A La Carte or Bundled?

We've all heard the statistics:*

• At least 70% of people over age 65 will require some long-term care services at some point in their lives.
• Almost half of all Americans suffer from at least one chronic illness, and many of these people have one or more daily activity limitations.
• 3 in 10 workers will become disabled for 3 months or more during their career.

...and we know that our clients need to be fully covered to be fully protected. But what are you doing to make sure that you provide all of your clients with a solution to all of these needs?

As a part of well-rounded financial planning, long term care (LTC) insurance, disability income (DI) insurance and critical illness (CI) insurance are all products you should be talking to your clients about. However, purchasing these extra plans in addition to a life insurance policy can seem daunting and expensive from your clients' point of view.

Rather than going a la carte to cover each of these needs separately, why not consider bundling? Many of MVP's carriers are providing riders on universal life and term plans that allow policyholders to tap into their death benefit while they are alive and in need of LTC, DI or CI benefits.

Not only does bundling these riders with a life insurance policy make it more flexible, it also makes it more cost effective for your client. Some carriers are even adding these types of riders to annuities to make them more flexible and attractive too.

*Statistic Sources: U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov, September 2008; Centers for Disease Control and Prevention. Chronic Diseases and Health Promotion; http://www.cdc.gov/chronicdisease/overview/index.htm; The Real Risk of Disability in the United State, Milliman Inc. on behalf of the LIFE Foundation, May 2007.