American General LTC SM Insurance and Critical Illness PlusSM

Transcription

1 Bob Clancy, CLTC National Director Sales Development LTCi & A&H American General LTC SM Insurance and Critical Illness PlusSM FOR AGENT USE ONLY NOT FOR DISSEMINATION TO THE PUBLIC 0

2 It s not your classic long term care insurance 1

3 What Makes our Product Rock? Simple Unique Flexible Easy Compensation 2

4 Simplicity in Design Easy to customize coverage * Lifetime maximum and monthly maximum benefit combinations that provide less than 24 months of coverage are not available. Lifetime benefit maximum is capped at $250,000 if issue age is 80 years or older. 3

5 What Makes our Product Rock? Simple Unique Flexible Easy Compensation 4

6 Built-in benefits to help clients stay at home 10% of lifetime maximum 40% of monthly maximum 5

7 Elimination Period Every Day Counts 6

8 Shared Care Benefit Maximize coverage without jeopardizing spouse s benefits Her benefit pool $500,000 His benefit pool $500,000 Shared benefit pool $500,000 Total eligible payout $1.5 million * There will be a charge for each rider selected. See the rider for details regarding the benefit descriptions, limitations and exclusions. Rider availability and specifications may vary by state. 7

9 Completing the Package Waiver of Premium Benefits Restoration of Benefits Rider Return of Premium at Death Benefit Rider Paid-up Premium Rider Waiver of Elimination Period for Home and Community Care Benefits Joint Survivor Benefit Rider 60 Day look back to save age * There will be a charge for each rider selected. See the rider for details regarding the benefit descriptions, limitations and exclusions. Rider availability and specifications may vary by state. 8

10 What Makes our Product Rock? Simple Unique Flexible Easy Compensation 9

11 Premium Options to Overcome Cost Objections 10

12 Put your Client in Control Inflation protection rider can be dropped at any time and benefits locked in 11

13 What Makes our Product Rock? Simple Unique Flexible Easy Compensation 12

14 It s a Simple Three-step Process #1 Illustrate with econnections Web 13

15 Customized Proposal 14

16 Easy to compare alternatives 15

17 It s a Simple Three-step Process #2 Begin the Application Process 16

18 It s a Simple Three-step Process #3 Sign and Submit 17

19 Go to Use submit code GETAQUOTE (all caps) 18

20 Easy to Pay for Coverage MasterCard, Visa and American Express Discounts * Monthly payments not available for Direct Bill. 19

21 What Makes our Product Rock? Simple Unique Flexible Easy Compensation 20

22 Heaped vs. Non-heaped Commission Heaped Non-heaped * Commission structures may be subject to state variations and the business practice of your IMO or MGA. 21

23 Financial Recovery Insurance Critical Care Plus Insurance Immediate Payout to Fill a Critical Gap 22

24 Who do you know??? A friend, family member, or business associate ever had a heart attack, stroke, or diagnosed with cancer and survived.. Would a lump some payment, ranging from $10,000 to $500,000 have made some difference in their life? 23

25 Critical Illness Insurance Dr. Marius Barnard The Architect of the Critical Illness Insurance concept 24

26 CriticalCare Plus Pays lump sum benefit upon diagnosis of a covered critical illness Benefit not based on cost incurred or time lost from work Benefit paid directly to the insured with no restrictions on its use Pays in addition to other insurance With few exceptions all occupations are eligible for coverage 25

27 CriticalCare Plus Make decisions based on health not wealth Benefits Provide the Freedom to: Choose the best hospitals and physicians Elect treatments or services not covered by traditional health insurance Pay mortgage, debts, lease payments or outstanding bills Seek experimental drugs or therapies Modify a home for special needs Stay home from work until you are ready to return FOR AGENT USE ONLY NOT FOR DISSEMINATION TO THE PUBLIC 26

28 Financial Stress Inhibits the Healing Process 50% of bankruptcies caused by medical crisis; over 76% had major medical Illness and Injury as Contributors to Bankruptcy, Health Affairs, February 2005 Nearly 50% of all home foreclosures compared to 3% for death** Housing and Urban Development $146,000 average cost of cancer treatment; 65% indirect not covered American Cancer Society, Cancer Facts and Figures, 2005 Average age of claims?? 27

