Norse Blazzard says producers should consider using variable universal life insurance as an alternative to long term care insurance.[@@]
Blazzard, a principal at the law firm of Blazzard, Grodd & Hasenauer P.C., Fort Lauderdale, Fla., spoke here at the annual meeting of the National Association of Variable Annuities, Falls Church, Va.
Cary Lackenbach, president of Actuarial Strategies Inc., Bloomfield, Conn., has been developing the product but was unable to speak at the NAVA meeting.
Blazzard, NAVA founder, filled in with a review of ideas for advisors who might be looking for an alternative to traditional LTC insurance.
Traditionally, registered representatives and other producers have seen variable annuities as the primary alternatives to LTC insurance, Blazzard said.
Many reps, especially in bank channels, have the authority to complete annuity sales on the spot, and they may not feel that they understand VUL underwriting procedures, Blazzard said.
In addition, Blazzard said, reps who do understand VUL underwriting may worry about the prospect of having to give clients who fail medical tests the bad news.
