Menu

Diversified

Shutterstock_577328689

4 Ways To Become The LTC Expert In Your Community

In the competitive world of financial services, business professionals are always looking for ways to add value to help differentiate themselves.

In a market of one-stop shopping, becoming the local LTC resource can help you stand out in the crowd.

Build Your Brand
 
Develop relationships by contacting and joining local community organizations, like the Council on Aging, Rotary Club, or Chamber of Commerce. Establish yourself as a Long-Term Care professional and offer your services to help educate people in the community on the need for LTC planning. You can also place an advertisement or by-line article in a local publication to establish yourself as an expert on LTC.
 
Create Awareness
 
Contact local estate planning lawyers and accountants to educate them on Long-Term Care Insurance and its relevance in their practice. Remind them that protecting the assets and net worth of their clients from a LTC event can help preserve their client’s quality of life and help protect their assets.
 
You can also visit local nursing homes and care facilities to share Long-Term Care information and insight with the families of residents. Talk with them about their own vision for retirement and their personal Long-Term Care needs. Use social media to reach out to your contacts to provide expertise and ask for referrals.
 
Building Relationships
 
Keep your schedule full, and make contacts with as many potential clients as possible. In order to succeed in this field, you will need to continually educate people on the importance of Long-Term Care planning. Follow these steps to build your reputation and position yourself as an expert in the industry.
 
Generate Leads
 
Seminars or webinars are a great way to get in front of many people at one time. We offer numerous marketing materials for you to use when presenting to potential clients. Be sure to follow up with a phone call to attendees, to schedule an appointment and answer any questions.
 
Our team is here to offer you support and prospecting techniques when discussing LTC in your community. Contact us today.
Shutterstock_155878004-1

Income Protection – The Time Is Now

When is the best time to buy an income protection plan? The answer is – right now. It should be done before any health challenges arise that preclude prospects from getting this valuable coverage, or the premium becomes too expensive due to older ages.

Start the conversation with young couples, ages 25 to 45 – they are the top prospects for income protection. They’re purchasing homes and starting families – it’s an ideal time to build a foundation of financial protection.

Individuals in this age group still have a lifetime of earning potential. Income is their most important asset, as their lifestyle and long-term financial plans depend on it.

A 40-year-old earning in $100k annually will earn approx. $4,070,963 by age 67 with a minimal 3% annual increase. Many would agree that’s an asset worth protecting.

Remind clients how long it took to build their current savings and retirement funds – assets that can be swiftly impacted and depleted due to an illness or injury that prevents them from returning to work in a timely fashion.
 
While single, full-time wage earners, new home owners, and families just starting out are top prospects – don’t forget about your current life insurance holders, and auto policy owners with higher limits.
 
Talking Points:
  • Explain what’s at risk – a lifetime of earning potentially lost due to an illness or injury. (www.whatsmyeiq.org)
  • Lay out how Disability Income Insurance can help cover expenses during recovery.
  • The time to purchase this coverage is now – the premium will never be lower.
We have client approved marketing tools available to help you prospect your current customers while reaching new ones. Contact your Disability Expert to learn more about growing this corner of your business.
Shutterstock_2285412737-1

Business Transition Planning: How To Survive The Buy-Sell Agreement

This article speaks to a ready market. Why? Because statistics suggest that 80% of all small and mid-sized businesses in the country have made no adequate plans for transition in the event of one owner’s retirement, long-term disability, or premature death. And “adequate” includes being properly reduced to writing. All the understandings and oral agreements in the world are not worth the paper they should have been written on. Tell every transition-planning resistant client that they go to bed every night not knowing who will be their business partner when they wake up!
 
In addition, and perhaps most critically, there are no arrangements regarding the rights of a co-owner if another owner decides to sell out to a third party. Again, ask every transition-planning resistant client you have how they would like to get out of bed only to find they are in bed with their competitor.

But the focus here is only about one planning concern when purchasing life insurance to fund the agreed-upon buyout of a deceased owner: avoiding an unmanageable multiplicity of policies.

It usually makes sense to structure the buy-out outside the company through a “cross-purchase” agreement among the owners.
 
This assures that the full purchase price will be reflected in the increase in basis of the surviving owners.
 
In a cross-purchase each owner must own a piece of the insurance on all the other owners to buy a proportionate share should any other die first. If there are only two owners it’s a cake-walk. Each has a policy on the other. But things get exponentially burdensome as the number of parties increase. Three owners would require 6 polices, 4 owners need 12, and on it goes.
 
If the business is a partnership or an LLC taxed as a partnership there is an easier way.
 
Simply purchase one policy on every owner and have each held by the non-insured owners jointly-with-right-of-survivorship. On the death of one of the joint policy owners the rights to the death benefit are automatically reapportioned among the survivors. And since they are “partners” the reallocation of interests in the policy does not raise transfer-for-value issues.
 
