Today is like any other day. At 5:30 I woke up. At 6:00 I helped Dad out of bed to go to the bathroom. By 7:00 I dressed him and sat him down so I could feed him his breakfast. After breakfast, I put him in his chair and turned on the TV. Around 9:00 took him to the bathroom again. At noon I prepared his lunch and fed it to him. The afternoon was TV and the usual bathroom breaks. Dinner was ready at 6:00 and I finished feeding him so he could watch his favorite show, Jeopardy, which is kind of funny since he has dementia and doesn’t know any of the answers. My day ends showering Dad and getting him into bed … tomorrow will be just like any other day.
Your life doesn’t end when you need extended care; the life, as they know it, can end for your care givers.
Extended care is a life changing event that can have devastating emotional and physical consequences to your spouse and children. Providing care to you may make them as chronically ill as you are. Those you love have no choice but to put aside their lives to make sure you are safe.
When you first got married and when your children were born you would do anything to assure their happiness and well-being. Long Term Care insurance is a gift of love. It is going to allow them to have a life. Long term Care insurance will allow them to supervise your care and not be the care givers, and for them tomorrow will be a brand new day.
November is Long Term Care awareness month and this topic certainly needs more awareness in our business. Unfortunately, too many clients do not insure themselves with Long Term Care coverage because they simply think they’ll be one of the people who don’t need it (only about 30% do not need care). The risk is obvious and the consequences to your family sometimes are overlooked if you become frail and need extended care.
The Asset product team has a variety of options and sales ideas to help you plan for your client’s Long Term Care risk. From Asset Based Long Term Care to FIAs with guaranteed income enhancements, when someone gets sick we can help you provide a solution.
The important part of positioning an underwritten Asset Based LTC product is to set the stage for that client during the sale and process. If they don’t qualify, we have incredible options using Fixed Index Annuities and enhanced income riders that will not involve underwriting. While FIAs with income riders are not true Long Term Care insurance, it will certainly help replace income when someone needs care.
Click here for the life top product list, and what our product team feels are the top three Asset Based LTC products!
Click here for the annuity top product list, and what our annuity team believes are the best products based on each client’s specific goals.
Would you like to see an illustration? Call the Asset Annuity & Life Team at 888-303-8755 and we’ll be happy to help you! Or, request an illustration through our Producer Portal by clicking here.
Josh Ver Hoeve, VP of Annuity Sales (Asset Marketing Systems)
Women may represent the single largest business opportunity over the next several decades. Here is just a sampling of why:
Women control an ever-increasing percentage of the personal wealth in this country – with estimates as high as $14 trillion – 51% of the current total
67% of the nation’s assets are anticipated to be in women’s hands by 2020
40% of women out-earn their husbands
Women continue to statistically outlive men
Women’s financial lives are also often more complex than men’s as they may need advice surrounding their roles as primary caregivers for not only their husbands but also their aging parents
As women age, their longer life spans leave them more susceptible to suddenly taking on additional financial responsibilities later in life
80% of women switch advisors within a year of their husband’s deaths
73% of women report being unhappy with the financial services industry
87% say they can’t find an advisor with whom they can connect
The industry needs to stop treating women as a little niche that it can possibly serve. They are the market. In fact, according to statistics, women make 80% of the purchasing choices in the current market. As baby boomers age and husbands die in unprecedented numbers, women are taking control of increasing amounts of wealth. It is no secret that women view money and money matters much differently than men do.
Women tend to view investing as a way to preserve their wealth as compared to the male view of investing as a way to increase their wealth – Men tend to be more willing to take risks, or at least risks that offer greater reward and failure than the ones women will take.
Women – especially widows – want to know how they can protect their lifestyle and not become a financial burden on their children.
The greatest risk women face in retirement is LONGEVITY! Longevity means that women have a higher risk of suffering debilitating illnesses, spending more on healthcare costs, and have a higher risk of ending up in skilled nursing care. Living longer means that women need to make sure that their money lasts as long as they do.
To help women plan for retirement, we need to help them grow and protect assets, and account for the traditional risks, like inflation, taxes, market risk, as well as a focus on longevity risk, including planning for health care costs and the likelihood of needing some form of Long Term Care at some point. Remember the goal of most women, is to never be a burden to their children. If we can help them put that fear and worry to rest, we will allow women to live their BEST lives in retirement.
Perhaps one of the best product solutions is an Asset Based LTC/Life policy or Asset Based with Chronic life insurance policy. These policies can be designed to protect women from many of these risks while adding additional protection benefits when a spouse passes the passing of a spouse. There are so many products to fill these needs.
Click here to download Asset’s new client approved brochure called Understanding The Importance of Long-Term Care and call the Asset Life Department to have us run an illustration for you at 888-303-8755.
A lot happened last week, with the market action being largely peripheral, despite all-time highs being reached by some stock indexes and healthy rallies in both stocks and bonds. On Wednesday, the Federal Reserve decided to cut interest rates for the third time in three months. In its previous statement, the Fed said it “will act as appropriate” to keep the economy going. This time, those words were missing. Instead, the Fed said it will “monitor the implications of incoming information for the economic outlook as it assesses the appropriate path.” In his post-meeting press conference, Fed Chair Jerome Powell said, “We believe that monetary policy is in a good place.”
