BSMG Blog: Protecting the Future of Families and Businesses

How Much Is Your Time Worth


From the moment we all first received payment for work, we have, either consciously or subconsciously, put a dollar value on our time.

When I was 10 years old, with no earthly expenses, responsibilities, or any other place to be, $10 to mow the lawn at my parents’ house felt like a dream. If it took me an hour to do it, at $10/hour I felt like I was winning big. My expenses were zero, and I was therefore making infinity times my monthly expenses. I had nowhere else to be and no other method of earning, so my opportunity cost was also zero. Every time the lawn would get barely long enough to cut, I’d be asking to do it again, in what I felt like was a chance to cash the same paycheck.

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Are Your Clients Wondering About Hybrid Long Term Care Solutions? Part 2

Last week, I talked about hybrid LTC solutions and gave you an in-depth breakdown on what these solutions are and how they are becoming increasingly popular. Today, I'll take it a step further by sharing a comparison of some of the most popular hybrid LTC options.

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Are Your Clients Wondering About Hybrid Long Term Care Solutions? Part 1

In 2017, as in-force rate increases become the norm and more and more carriers are exiting the traditional/standalone Long Term Care (LTC) space, we continue to see the trend of clients migrating from traditional LTCi to hybrid solutions.

With this recent shift, I thought it would be helpful to share an in-depth breakdown of what these solutions are. My hope is to help remove some of the barriers you may experience when having the important LTC conversation with your clients. 

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Linked Benefit Products Offer Great Section 1035 Exchange Options

IRC Section 1035 provides that exchanges into life insurance or annuity contracts with Long Term Care (LTC) riders will be income tax free because these riders are treated as  LTC contracts under IRC Section 7702B(e). These Section 1035 tax free exchange provisions positively impact so-called linked benefit life insurance-LTC products and linked benefit annuity-LTC products.

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Why is the long term care conversation so important to have with Mom and the women in your life? We're sure you already know that the life expectancy of women is higher than that of men, but did you know the difference is an average of 5 years. Also, women have higher rates of disability and chronic health problems. American Association for Long Term Care Insurance reports that women represent more than two-thirds of Americans age 85 or older, and more than 70 percent of nursing home residents are women! 

The long term care conversation is gaining more and more steam. The opportunity and responsibility is now for you and your clients to have the conversation with Mom. Ask her about her health and finances to get a better understanding of what she may need later in life. There are long term care and critical illness riders to help with these costly expenses.  You and your clients can start the planning today to better protect for tomorrow.  

Share these statistics with your clients. Download the infographic below and share with your clients they to begin the conversation with their moms. 

 Learn More: Mind the Gap: Life Insurance to Last Beyond 100

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Mind the Gap: Life Insurance to Last Beyond 100

Permanent life insurance is designed to be in force for the policy holders lifetime to provide for a family and their assets. What happens when the policy owner outlives the maturity date on their policy? Things aren't like they used to be, people are living longer and life expectancies are increasing from what they were fifteen to twenty years ago.  

The World Health Organization projects the global number of centenarians to increase tenfold between 2010 and 2050.  While most life policies written today protect people until the age 121, LIMRA's data reports that nearly 6 in 10 Americans have life insurance that was purchased over 15 years ago. The problem here is that policies written before 2004 protected those insured only to an average age of 95 or 100. There is a big gap between age 95 and 121!

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Infographic: Understanding Long Term Care Costs

Are you talking to your clients about Long Term Care (LTC) and Linked Benefits? If so, great job! More than likely you have seen the positive impacts these conversations have on your business, as well as the lives of your clients. We know this to be true, which is why we are sharing client facing tools like this downloadable LTC infographic to help start the conversation with your clients. 


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