29 Survival is a Reality (get diagnosed, receive a check) This year about 1.2 million Americans will suffer a heart attack, and nearly 60% will survive Over 1.3 million Americans will be diagnosed with cancer this year, and 64% of them are expected to survive at least five years Each year about 700,000 Americans experience strokes and 70% survive. There are 22+ million Americans alive today who have survived a heart attack, stroke, or cancer American Heart Association, Heart Disease and Stroke Statistics 2008 Update ** American Cancer Society, Cancer Facts and Figures

30 CriticalCare Plus 12 Covered Conditions including the only stand-alone plan on the market that covers Loss of Independent Living Full benefits are payable through age 70 (no reduction) After age 70, full benefits are still payable for the Loss of Independent Living Return of premium on death Preventive Care Benefit that covers health screening tests Lifetime coverage, or 10/15/20/30 protection periods 29

31 CriticalCare Plus Issue Age Sex Distinct Rates Age for all nonsmoker plans Age for all smoker plans Tobacco or Non-tobacco 5 year age bands $10,000 - $100,000 (non med) $100,001 - $500,000 (15%) 30

32 CriticalCare Plus 12 Covered Conditions: Invasive Cancer Heart Attack Stroke Kidney (Renal) Failure Coma In Situ Cancer (25% up to a $25,000 max) Severe Burns Loss of Sight, Speech or Hearing Paralysis (50% for paraplegia and hemiplegia) Major Organ Transplant (25% payable when placed on UNOS listing) Coronary Artery Bypass (25% up to a $50,000 max) Loss of Independent Living (multiple triggering points) 31

33 Best Doctors Case Study: 39 year-old female Diagnosis: Breast Cancer, treatment: Radiation and Chemo Best Doctors Synopsis Patient/ Treating MD Medical records Final Report MAP In-depth review & identification of key medical issues Expert Report World class experts reveal 3 types of cancer present, making chemotherapy and radiation ineffective. Bilateral or single mastectomy with reconstruction and estrogen therapy recommended. 32

34 Markets for the Product Physicians Non Earning/Part time working Spouses Succession Planning Debt Mortgage Investment depletion LTC overlay DI overlay Grandparent coverage (parent) (grandchild) Self Employed (DI) Out of Pocket Health expense Out of Network treatment Home renovation (due to illness) Increase deductible Rated DI and non covered occupations. Other medical conditions. Exclusions Singles Caregivers Occupational retraining Provide travel for you and family for treatment Take a needed vacation 33

35 Who do you know?? What would this day look like if 30 days ago you had suffered a heart attack or some other critical illness? Has anyone ever let you see the entire ballot, so you could vote on the benefit package that fits your needs? If you had a heart attack, as a result of the pressures of work, would you really want to go back to that job? Does your buy sell agreement have a hole in it? Have you ever been introduced to Financial Recovery Insurance? Can you survive on 60% of your take home pay? Does your occupation limit the access to income protection insurance? Has your individual health insurance rates out distanced your budget? Do you know what your health insurance does not cover? If your employee was diagnosed with an illness, wouldn t it be nice if the get well card you gave them had a check for $50,000 inside? 34

36 Why American General? 150 years 14.2 million $35 billion 35

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38 IMPORTANT Policy issued by: American General Life Insurance Company 2727-A Allen Parkway, Houston, Texas Policy Form Number The underwriting risks, financial and contractual obligations and support functions associated with products issued by American General Life Insurance Company (AGL) are its responsibility. AGL does not solicit business in the state of New York. Policies and riders not available in all states. Important Note: Prior to soliciting business, be certain that you are appropriately licensed and appointed with the insurer and that the product has been approved for sale by the insurer in that state. If uncertain, please contact your American General Life Companies representative for assistance. American General Life Companies, is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, Inc., including AGL All rights reserved. FOR AGENT USE ONLY NOT FOR DISSEMINATION TO THE PUBLIC 37