Money Just Pays for LTCi
Health Buys It
It is extremely important
that the Agent check with the company underwriting published guidelines or call
the carriers underwriting department if there are questions. All Carriers have different underwriting requirements.
The underwriting process for LTCi may include
a telephone interview, face-to-face interview, Attending Physicians Statement
(APS). If the client has not seen a
Physician in the last 18 months a physical may be requested.
HEALTH RATINGS: Substandard
ratings are limited, with many carriers only issuing policies without any
additional ratings. These carriers will not consider flat extras or table
ratings to approve an applicant they feel is likely to submit an immediate
claim against the company, nor do carriers make table-rated offerings.
INFORMATION
TRANSFER: LTC insurance carriers will not transfer information to other carriers upon request. Some carriers may notify the Medical Information
Bureau of any declines
TRAINING, TAX
ADVANTAGES, AND LIABILITY:
The
majority of states now require LTCi-specific Continuing Education credit or Long Term Care
Partnership Training.
LTCi offers potential tax advantages to the business market and
individuals.
A
potential liability may exist if an agent fails to offer Long Term Care insurance
for protection of a clients assets and financial plan.
UNDERWRITING TIME: Underwriting
LTCi may take longer than Life insurance because the carrier is evaluating
morbidity and/or mortality issues. Expect underwriting to take 6 to 8 weeks.
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