“There’s a way to do it better – find it.”
-Thomas Edison
Goodbye September and hello fall! In this blast we will be focusing on long term care news. An important reminder on proposed legislation in both Pennsylvania and New York that will be implementing state LTC plans. The tax implications to every wage earner in both states are critical to discuss with your clients before the end of the year in 2022. Also find a great article by John Gibbons of Mutual of Omaha on rate increases/ LTC claim experience. AS always, thank you for your loyalty and support!
– PA/ NY State LTC plan announcements and opportunities
More Here
– Society of Actuaries study on LTC pricing
More Here
– Mass Mutual announces additional rate increases on their LTC product.
Announcement Here
Thanks as always for your business!
“My goal is not to be better than anyone else, but to be better than I used to be.”
– Dr. Wayne W Dyer
“Nothing in the world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent”
-Calvin Coolidge
As the summer comes to a close, we all look forward to the fall, my favorite season, and the increasing opportunities for each of us as potential clients return from holiday. This fall presents a huge opportunity as both PA and NY have announced they are implementing state LTC programs that will provide minimal LTC coverage for residents at a tax rate of 0.58% of your current income unless you have a personal LTC policy inforce before 12/31/2022. Please see the following important notes from our COO Henrik Larsen. This is a discussion you should be having with each insured in NY or PA at all ages. Please speak to Dennis III or Dennis IV with any additional questions. Also in this blast: info on Trustmark corporate LTC worksite plans, Assurity’s new product, and Principal’s non-medical DI. Fall 2022 – reasons to be very excited!
– PA/ NY State LTC plan announcements and opportunities – more Here
– Trustmark complete guide to voluntary worksite LTC marketplace
Flyer Here
– Principal – “Offer clients more income protection with no financials required” more here
– Assurity’s new DI offering Here
Thanks as always for your business!
“Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy”
– Norman Vincent Peale
“If you want something you have never had, you must be willing to do something you have never done”
-Thomas Jefferson
Breaking news updates out of PA!
Pennsylvania (PA) has proposed a state LTC program. The bill was introduced this week (8/22/2022) and is remarkably similar to the Washington Cares Act and contains similar gaps (unlike New York’s proposal). Here are the important headlines:
Gaps:
New York is not far behind!
The State of New York is seriously investigating if it should establish a “New York Long Term Care Trust Act” in order to provide limited LTC services to residents of New York state.
Washington State was a pioneer by passing legislation in 2021, offering very limited LTC to their residents, funded by a payroll tax.
New York State is looking to go down a similar path with a potential payroll deduction collected by employers. However, the “premium contribution” amount has not yet been decided. The State of Washington collected a 0.58% payroll tax.
One of the salient points of this proposed legislation is that there will be NO “Fire Sale” like Washington State had happen. The NY current legislation being proposed states that New York will revert to January 1, of the year the legislation is passed, and someone would need to have had a qualifying LTC policy inforce at that point. i.e. if the legislation is passed on June 1, 2023. Residents of New York with a qualifying LTC policy purchased no later the January 1, 2023, would be exempt from the proposed payroll tax.
Don’t let your clients get caught without coverage!!
“Believe in yourself! Have faith in your abilities! Without a humble but reasonable confidence in your own powers you cannot be successful or happy”
– Norman Vincent Peale
Global DI brokerage Corp would like to remind all of our producers we use the Barracuda security system for our e-mails. This is a change from our old Smarsh system and we just want everyone to be aware and on the lookout so that you do not miss any important emails. Our rebranding continues – our new website should be completed around the end of July along with our new logo. Look for several events to happen in late 2022 and 2023 to reinforce our rebranding. Fingers crossed that Monmouth Racetrack should be back in 2023!
In this blast please find the following important updates, product changes, and competitive news. We start it with a couple of LTC changes:
– Care Matters II: Pricing improvements announced by Nationwide Hybrid. Across the board this is roughly a 5% decrease (see link) in pricing and the age limit is now 75. More Here
– Secure care III: Secure Care III has all the things you love about its predecessor – a cash indemnity benefit for LTC clients to use with no fine print or restrictions – plus more flexibility. More Here
– Mass Mutual DI – Call us to learn about the new Mass Mutual Radius DI plan and compensation plans. See below on DI for military doctors with Mass. A premier product in these difficult times. More Here
– Standard DI – “Combine platinum advantage discounts for up to 35% off” Here is the Link
Guaranteed issue DI programs – Global DI Brokerage continues to lead the industry with offers from 3 lives and up (with 5 lives and up being the sweet spot) from Met, Mass Mutual, Principal, Lloyd’s high limit, and others. Please let one of our reps help guide you through the steps necessary to write these profitable and easily underwritten cases.
The summer is almost here and this edition of the Global DI blast will feature items from both the world of long-term care and DI as we finish celebrating disability awareness month. Those of us who sell disability insurance realize its fundamental importance to working Americans. Too many of us have witnessed the financial ruin of a successful uninsured family when some loses their ability to earn an income. Organizations like The Council for Disability Awareness, Life Happens, and the International DI Society put a tremendous effort into the promotion of disability insurance in the US. Please check out their websites for a plethora of disability related information, videos, tools, and statistics that you can use for you own marketing and business purposes.
Take advantage of these programs and materials as they can be utilized for your own disability sales efforts.
LTC care sales updates:
– NJLTC sales tool kit – Marketer LTC specialist training: More Here
– Trustmark multi-life GI LTC for groups – see details below and also be aware we offer similar plans from Allstate and Chubb for your LTC worksite marketing opportunities. Flyer Here
– One – America asset care hybrid LTC price decreased announced. more Here
– Impactful LTC claims and caregiving statistics
Interested in learning more? Click the request a quote button to get your Disability quote started!