The Fed’s language change coupled with Mr. Powell’s comments suggest that the Fed is now on hold and will require additional evidence before easing further. Overall, that is probably good news for the market. Low real (after inflation) rates are usually very good for stocks. And despite repeated predictions from many analysts, there’s still no sign of broad-based inflation.
In economic news, ADP said the economy created 125,000 private-sector jobs last month, 5,000 above expectations. Friday’s government jobs report for October showed a better-than-expected 128,000 jobs added. Manufacturing data was again weak. The government said that the economy grew at a 1.9 percent real annualized rate in the third quarter. That’s decent, but not great, basically in line with the current expansion. Overall, there’s no imminent threat of a recession.
Many continue to anticipate the announcement of a “phase one” trade deal between the U.S. and China despite news that the two countries’ leaders would not be able to meet at a canceled upcoming economic summit in Chile. Obviously, an end to the trade war with China would be a very good thing for the economy.
Last week was the season’s busiest for third-quarter earnings reports (nearly a third – 158 – of S&P 500 companies delivered results last week). In a typical pattern, the majority of S&P 500 companies that have reported to date have beat analyst estimates, but both Thomson Reuters and FactSet expect overall earnings for the group to have declined modestly on a year-over-year basis. A plunge in profits in the volatile energy sector is expected to be largely responsible for the drop.
A Friday rally spurred by the strong monthly jobs report helped stocks move solidly higher for a fourth consecutive week. The large-cap S&P 500 and the tech-heavy Nasdaq reached new intraday and closing highs, while the smaller-cap benchmarks remained well off their late-2018 peaks. Within the S&P 500, health care stocks outperformed while energy shares lagged. Reflecting improved sentiment, the VIX — the so-called “fear index” — touched a four-month low.
As usual, Friday’s jobs data and Wednesday’s GDP data received plenty of trader attention, and it was positive for stocks. However, last week also brought further evidence of a persistent slowdown in manufacturing and business investment. The jobs report sparked a smaller reaction in the bond market, where longer-term U.S. Treasury yields rose somewhat on Friday but ended the week substantially lower as traders anticipate a pause in the Fed’s easing cycle. The benchmark 10-year U.S. Treasury note fell 12bp last week to yield 1.73 percent.
Many stock markets in Europe rose throughout last week, buoyed by the European Union’s decision to grant the UK a three-month Brexit extension, encouraging Chinese manufacturing data, and strong asset inflows into the region. In Asia, Japanese stocks traded slightly higher last week and Chinese stocks also recorded a weekly gain as strong earnings from mainland companies and data showing an upswing in private manufacturing activity offset U.S. trade-related concerns.
From the headlines…
The U.S. economy added 128,000 jobs in October — more than the 75,000 economists expected — while the unemployment rate ticked higher to 3.6 percent, the Bureau of Labor Statistics announced Friday. The strong numbers came despite job growth held down by the 40-day United Auto Workers strike against General Motors, which has since ended.
The Chicago PMI, a reading that tracks manufacturing companies based in the Midwest, produced its weakest reading in four years and the second lowest in a decade. The Institute for Supply Management’s manufacturing gauge showed the sector contracted in October for a third straight month.
Federal Reserve officials cut interest rates for the third time this year on Wednesday and began to downplay expectations of further cuts for now. What it means to you.
The U.S. economy grew 1.9 percent in the third quarter. While slightly higher than what economists expected, the number marks a slowdown from the beginning of this year as the boost from President Trump’s tax cuts fades and the U.S.-China trade war weighs on growth.
The U.S. Treasury Department expressed continued interest in issuing a 50-year bond, for the first time, as part of efforts to expand its investor base as the budget deficit widens to $1 trillion.
“With leading Democratic presidential candidates proposing tens of trillions of dollars of new federal spending, Republicans’ abdication of fiscal conservatism leaves Americans with no responsible party.”
Chinese officials are casting doubts about reaching a comprehensive long-term trade deal with the U.S.
Tensions between the NBA and China have touched off an international firestorm. The parties remain at an impasse. They have also shined a light on the fight for human rights in Hong Kong — and the frontlinersat the center of the movement.
You might also have a look at the charts that scare Wall Street.
Americans paid banks $113 billion in credit card interest in 2018, up 12 percent from the $101 billion in interest paid in 2017, and up 49 percent over the last five years. That number is expected to go even higher for 2019.
“ALL BUSINESSES ARE LOOSELY FUNCTIONING DISASTERS, AND SOME ARE PROFITABLE DESPITE IT.
At 30,000 feet, the world is beautiful and orderly. On the ground, it’s chaotic and confusing. Nothing ever goes to plan. Surprises lurk around every corner. Things are constantly breaking. Someone is always upset. Mistakes are made daily. Expecting anything less is being out of touch with reality. And remember, just because you’re now aware of it doesn’t change reality. It was that way before, you just didn’t realize it.”
Securities and advisory services are offered through Madison Avenue Securities, LLC, a member of FINRA and SIPC, a registered investment advisor.
This report provides general information only and is based upon current public information we consider reliable. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment or any options, futures or derivatives related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that price or value of such securities and investments may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Diversification does not guaranty against loss in declining markets.