But all must understand that anytime personally owned policies are used to fund a buy-sell agreement things only go smoothly when everyone fulfills their obligations – i.e. the estate sells the interest of the deceased owner and the survivors use the death proceeds to make the purchase from the estate, all under the terms of the agreement.
 
If the parties to a buy-sell are uncomfortable with personal ownership or the business structure doesn’t lend itself to protection from possible transfers-for-value (C-Corp, S-Corp, or an LLC taxed as a C-Corp or an S-Corp) then the policies are commonly held in an LLC or a partnership created for that purpose.
 
Contact me with any questions that arise in your casework involving business transition planning, and ask for our simple 4-page summary of business planning issues including the considerations that should be addressed in a well-constructed buy-sell agreement – either call at 706-614-3796 or email at tom@cpsadvancedmarkets.com.
Shutterstock_1589636410

Preferred Is Possible For Thyroid Cancer

The thyroid is a butterfly-shaped gland located at the front base of the neck. It produces hormones that regulate heart rate, blood pressure, body temperature and weight.
 
Thyroid cancer occurs when abnormal cells grow in the thyroid gland. The incidence of thyroid cancer seems to be increasing as new technology is allowing doctors to find small thyroid cancers that may not have been found in the past. The most common type of thyroid cancer is papillary carcinoma and has a good prognosis, particularly in individuals less than 50 years old.

One of our A+ carriers takes an aggressive approach to underwriting thyroid cancer and in some cases, can offer Preferred rates.

Take a look at this case study:
  • Female, age 43, non smoker
  • Stage I papillary thyroid cancer diagnosed and treated 2 years ago
  • Completes regular physician follow ups
  • May qualify for PREFERRED Non Tobacco rates
Contact our Underwriting Team on your thyroid cancer cases and lets work together to get the offer you need!
Shutterstock_1027183921

Approaching LTCI For Couples With No Children

The need for long-term care does not discriminate. No matter what your income is, your marital status, or any other demographics that come into play – when you need long-term care, you need long-term care.
 
Clients with families and children typically consider themselves to have a “default” caregiver, someone who will always be on call if they were to encounter a long-term care situation. But what about your clients who do not have any children? How do they approach their need for long-term care?
 
Although couples may face the same long-term care risk as families with children, their situation may create a different set of challenges.

Not having a “default” caregiver in the form of a child can force your clients to think creatively about their long term care strategy.

Ask your clients, how do they want to live their life?
 
Living life without children opens up new possibilities and introduces some unique challenges. They may have more freedom to delve into their career and explore their interests. Yet, they may need to put more thought into long-term care than people with kids.
 
They could have a heightened need for professional assistance, since an adult child won’t be “on call” when and if they need help. And, if they’re part of a couple, they might bear a greater part of the work of providing care than they would if they had children.
 
Accidents, chronic illness, or simply the effects of aging could all result in a need for long-term care in the future. That’s why it’s important for everyone to take steps to preserve their quality of life and financial assets as they age.
 
We’re here to help you design a plan that is both affordable and provides the best solution for your clients’ needs. Contact your LTCI Sales Rep for guidance.
Shutterstock_1102448876

The “Third-Tier” Of Income Protection For Top Wage Earners

The need for income protection in this country is clear – statistics show a common lack of personal savings amongst the majority of households. And top earners are not immune.
 
Although major corporations typically provide Disability Insurance (DI) through employer sponsored programs or voluntary employee-funded group DI plans, most physician and executive programs insufficiently limit benefits to a fraction of earned income – creating a great financial shortfall for high-income individuals.
 
The answer? A prescription of raised limits of DI throughout the market.

A high-cap excess personal DI is a great way for physicians, attorneys, accountants, and white-collar executives to find appropriate levels of economic safeguard.

We can provide a variety of “third-tier” Income Protection products to meet your client’s needs – and ensure the financial safety of your affluent and under-insured clientele.
 
The plan can be as simple or comprehensive as your clients’ needs require.
 
Securing individual DI is another obvious step – but again, traditional domestic disability carriers frequently fall short with their maximum issue limitations. If you have any clients or prospects who are making over $250,000 annually, they should be insured at least up to 65% to 75% of their earnings. Their protection needs may not be met by group coverage even with the addition of a layer of individual DI. The bundling of group and individual DI alone is not always a sufficient solution.
 
As a life/health insurance advisor, you know better than anyone that a sudden injury or prolonged illness can happen to anyone at any stage of their professional career.
 
Contact your DI Specialist for more information on “Third-Tier” coverage.
Shutterstock_2507421109

Highest Cap in the Industry, A++ Carrier, Strong Renewal Rate History

MassMutual Ascend recently released the renewal rate history on its flagship American Legend 7 Fixed Indexed Annuity (FIA)—and the numbers speak for themselves. The product currently offers a 10.5% S&P 500 cap, tied for the highest among A- or better rated carriers, and is backed by an A++ (Superior) financial strength rating.

What truly sets the Legend 7 apart is its renewal rate history—especially on the S&P 500 cap.

