It seems someone forgot to explain to the guest of honor why he was invited to his own funeral. If you read Sheryl J. Moore's opinion piece "R.I.P combo annuities," you might think that asset-based long-term care annuities (or "combo" annuities) were no longer a viable product.
As the leader of a company that continues to grow in this segment and has generated significant premium and revenue from it, I found the news of its demise to be premature.
Ms. Moore's opinion seems to be derived from a primary interest in helping "transactional salespersons." Our industry has long ago moved beyond this mentality and is now firmly focused on doing what's good for the client.
I would encourage anyone who was influenced by this article to reconsider whether they are in business to be a "transactional salesperson" as referenced by Ms. Moore–driven only by speedy commission payments. Our experience has been that professionals willing to take on the role of trusted financial professional to a client will, indeed, wait longer than 24 hours for a commission. These producers will know that combo annuities offer real protection for clients, especially clients who have reached age 70. For these consumers, value and protection have become far more important than rate and return.
Taking the extra step for a client
I'm pleased to say our company works with many solid and thoughtful financial professionals who commonly choose to take the extra step of doing what helps protect a client. To them, it's not the administrative process that gives them pause. It's the thought of their clients getter closer and closer to their fragile years and not being adequately prepared for what's in their future.
