do not have a membership, sign up for the 30-day free trial of the Specialist Membership for access to the Individual Study Guide and Benefit Buddy.

?? Community Discussion

I have a group of about 160 employees and they want to offer a simplified or guaranteed issue LTC plan to their top management. It should be at least 10 but less than 15 people. Any options out there for NJ?

That's just one question that came through our Facebook group, Ask the Long Term Care Insurance Specialists. Get in on the discussion and expand your knowledge by joining the group and engaging in the conversations.

?? LTCi Education

Stay up-to-date with the latest group LTCi strategies by joining our new weekly LTCi Group Study sessions every Thursday at 1PM PST. These interactive sessions are focused on helping you identify the growing opportunities in the group market.

Join our community agents and advisors to discuss case studies, carrier solutions, sales tactics and more for group LTCi sales. Whether you're already selling group or want to break into this market, these sessions are excellent opportunity to enhance your expertise and network with peers.

Add the weekly sessions to your calendar now so you don't miss out: https://www.addevent.com/event/vs19612672

P.S. Missed a previous Worksite Study Group sessions? No worries! Replays are waiting for you in the Buddy System.

???Save the date

New Perspectives on the Roth Conversion

Date: Monday, June 24th, 2024

Time: 11am PT | 12pm MT | 1pm CT | 2pm ET

Speakers: Dr. Barry Sacks

?? REGISTER NOW

The LTC Funding Challenge: ?How Can Home Equity Help?

Date: Monday, August 5th, 2024

Time: 12pm PT | 1pm MT | 2pm CT | 3pm ET

Speakers: Marc Glickman & Wendy Boglioli

?? REGISTER NOW

ITC Vegas 2024 - October 15-17, 2024

This event promises groundbreaking discussions on pivotal topics like AI, customer acquisition, claims and underwriting, and risk management. Tailored programs for life & health, group benefits, LATAM, brokers, and agents will address unique sector challenges and opportunities.

?? REGISTER NOW

Be part of the community ??

?? There is no membership fee to join the weekly Buddy Study Group to deep-dive into Group and Individual LTCi. All financial professionals are welcome.

Did you find this newsletter helpful or insightful? Be sure to "Subscribe" below to receive future newsletters and always be up to date on the LTCi market!??