Many FIAs advertise attractive first-year caps only to reduce them sharply in later years. This can erode long-term growth potential and client confidence. By contrast, MassMutual Ascend has demonstrated one of the strongest renewal track records in the industry, keeping renewal caps close to initial levels year after year.

This matters because the S&P 500 cap is often the core growth driver inside an FIA. When caps are maintained at competitive levels, clients see more consistent crediting opportunities over time. Advisers can position this as not just a short-term product, but a reliable long-term accumulation vehicle.

For clients, the Legend 7 offers:
  1. Competitive Growth – A 10.5% S&P 500 cap, among the best available
  2. Principal Protection – Zero downside risk from market losses
  3. Renewal Strength – A proven history of cap consistency, reducing the risk of “bait and switch” disappointment
  4. Carrier Confidence – Backed by MassMutual Ascend’s A++ financial strength

In today’s environment, where rates are high but stability is uncertain, the Legend 7 FIA combines industry-leading upside potential with renewal consistency and rock-solid backing—making it one of the most compelling choices for advisers and their clients.

Call your annuity consultant today to see where this fits in your book.

Shutterstock_338719268-1

6 Core Needs Of Business Clients – And How We Can Help

Are you talking to your clients about Business Insurance? If not, you may feel that it would take years to become an expert.

We can help you provide free business evaluation services to your clients today!

We will help to address your business clients’ six core needs:
  1. Retirement Income
  2. Exit Planning
  3. Income Protection
  4. Business Protection
  5. Wealth Transfer
  6. Survivor Income
A sales associate will work with you to provide business case expertise and top-notch service before, during and after the sale! We will help you navigate through the planning process.
 
The process includes, but is not limited to:
  • Learn the Business Planning Services Approach
  • Learn whom to approach
  • Learn to build marketing campaigns
  • Help clients find the value of their business
  • Help clients review their buy-sell agreements
  • Help clients understand the reports
  • Help clients create an action plan
Working the process thoroughly will help your clients gain perspective on the value of their business, and identify any planning opportunities in their current buy-sell arrangements. Contact us today to learn more about this comprehensive service.
Shutterstock_2504254829

Credit Where Credit Is Due – Helping You Make The Sale!

Diabetes is a metabolic disease in which a person has high blood sugar either because the body does not produce enough insulin or because cells do not respond to the insulin that is produced.
 
The most well known types of diabetes are:
  • Type 1 (treated with insulin)
  • Type 2 (treated with a combination of diet, exercise and oral medications) and
  • Gestational diabetes (a type of diabetes which occurs during pregnancy.)
When diabetes is coupled with a client who is not an ideal weight, the underwriting class will increase.

Crediting programs can help give credit where credit is due – applying health and lifestyle credits to provide the best possible offer.

Let’s take a look at this case study:
  • 54-year-old female
  • Non-tobacco user
  • Applying for $1 million of Term Life
  • Has type 2 diabetes; treated with Metformin
  • Build is 5′ 3″, 220 lbs
Initial work-up – Table 4
 
The client received credits for:
  • Lifetime non-smoker
  • Income > $100,000
  • Preferred or better driving record
  • Negative cardiac testing
  • Controlled blood pressure
Once those positive credits were applied, this client went from Table 4 to an Underwriting Offer of Table 2.
 
Contact our Life Underwriting Team today – let’s work together to make your next sale!
Shutterstock_2294806179

Your Clients Aren’t Average – Why Is Their Long-Term Care?

Some carriers like to claim that your clients don’t need Long-Term Care (LTC) protection beyond the average length of a care need. But preparing for only the average length of a care need can leave a large gap.
 
The Story of Averages
 
The average length of an LTC need is typically longer for women than men (3.7 years vs 2.2 years). However, in a survey of leading long-term care insurers, that story of averages doesn’t hold up.
 
With five of the seven carriers, men met or exceeded the length of claim for women, with each exceeding a million dollars! Planning for the average would’ve only covered a fraction of the cost.

The belief that average lengths of care are sufficient could create one of the most devastating financial decisions in life.

Addressing only the average care need excludes the possibility of a life-long diagnosis like Alzheimer’s or Parkinson’s. Lifetime protection is the only way to ensure that every client has exactly the amount of protection that they need, whether it’s for two months, two years, 20 years or more.
 
Your clients aren’t average, and their LTC protection shouldn’t be either. Contact us to learn more about Continuation of Benefits options, including Lifetime, to help your clients be protected against costly LTC needs.

Load More

Back To Top

Excellence, Passion, Integrity, Collaboration and Creativity – our core values since 1974

The EPICC Center is the online source for financial professionals, designed to provide them with the essential elements they need to run their practice and increase their bottom line including breaking news, carrier / product information, market trends, sales ideas, marketing tools & resources and more.

Subscribe to our newsletter

* indicates required

Copyright © CPS Insurance Services, Inc. All Rights Reserved EPICC | Designed by Apis Productions