Specializing in serving the financial services industry with state-of-the-art techniques applied to financial planning!
For Insurance Companies
SPECIAL OFFER FOR INSURANCE COMPANIES:
PDRP Plus is now available as a powerful tool for your agents and retirement planners!
We will work with you to create a customized product - both for detailed, comprehensive analyses of long-term care costs (with and without insurance), as well as guidelines (numerical and non-numerical) that your planners can use with their clients, both in person and on website posts.
Enjoy direct access - all long-term care information stored on insurance company files! All this can be supplied inexpensively and promptly!
HERE’S WHAT YOU GET:
Scientific analyses of retiree client's potential range of long-term care costs (for a single person or for two people), based on actuarial studies by the Society of Actuaries and others and customized to the client's life expectancy and risk class. These analyses are expressed as probability distributions.
Incorporation of the insurance company's long-term care insurance policies into the analysis
Incorporation of unpaid help into the analysis
Costs that vary by region
Starting ages 55 to 75
Both single age at death analyses and comprehensive, client can die at any time analyses
Results can be integrated with the remainder of a client’s financial plan
Customized to your specifications per a discussion with Jack Paul, President of Jack P Paul Actuary, LLC
WHY ARE LONG-TERM CARE COSTS IMPORTANT?
Long-term care costs can range from very little (even zero) to well over a million dollars over the course of a client’s lifetimes. These costs can ruin an otherwise successful retirement. Unfortunately, these costs are often ignored or not completely (or even correctly) addressed
It is not possible to predict the actual costs each year as a single number. Probability distributions should be employed!
Long-term costs can have a significant effect on safe withdrawal rates (See Jack’s article, called “Safe Withdrawal Rates Incorporating the Full Range of Health Care Costs” in the November, 2014 Journal of Financial Service Professionals )
Providing anything less than a thorough analysis to address these costs is, in Jack’s opinion, a complete lack of service to clients, unethical, and could lead to liability on the part of the retirement planner and ultimately the insurance company.
WILL THE ISSUANCE OF A LONG-TERM CARE INSURANCE POLICY RELIEVE THE NEED FOR A LONG-TERM CARE ANALYSIS?
The short answer is no. Retirees need to know the possible range of future long-term care costs and how this range changes with the policy. Some long-term care costs are not covered by an insurance policy (but are included in the analysis you get). The specifics of the policy should be analyzed – is the benefit period too short? Is the inflation rider adequate? Is the premium affordable? Unpaid help sometimes changes the purchase decision significantly. Only PDRP Plus has the capability to accurately and comprehensively analyze all these as well as other issues.
WHAT UNIQUE, SPECIAL ANALYSIS OF A LONG-TERM CARE INSURANCE POLICY COMES WITH PDRP PLUS?
PDRP Plus uniquely analyses the insurance policy under consideration for clients. Besides showing how it looks in the total financial picture of the client, it offers a unique analysis which addresses the critical questions discussed in the link to the right:
If desired, a “loss ratio” from the CLIENT’S POINT OF VIEW can be displayed.
All this information is unbiased and not available anywhere else.
WHAT YOU GET WITH THIS OFFER:
A significant discount on price compared to the regular one-year lease price per user.
All information is available for unlimited use by the insurance company and its agents and retirement planners
PDRP Plus will be customized to your specifications – including the specific prices of your insurance products. PDRP Plus can incorporate any benefit period, elimination period (with or without cumulative and vanishing features), inflation rider, maximum benefit per day, cash or reimbursement payment types, costs incurred at home, in an assisted living facility or nursing home, as well as certain riders.
TO FIND OUT MORE AND GET A FREE CONSULTATION, USE THE CONTACT FORM BELOW!