StrateCision, Inc. November Newsletter´╗┐
Issue: # 2022-11-14
November 2022

Greetings from StrateCision. This is our November 2022 Newsletter, with updated information on our comparison tools. Topics are:dkkk

1 Enhanced format for quoting tools

2 New Combo Policy

3 Do you still need comparisons?
Upgraded Display for Quoting Programs

If you use our LTC Quote Plus or LTC WebQuote comparison tools, you have probably seen the new look by now. This is a re-design of the Features and Benefits screen, with the items grouped into categories instead of a single long list with client data, policy choices and calculation results all run together. The new format was posted in the past few days and has generated some questions from users, along with appreciation for the improved organization.

Users of our ComboCompare and WebCombo tools will already be familiar with this layout, but for others it is new and a few have therefore been confused by the change, thinking there is something wrong with their copy of the program. In fact, this is a planned enhancement following the design of our hybrid policy tools, and responding to user requests for additional comparison data.

The new format shows all the same information as the old format, plus projections of monthly and total benefit at age 80. Although these projections were already available as separate illustrations, they can now be used directly in comparison tables, so agents and their clients can see how benefits will compare in the future.

The change is also consistent with the layouts used by most carrier quoting tools, where client data, policy choices and output data are shown on separate pages or areas of the screen.

We hope and expect that all users will come to appreciate this change. We welcome your thoughts and suggestions for further enhancements.
New Combo Policy

In a period where insurers are leaving the market for LTC insurance offerings, it is a welcome sign to see carriers enter with new options for insuring the financial future of your clients. One such carrier is Thrivent Financial, and their conventional LTC policy was added to LTC Quote Plus and WebQuote several years ago.

More recently, Thrivent has entered the market for asset-based/hybrid plans with its CareForward, a 7702B life insurance policy with built-in LTC benefits. The benefit structure is closely modeled on conventional LTC plans, and the policy has a Benefit Multiplier option that doubles or triples LTC benefits without changing the death benefit/face amount.

StrateCision has contracted with Thrivent to include CareForward in its suite of policies illustrated in ComboCompare and WebCombo, and the policy will be posted for licensees within a few days. WebCombo users will see it automatically when posted, and ComboCompare users will receive it when they open the program and accept the offer to download updates.

We welcome the Thrivent CareForward plan to our policy database and believe it will be of interest to our users.
 Do You Still Need Comparisons?

From time to time when we send renewal notices, we hear back that policy comparisons are no longer useful because many insurers have left the market and there are fewer policies to compare. We think this is shortsighted on several grounds.

1 Checking LTC Quote Plus for a typical state, we find 10 policies from 8 different carriers. Some of these are not sold through brokerage, but ignoring them misses the point that they are available to your client and a competitor can and will show them. A primary value of our comparison tools is to give you an overview of the entire market, both the policies you sell and the ones you don't. You need to know how your offerings stack up against others, and having this information at your fingertips makes you the authority. You can tell your client about any policy they happen to ask about, whether or not it's one you are contracted to sell. They don't have to go to another agent to learn about policy A or B.

2 Even if you sell just 3 policies from 2 carriers, the best choice for one client may be the least beneficial for the next client. Policies are designed with "sweet spots", demographics that the carrier wants to target over and above others, and therefore offers coverage at attractive rates. The best choice can also depend on policy options chosen, and how these options are priced for a given age, gender and marital status. Why not give your client the benefit of doing the comparison and optimizing their choice?

3 It can be argued that you have a fiduciary obligation to help your clients make their best financial decisions. Evidence that you used objective third party comparison tools in guiding them could provide legal protection down the road in the face of possible adverse consequences.

4 Finally, the cost of having access to these comparison tools is minimal. If you pay $300 for the tool and it helps you sell one additional policy with an annual premium of $3000, what is your return on investment?

In Closing
Thanks for reading our newsletter. We appreciate the ongoing loyalty to our comparison tools that many customers have shown. As we enter the holiday season, we wish you all the best, and success and good health in the year to come.
How to contact us
phone: 781-453-1938