In a positive piece of news for the life insurance industry, it has been reported that final expense insurance sales reached nearly $400 million in 2013. The Life Insurance Council and CSG Actuarial conducted a survey of 25 insurers, finding that final expense insurance new premium totaled nearly $400 million in 2013, representing 613,000 policies.

“The final expense market has great potential. According to LIMRA Secure Retirement Institute research, 1.5 million Americans are projected to retire each year until 2025 and many of them will need the protection final expense insurance will provide,” noted Jeffrey S. Shaw, LIC executive director. “We are seeing renewed interest from larger insurers, as well as new firms entering the market.”

Source: http://www.lifehealthpro.com

• New Med Supp Release from IAC - 29 States
  
• 2015 Medicare Advantage Sneak Peeks
  
• 2015 Medicare Advantage Certifications
  

Phoenix is now offering Remembrance Life, a whole life policy with some very unique riders helping your clients leave a lasting legacy for their loved ones. Phoenix Remembrance can protect those special moments in life; a child or grandchild’s birthday, graduation, going off to college or even your client’s retirement.

Precision Senior Marketing is proud to be an exclusive distributor offering top level direct contracts on the complete Phoenix portfolio.

Phoenix Remembrance Product Highlights:

• Whole Life insurance with Additional Income Coverage Rider (AICR)
• Coverage includes lump-sum and monthly income stream death benefits
• Total coverage amounts $10,000-$100,000 (base plus AICR)
• Issue Ages 30-80
• Simplified Issue Underwriting
• Included riders: Accidental Death, Terminal Illness and Critical Illness

The optional riders available for Phoenix Remembrance make the product unique and versatile.

These optional riders include*:
Legacy Rider – A way for clients to leave a lasting legacy, by sending a birthday present each year, of up to $500
Educational Benefit Rider – Up to $5,000, in four annual payments, for a client’s beneficiary to further their education
Income Term Rider – Helps provide income replacement protection in case of a premature death
Lifetime Income Rider – Designed to help your clients replace Social Security benefits or other income they may lose due to insured’s death

* Available at an additional premium. Age restrictions vary by rider.  For all riders, the named Rider Beneficiary must be alive to receive benefit payments. Rider benefits are only
available upon the death of the insured and will cease at the earlier of the death of the Rider Beneficiary or the term
stated in each rider.

These benefits are discussed in greater detail in the Phoenix Remembrance Quick Reference Guide and Product Summary.

To request information and get contracted on this new, innovative, product please click the “Request Information” link below or call your marketer at 800.998.7715.

Phoenix Remembrance Life (ICC12FEWL) is whole life insurance issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in Maine and New York. In Maine and New York, Phoenix Remembrance Life is issued by Phoenix Life Insurance Company (PLIC) (East Greenbush, NY). These insurers are separate entities and each is responsible only for its own financial condition and contractual obligations. Members of The Phoenix Companies, Inc. The Phoenix Companies, Inc. and Precision are not affiliates. Payment guarantees are based on the claims-paying ability of the issuing company. 38680 4/13

For agent use only. Not for use with the public as sales literature.

• Competitive Med Supp Rates from Equitable Life - Learn More
• There's a New Med Supp in Town from Cigna - Learn More
• Combined Med Supp Now Available for Sale in AZ, SC, WV - Learn More
• Gerber Life Med Supp Rate Increase for FL - Learn More

As you are talking with seniors just aging into the Medicare market, it is important to advise them about the penalties they will pay if they do not sign up for Medicare Part B at the right time. For those seniors who have already filed for Social Security, they will automatically be enrolled in Medicare at age sixty-five. However, seniors who continue in the workforce, either by choice or necessity, and delay their Medicare coverage need to notify Medicare of their decision. Otherwise they will face a 10% Part B penalty for each year that they do not file. So someone filing for the first time at age seventy will face a 50% Part B penalty. The penalty is permanent and can translate into thousands of dollars in unnecessary penalty charges.

For your clients who decide to continue working, advise them to notify Medicare of their decision as soon as they turn sixty-five to ensure they will avoid penalties later. Especially, those seniors who work at a company with over twenty employees, as their employer will continue to provide their benefits. They can do this by choosing the option on the back of the Medicare card that is sent, calling the Social Security Administration, or visiting the SSA website. For their Part D prescription coverage, seniors can delay filing as long as their employer provides equal or better coverage.

Those seniors earning more should also be informed about the surcharges on high-income seniors. Currently, this affects only 5% of seniors, however those still in the workforce are more likely than those retired to fall into the income bracket. The extra charges can be applied not only to Part B, but also Medicare Advantage and Part D coverage.

Advising your prospects of these penalties is great for client retention and relationship growth. While they continue to receive their healthcare from their employer, you can work with them on their final expense, long-term care, and annuity needs until they require a Medicare Supplement.

Please give us your feedback!
Do you have clients who didn't know about these penalties and have suffered inflated costs due to delaying? How do you go about avising your clients who want to delay their Medicare benefits?

Source: KHN

• • New Medicare Supplement from Stonebridge Life - Learn More
• Sentinel Life Personal Choice Annuity Released in OR & MN - Learn More
• Freedom is Here with Forethought Freedom Final Expense - Learn More
• An Exciting New Short Term Care Plan from MedAmerica - Learn More
• UnitedHealthcare Code Of Conduct/Conflict Of Interest Policy Awareness - Learn More

The whirlwind of the Annual Enrollment Period ended December 7. As you catch your breath and prepare to enjoy the holiday season with your family and friends, you might find yourself wondering now what? Now is an ideal time to start planning for 2012 and there are many opportunities to take advantage of.

Unlike Medicare Advantage plans, Medicare Supplements can be sold at any point during the year to those who are age sixty-five or older (or those on Medicare disability).

Also the first quarter of 2012 is a great time to contact the new clients you signed up during AEP to see if there are any other products they would like to take advantage of such as:

• Final Expense
  
  
• Annuities
  
  
• Short Term Care
  
  
• Long Term Care
  
  
• Cancer Solutions

By adding additional products to your portfolio you are helping to make your business well-rounded, increase your sales volume, and offer another way to market to your prospects and clients. Plus the more policies your clients have with you, the more likely they are to keep their business with you as their agent.

As we wind down 2011 be sure to take a good look at your portfolio and make sure you have the products you need to serve your clients. PSM will continue to bring you the newest in Medicare Supplements with low rates and excellent compensation to help you maintain growth in your business.

Please give us your feedback!
What are you doing in preparation for 2012? Do you have any tips for those agents just getting started in the senior market?

• Forethought Med Supp Released in Arizona - Learn More
• Forethought Med Supp Released in New Jersey - Learn More
• Heartland National Life Rate Increase Notification - Learn More