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Life Markets |
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When it comes to discussing long term care insurance, both producers and consumers agree on several key themes. In fact, the top two reasons producers sell long term care planning solutions are the same reasons clients purchase long term care solutions: first, to remove the financial burden from the clients’ families and second, to provide financial security. The biggest barrier to purchasing or selling long term care protection is the cost. This was the number one response given by both consumers and producers. Both audiences were concerned about a “use it or lose it” type of solution- if the policyholder never filed a claim, the premiums paid would be wasted. OneAmerica sells asset based LTC solutions either with a life insurance or annuity as the basis for the contract. If LTC is never needed, benefits pass to the insured’s beneficiaries in the form of a life insurance payment or an annuity. Both producer and consumer perceptions of asset based LTC were positive. 69% of consumers found asset based LTC appealing while producers had positive impressions of both solutions (85% for life insurance with LTC benefits and 76% for an annuity with LTC benefits.) What does this mean to you? Producers and consumers agree on the basics: the reason for (and against) long term care insurance, the impact of a long term care event on a loved one, and the appeal of a product that offers guarantees. As a producer or distribution partner, continue to focus on LTC protection as something you purchase to protect your family, not just the policyholder. We all want to know that we have taken the appropriate, educated steps that lead to the care of our loved ones. Special thanks to Adam Itczak, OneAmerica Marketing Brand Manager, and Kelly Tingle, OneAmerica Enterprise Communications Manager, for their help and support for this survey project. Look for more information to be released and shared widely later this spring.
Cheers, Jeff
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OneAmerica was spotlighted in Forbes Advisor, which featured OneAmerica among the top sellers of whole life insurance. The survey results from our long-term care consumer study continue to be referenced in top tier publications. In March, an industry thought leader quoted our long-term care study in Kiplinger. In addition, our sponsorship of NAIFA's Eighth Annual Diversity, Equity, and Inclusion Symposium was in Yahoo! and Benzinga. And Dennis Martin , president of ILFS, was quoted in a Life Annuity Specialist article, where he gave his perspective on an innovative annuity product concept for long-term care, and in a New York Times column on long-term care concepts.
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Best Interest and Suitability Updates |
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Attention Alaska, Massachusetts, North Carolina, and South Carolina: Best Interest is Here
Alaska, Massachusetts, North Carolina, and South Carolina have updated the requirements around best interest and suitability in annuity transactions. New training courses will be required to be able to submit applications for any annuity products, including Asset Care annuity funding whole life. The changes for Alaska went into effect Nov. 23, 2022, while Massachusetts will go into effect on June 1, 2023. North Carolina went into effect Jan. 1, 2023, and South Carolina went into effect Nov. 27, 2022. Producers selling any annuity products, including Asset Care Annuity Funding Whole Life in Alaska, Massachusetts, North Carolina, and South Carolina, must take the new training courses to sell these products This course can be taken using your usual training platform or the OneAmerica Center of Excellence (COE). Select “required annuity training” from the COE home page. Existing producers in Alaska have until July 14, 2023, and in Massachusetts they must update training by June 1, 2023. Existing producers in North Carolina have until July 1, 2023, and in South Carolina they must update their training by May 27, 2023. New producers must take the new Best Interest Annuity Suitability four-hour training before solicitation of applications.
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Submitting CE Certificates |
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Once you have completed your NAIC Annuity Suitability and Best Interest CE Certificates, email your certificates to us. We recommend you email us your certificates when received, there is no reason to wait.
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New Best Interest Producers’ Guide |
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“Where and When” State Chart |
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Find state adoptions, training requirements and deadlines around Best Interest and Suitability in Annuity Transactions, on our state chart. The chart is updated on a rolling basis.
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Don’t Miss Out On Our Next Advanced Strategies Webinar |
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Register for the next Advanced Strategies webinar " Three Needs - One Policy (Triple Play)" on May 3, 2023, at 2 pm ET. Join Kelly Hall, AJ Reiber and special guest Clay Summers as they dive into the triple play combination:
- Endorsement split dollar
- Nonqualified deferred compensation
- Life Insurance Retirement Supplement Strategy (LIRS)
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HealthView Helps Generate Personalized Healthcare Costs |
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For use with financial professionals only. Not for public distribution. OneAmerica® is the marketing name for the companies of OneAmerica. Products issued and underwritten by The State Life Insurance Company® (State Life), Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Asset Care Form numbers: ICC18 L302, ICC18 L302 JT, ICC18 L302 SP, ICC18 L302 SP JT, ICC18 R537, ICC18 R538, ICC18 SA39 and ICC18 R540; L302, L302 JT, L302 SP, L302 SP JT, R537, R538, SA39 and R540. Not available in all states or may vary by state.
HealthView Services is not an affiliate of the companies of OneAmerica.
NOT A DEPOSIT. NOT FDIC/NCUA INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY ANY BANK OR CREDIT UNION. MAY LOSE VALUE.
© 2022 OneAmerica Financial Partners, Inc. All rights reserved. OneAmerica® and the OneAmerica banner are all registered trademarks of OneAmerica Financial Partners, Inc. |
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