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Bi-Weekly Update from MVP Financial Services, Inc. 11/9/2021

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Brokerage Insights Blog: Your Vantage Point is Your Opportunity

Webinar is Next Week
Save your seat now for our webinar: Understanding the Differences Between LTC Riders and Chronic Illness Riders, Tuesday, November 16 @12:30 PM CT

Policyowners can access a portion of their life insurance policy’s death benefit when the insured has a qualifying chronic illness, critical illness or terminal illness. These policy features are available through life insurance riders that are automatically included (or sometimes added for an additional cost) to a policy when certain conditions are met. In this webinar, we will summarize these features and provide comparisons.

Pandemic: Increased Home Care
While life insurance applications have increased during the pandemic, traditional LTC applications are in decline. Reasons sited for the LTC decrease are carriers leaving the marketplace and product repricing.

The pandemic has increased the demand for care at home and more people are avoiding nursing homes.

Hybrid life-LTC insurance products are the biggest trend in LTCI recently. These products have been around for awhile, but are only trending now because of longer, more affordable pay periods and the addition of indexed and variable universal life insurance chassis.

Get LTC Quotes

iGo Electronic Applications

DIY Quotes & Illustrations

Understanding Its Importance

There’s no better time than Long-Term Care Insurance Awareness Month to make sure your clients understand the importance of planning for their long-term care needs. It’s a month when the industry comes together to share the message that getting long-term care insurance can cover the cost of care when needed most.

Having a trusted source for information you can use to grow your business and help clients can save you time and give you a leg up. We have the resources to help you start client conversations and stay knowledgeable about a wide range of topics, including LTC.

LTC Resources

Application Backlog
The passage of the WA Cares Fund in Washington state has created an onslaught of long-term care applications for many carriers. In some instances the backlogs are also creating delays for long-term care applications in other states; as well as, suspension of sales in Washington. In some cases this includes LTC riders for life insurance products too.

Regardless of the state, we will work with you to find the carrier and product to accommodate your Life/LTC cases. Although at this time, all states should anticipate delays.

Get Application Advice

Accelerated Underwriting

Electronic Policy Delivery

COVID-19 Updates from MVP Carriers and Vendors

In case you missed it: The N2U Archives

This Information is for Advisors Only. Not for Consumer Distribution.

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