Josh Ver Hoeve, VP of Annuity & Life Sales
March is National Women’s Month and if you have read our life section article you maybe are shocked with some of the statistics. If you have not read it, I would encourage you to do so. One way to help mitigate some of those risks many women face in retirement is by offering an annuity solution. I would say that it does not always make sense to sell a guaranteed income annuity instead of an LTC policy, we find that many times that is a client’s best option because there is NO medical underwriting involved for these benefits.
Not to mention, just about every client will need a guaranteed lifetime income, why not sell one with home health care benefits? Instead of medical underwriting, there will be a two or three-year waiting period before home health care benefits can be taken advantage of and it could take 3-6 months to qualify for after that waiting period. Most advisors and clients have no issue with those waiting periods because it also gives the time to allow the income and income account to grow. The proprietary products Asset offers through North American, PrimePath 12, not only provide a joint guaranteed lifetime income without a fee, they also provide home health care benefits, doubling the income if either spouse cannot complete two out of six Activities of Daily Living (ADLs). Neither annuitant needs to be in a facility but rather can receive an enhanced income at home.
PrimePath is often used for joint benefits because their home health care benefit does not reduce joint payouts. Here is an example; if your guaranteed joint lifetime income payment is $10,000 and you qualify for their HHC benefit, it will go to $20,000. There are a few insurance companies who have this benefit; however, they typically increase by 150% for joint versus 200% for single life income. If you do have a separate life case, I would like to draw your attention to the F&G Safe Income Plus. The Safe Income Plus is one of the best income products on the market even without the home health care benefits, and they will also double your income for home health care much like North American.
They will have higher guarantees than North American and work really well for single life guaranteed income cases. Please also note that F&G’s product and HHC benefit is available in many more states, such as California!
Contact our team today for more information on any these featured products at 858-303-8755.
Our Specialists are also here to help you with any illustrations and scenarios.
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