l03-0337-ll (rev. 2/03) for agent or broker use only. not to be used with the general public....
Post on 29-Dec-2015
219 Views
Preview:
TRANSCRIPT
L03-0337-LL (Rev. 2/03)
For Agent or Broker Use Only. Not To Be Used With The General Public.L03-0337-LL (2/03)
Not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by any bank or savings
association, and may go down in value.
L03-0337-LL (Rev. 2/03)
What is ?
• The MoneyGuard universal life insurance policy has a rider that accelerates the death benefit to pay for covered long-term care (convalescent care in MA & WA) expenses.
• An Extension of Benefits rider is available to continue long-term (or convalescent) care benefit payments after the entire death benefit has been paid.
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
What is ?
the smart way
to self-insure for long-term care
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
&How does MoneyGuard fitinto their plan?
Who needs ?
financial
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
• Target ages 58-72
• Currently self-insures the LTC risk
• 62% women / 38% men• Adequate invested assets ….. ($300K+) (Excluding primary residence and qualified plan assets)
The client profile
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
The Client ProfileThe Client Profile
• Proud of retirement planning• Financially savvy• Independent• Want to shelter assets• Want to pass assets on to family
F00-0164-LL NOT FOR PUBLIC USE
L03-0337-LL (Rev. 2/03)
• Are there readily available funds for LTC?
• How much set aside?
• Where are funds?
• Which assets will be used first?
Identify source of funds
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
Where are your clients’ ?assets
L03-0337-LL (Rev. 2/03) For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
Which would they use firstto pay for long-term care needs?
assets
L03-0337-LL (Rev. 2/03) For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
Use tothose assetsprotect
L03-0337-LL (Rev. 2/03) For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
selling
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
The Future is UncertainThe Future is Uncertain
• No one knows what the future will bring • We do know that
the probability of needing assistance to carry out our daily activities increases with age
F00-0164-LL NOT FOR PUBLIC USE
L03-0337-LL (Rev. 2/03)
What’s the risk of needing long-term care?
11997 Nursing Home Use, U.S. National Center for Health Care Statistics, Advance Data, No. 312, April 25, 2000.
21998 Home Health Care Use, U.S. National Center for Health Care Statistics, unpublished data.
Age distributions of nursing home residents (1997) and home health care recipients (1998)
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
What does
Daily Costs: $90 - $200
Monthly Costs: $2,700 - $6,000
Yearly Costs: $32,400 - $72,000
Met Life Mature Market study as of April 26, 2002.
long-term care cost?
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
Long-Term CareFunding OptionsLong-Term CareFunding Options
They don’t include government programs
Medicare
Medicaid
100 days in nursing home following a hospital stay
For those who have almost no personal assets
F00-0164-LL NOT FOR PUBLIC USE
L03-0337-LL (Rev. 2/03)
Long-Term CareFunding OptionsLong-Term CareFunding Options
Long-Term Care
InsuranceSelf-Insure
F00-0164-LL NOT FOR PUBLIC USE
L03-0337-LL (Rev. 2/03)
is an optionAdvantages• Guaranteed benefits• Most policies cover all levels of care
Disadvantages• Recurring premium payments• Premiums are not guaranteed
Traditional long-term care insurance
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
What if I don’t use it?
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
Long-Term CareFunding OptionsLong-Term CareFunding Options
Long-Term Care
InsuranceSelf-Insure
F00-0164-LL NOT FOR PUBLIC USE
L03-0337-LL (Rev. 2/03)
“The way to insure”smart
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
$150,000 Readily
Available Assets
“The way to self-insure”smart
This example is based on a 65-year old, non-smoking female in good health. It includes the four-year extension of benefits rider available at an additional cost. Benefit amounts vary by age, gender (except in Montana where male premiums apply) and health status. Benefits are adjusted for loans and withdrawals. Based on guaranteed cost factors and the original benefit amounts, policy values will become exhausted prior to age 100. This would result in a termination of coverage. The minimum single premium is $10,000.
