Wiig-Codr Product Update

OneAmerica-Logo

OneAmerica – Wow!

Call them retro cool or crazy*, either way, they’re doing things I haven’t seen in a long, long time.

  • Long Term Care with lifetime benefits
  • LTC with Guaranteed premiums (no increases)
  • 3% and 5% compound inflation options
  • Short-pay and single-pay premiums for LTC
  • 2nd-to-die (Survivorship) hybrid Life + LTC

Granted, they don’t sell traditional LTC. All these plans are built into life insurance or annuities. They’re packaged hybrids. But it’s great to see a carrier address the shortfalls of a lot of hybrids, such as no inflation protection and skimpy LTC coverage.

Did I mention they’re the only credible carrier offering a 2nd to die “MoneyGuard”-like product? That’s significant, especially now that the Genworth TLC has been pulled.

Quick sales idea: Not all annuities are equal! Take advantage of the Pension Protection Act and fund a tax-deferred OneAmerica annuity and get your LTC benefits tax-free.

Hypo
Thou shalt not make withdrawals from annuities without PPA provisions to fund LTC

*Interesting footnote: In 2008, Moody’s downgraded 29 life insurance carriers. OneAmerica was one of the few upgraded in 2008. That’s rarified air. Maybe they’re not so crazy after all.
OneAmerica current ratings:  A+ (A.M. Best)  AA– (S&P)

 

Thomas Perez, Secretary of Labor
Thomas Perez, Secretary of Labor

DOL Drops Today, Sun (Hopefully) Rises Tomorrow…

The Department of Labor will release their final draft of the fiduciary rule on Wednesday April 6th, 2016. Any financial planner or agent involved in providing investment advice in retirement accounts will now have another layer of regulation to adhere to one year from today.
At its core, the DOL wants everybody involved with retirement accounts to be held to a fiduciary standard. In general, all fee-for-service investment advisors already are. This rule mostly affects broker-dealers– who are only at a suitability standard.
Keep in mind, Bernie Madoff was an investment advisor held to a fiduciary standard. Broker-Dealers are not the bad guys here, but they are being painted that way.
Personally, I have no problem with “best interests” fiduciary standards for BDs, but I fear there will be unintended consequences.  For one, it considerably raises the cost of doing business for advisors  and opens them up to (more) lawsuits.
Unfortunately, I think this will eventually price out the middle-class investor. Ironically, it will likely end up hurting the people they most intended to help.
I’m leaning toward NAIFA’s position here if you want to read more.

 

Assurity

Like OneAmerica, Assurity has some very unique products that no one else has. Specifically, take a look at their First-to-Die Whole Life.

  • Great fit for dual-income households, couples nearing retirement
  • Simplify business  buy-sell agreements and avoid premium disparity between partners
  • Replace lost Social Security Retirement benefits when a spouse dies
  • Save 25-35% compared to two WL policies

 

Peanuts MetLife

Is There a Doctor in the House? Sell them MetLife Disability STAT!

 

Nobody does docs like MetLife. Their plans have specifically built features for physicians and their unique disability income needs.

Even if they already have a DI policy, your physician friends (or any white-collar friend for that matter) would likely benefit from the MetLife Makeover.

Quick sidebar for the DI novices out there– I love this interactive instructional “What’s Your Client’s Story ?” This really drills down and guides producers with a comprehensive (yet simple) step-by-step process to help open the door for DI sales.

 

 

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