Insightful Insurance Observations Spring 2020

Last week, I was invited to be a guest lecturer on insurance for a U.C. Berkeley personal finance course. It was a great experience with insightful questions from the students.  Here are some of the issues that we discussed: What are insurance company financial strength ratings? The financial strength of an insurance company is highly … Read more

Get Ready Podcast: What’s Going On With Disability Insurance and Long Term Care Insurance

“Work hard & insure your income” Jack Schmitz “Challenge yourself to think about others who’ve had major health issues. You can live through a lot and there’s no need to suffer financially on your road to recovery.” Maxwell Schmitz  In this episode of Get Ready!, I spoke with Jack Schmitz, President of DI & LTC … Read more

September: Time To Review Your Insurance Portfolio

September is time to review your insurance portfolio, according to the GET READY! financial calendar. Download your free financial calendar (here). Reviewing your insurance policies now, will also help you be prepared for open enrollment. Doing so now, will help you make sure that your insurance coverage still meets your needs or if you will … Read more

What are your insurance gaps?

The recent earthquakes in Southern California are a good reminder that a financial service should match your needs and goals. This comes under the GET READY! Principle that You should receive customized service appropriate to your needs and goals. Your potential financial needs should be reviewed for each type of financial product under consideration and take … Read more

Genworth Update

For those of you with Genworth Long Term Care insurance policies or other Genworth policies, the merger with China Oceanwide has again been extended.  There are still a few remaining regulatory hurdle as Genworth and Oceanwide Extend Merger Agreement. Also: Genworth Financial Announces First Quarter 2019 Results: Net Income Of $174 Million And Adjusted Operating … Read more

The Genworth Story Continues……

The Genworth and China Oceanwide merger continues to slowly move forward.  On January 30, 2019, Genworth and Oceanwide extend merger agreement. This marks the eight waiver and agreement of each party’s right to terminate the previously announced waiver agreement.   The transaction has received all required U.S. insurance regulatory approvals. The closing of the transaction remains … Read more

Long Term Care Insurance Claims reach $10.3 Billion in 2018

The long term care insurance industry paid a total of $10.3 billion in claims for 2018 according to AALTCI (American Association for Long Term Care Planning). By far, this is the largest amount of claims paid by long term care insurance companies. From 9.2 billion of claims paid to 295,000 policyholders it rose by 2.7 … Read more

Long Term Care Insurance Tax Deductibility for 2019

The IRS recently issued new limits for the tax deductibility of ’tax qualified’ long-term care insurance premiums for 2019 (below).  Only traditional LTCi policies have this benefit while hybrid, combination and linked benefit policies with LTC components do not. Here are the new (2019) limits for traditional long-term care insurance premiums (that can be included … Read more