First Protective Simplifies Long-Term Care Solutions for Advisors and Their Clients
Modern Financial Solutions meet Evolving Needs in the Marketplace
[BIRMINGHAM, Ala.] The need for long-term-care (LTC) insurance has never been greater. The U.S. Department of Health and Human Services estimates that 70% of people turning 65 today will eventually need some form of LTC services in their lifetime, and of that high number, 25% will need it for five years or longer.1
Additionally, many of those who need LTC rely on their relatives for care. Yet less than one-third of Americans who will be the primary caregiver in the next 5 years feel that they are able and prepared to do the job.2
These statistics illustrate the demand for a more modern solution to LTC needs, particularly as the baby boomer generation continues to age.
First Protective Insurance Group, Inc. has been providing high-quality insurance solutions for advisors since 1983. Understanding the growing need for LTC protection, both for advisors and clients, First Protective has worked with the industry’s leading providers of LTC protection to offer advisors and their client’s quality LTC solutions.
Sales of hybrid LTC products, or asset-based LTC, have been on the rise in recent years as sales of traditional LTC insurance have declined. These combination policies – life insurance and annuity products with LTC riders – offer popular options such as guaranteed premiums, cash value growth, return of premium options, shared benefits, and lifetime benefits.
“The innovation of these newer hybrid LTC products enables us to offer simpler, state-of-the-art solutions, which are truly modern solutions for modern needs,” said Eric Miller, FLMI, president of First Protective. “Products like these help us continue our proud history of helping financial advisors solve critical financial security needs for their clients.”
In fact, sales of hybrid LTC policies are projected to reach over 900,000 policies sold annually by 2020.3 First Protective has been on the cutting edge of this shift of momentum in the industry. Its LTC insurance sales grew over 143% during the last three years, positioning First Protective as a leader in this industry. First Protective has set itself apart by offering an array of training programs, education, online tools, incentives, underwriting, case management, case design and marketing assistance to help advisors get started in this rapidly growing area of the industry.
“The key to understanding asset-based LTC protection is to know when it’s a good fit, both for the client and the advisor,” said Patrick Foley, President of Individual Insurance and Retirement Services, OneAmerica®. “As a leading provider of asset-based LTC solutions, we know the team at First Protective is committed to building the best solution for extended-care planning.”
First Protective offers training on products in person, on location and in live-streaming events that educate producers on obtaining LTC coverage for clients aged 40 to 85.
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ABOUT FIRST PROTECTIVE
First Protective is a full-service financial services marketing organization providing life insurance, wealth transfer products, fixed, indexed and immediate annuities and securities as well as disability and long term care insurance, serving financial service professionals and insurance agents across the United States. Originally founded in 1983, First Protective is a wholly owned subsidiary of Protective Life Corporation. Protective Life Corporation is a
Financial services holding company headquartered in Birmingham, Alabama with assets of $75 billion as of December 31, 2016. Protective Life Corporation is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750, “Dai-ichi”)
For more information about First Protective, please visit www.firstprotective.com.
About OneAmerica
A national leader in the insurance and financial services marketplace for 140 years, the companies of OneAmerica help customers build and protect their financial futures. OneAmerica offers a variety of products and services to serve the financial needs of their policyholders and customers. These products include retirement plan products and recordkeeping services, individual life insurance, annuities, asset based long-term care solutions and employee benefit plan products.
Products are issued and underwritten by the companies of OneAmerica and distributed through a nationwide network of employees, agents, brokers and other sources that are committed to providing value to our customers. Visit https://www.oneamerica.com/.
First Protective is not affiliated with any of the companies of OneAmerica.
First Protective Contact
Beth Thomas
Senior Marketing Consultant
Bthomas@firstprotective.com
(205) 268-3322
Protective Life Corporation Contact
Eva Robertson, Vice President, Corporate Communications
Eva.Robertson@Protective.com
(205) 268-3912
Sources:
1 US Department of Health and Human Services, longtermcare.gov, accessed 1/3/2017
2 The Associated Press-NORC Center for Public Affairs Research, “Long Term Care in America: Expectations and Reality,” May, 2014.
3 Source: The State of Long-Term Care Insurance: The Market, Challenges and Future Innovations, NAIC & CIPR. May, 2016.