Freed-up Funds for Your Use
$50,000 Moved (Premium)
$100,000
$261,579 Additional
Long-Term Care (LTC) Benefit
$87,193 Death Benefit or LTC
Benefit
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
Life Insurance for LivingSM
F00-0164-LL
$50,000 Premium
L03-0337-LL (Rev. 2/03)
Life Insurance for LivingSM
F00-0164-LL
$50,000 Premium
$87,193Death Benefit
Available for LTC
Buys
L03-0337-LL (Rev. 2/03)
Life Insurance for LivingSM
F00-0164-LL
$50,000 Premium
$87,193Death Benefit
Available for LTC
Buys$174,386
AdditionalAvailable for LTC
Plus
L03-0337-LL (Rev. 2/03)
Is your win-winsolution
This example is based on a 65-year old, non-smoking female in good health. It includes the four-year extension of benefits rider available at an additional cost. Benefit amounts vary by age, gender (except in Montana where male premiums apply) and health status. Benefits are adjusted for loans and withdrawals. Based on guaranteed cost factors and the original benefit amounts, policy values will become exhausted prior to age 100. This would result in a termination of coverage. The minimum single premium is $10,000.
$261,579
or
Total Long-Term Care Benefit
$87,193 Death
Benefitor
For Agent or Broker Use Only. Not Be Used With The General Public.
$50,000 Premium
L03-0337-LL (Rev. 2/03)
Which option fits your plan?
• Government programs
• Self-insuring
• Traditional long-term care insurance
•
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
L03-0337-LL (Rev. 2/03)
L03-0337-LL (Rev. 2/03)
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
• MoneyGuard
• MoneyGuard LS
• MoneyGuard Flex I
• MoneyGuard Flex II
optionsfunding
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
long-term care
• All levels of care: Assisted Living*, Home Health, Nursing Home and Adult Day Care
• Homemaker and personal care
• Hospice and respite care
*Residential care in CA
features
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
• 90-day elimination period
• 2 of 6 activities of daily living (bathing, continence, dressing, eating, toileting and transferring)
• Cognitive impairment
• Need for care can be certified by personal physician
long-term care triggers
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
New Inflation Feature
• Automatically increases the LTC benefit by 5% per year compounded or 5% simple.
• Compound increases single premium by about 30%
• Simple increases single premium by about 25%
What about ?inflation
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
• Expensive option……but• Bargain compared to increased premium for inflation
coverage on traditional LTC insurance policies• Simple or compound?• Increase premium - don’t lower initial Death benefit• Most attractive to clients age 55 to 65
What about ?inflation
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
• MoneyGuard is fully underwritten.
• No exams on single premium cases for clients age 60 and over.
• Contact a MoneyGuard underwriter directly!
underwriting
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
informationThe MoneyGuard® universal life insurance policies have a rider that accelerates the death benefit to pay for covered long-term care (convalescent care in MA & WA) expenses. An Extension of Benefits rider is available at an additional cost to continue long-term (or convalescent) care benefit payments after the entire death benefit has been paid. Issued by The Lincoln National Life Insurance Company. Products and features subject to state availability. Guarantees are subject to policy terms and conditions. MoneyGuard is a registered service mark of Lincoln National Life Insurance Company.
MoneyGuard and MoneyGuard Flex Policy Form LL-2020 Series and Rider Form LL-2800 Series. MoneyGuard LS Policy Form LL-2021 Series and Rider Form LL-2801 Series.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.
© 2003 The Lincoln National Life Insurance Company, Ft. Wayne, IN 46801 www.LFG.com
www.moneyguard.com
important
For Agent or Broker Use Only. Not Be Used With The General Public.
L03-0337-LL (Rev. 2/03)
CPS Insurance &
(800) 326-5433Illustrations/Marketing/Underwriting
Peter Buechler FLMI, AAPA ext 148
Dean Walsh AAPA, ACS ext 143
Supplies/Case Status
Nicole Samson ext 123
L03-0337-LL (Rev. 2/03)
For Agent or Broker Use Only. Not To Be Used With The General Public.L02-0279-LL
Life insurance products are not deposits, not FDIC insured, not insured by any federal government agency, not guaranteed by any bank or savings association, and may go down in value.
L03-0337-LL (Rev. 2/03)
LTC/MoneyGuard Alternatives
• SPWL- Estate Maximizer-
• Issued by Liberty Life/Liberty Mutual
• 90% of DB if client unable to perform 2 of 6 ADL’s
• Non-med issue for dep 100K ages 65-80 (MIB)
• 4 tables built in to standard
• Annuity- John Hancock • No Underwriting whatsoever• 6yr fixed annuity Current
rate approx X.XX% (less .40% for rider)
• After 6 years client can access 1% of initial Px for LTC.
• 3yr beni, compounds at 3% from policy issue date
• 2 of 6 ADL’s/90 days• LTC beni does not reduce
AV
top related