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President Biden Signs SECURE 2.0 Legislation as Part of Spending Legislation

By Terri Getman, JD, CLU, ChFC, RICP, AEP (Distinguished)

On December 29, 2022, President Biden signed into law the more than 4,000-page spending bill. In addition to funding the government to September, the legislation included provisions of what has been called SECURE 2.0. The SECURE 2.0 package is full of popular reforms that have been supported by the financial services industry and backed by a rare bipartisan consensus. Aimed at increasing retirement savings and expanding availability and participation in employer sponsored retirement plans, Secure 2.0 contained over 100 provisions. There are several of the provisions we believe financial professionals and their clients will be interested in.

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Active seniors on a walk in autumn forest

Who Cares? You Should – The Status of State Long-Term Care

By Terri Getman, JD, CLU, ChFC, RICP, AEP (Distinguished)

Situation: Public policy makers face a problem – how to pay for the cost of long-term care for people who are no longer able to take care of themselves. With the chances of needing long-term care services exceeding fifty percent for individuals turning 65 today, the rapid growth of the aging population, and the number of younger family members who can help financially or with unpaid care declining, policy
makers are being tasked with developing a system to help people pay for the costs of long-term care.

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couple-walking-outside-protected-by-medicare-supplement-insurance-lg

Men are from Mars & Women from Venus in the LTC Universe

Situation: A financial representative called her dedicated DBS Case Design Analyst with concerns about balancing the life insurance and long-term care goals of a married couple. Her client’s husband refused to attend a planning meeting to discuss long-term care, but always attended meetings in the past. The client was very interested in discussing long-term care options, however her husband had no interest in participating.

Problem: When it comes to interest in long-term care, numerous studies indicate that women are far more concerned about planning for their longterm care needs than men.

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gentlemen couple sitting at the beach at sunset. smile and happy lifestyle for aged mature caucasian people in outdoor leisure activity. hug and love forever

10 Reasons Why You Should Talk LTC With your Clients

Many financial professionals put off the all important long-term care conversations with their clients, because it can be uncomfortable if the client is reluctant. However, as a professional, it’s one of the most important discussions to have.

If you need inspiration, here are 10 reasons why you should talk to them NOW, sooner rather than later.

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Old smiling man and his granddaughter looking each other

Linked Benefit Products: A Few Facts

Have you talked with your clients about their long-term care needs? Have the conversation today… and include a discussion of the many linked benefit options DBS has available.

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Portrait of a happy multigenerational multiethnic family at home.

Life Insurance as a Retirement Plan

Life insurance can offer much more than protection for loved ones. It can also help your clients achieve a variety of retirement goals including:

  • Filling in gaps in retirement savings That may result from events such as premature death or job loss.
  • Meeting late-retirement needs and legacy goals such as leaving assets for children or grandchildren.
  • Providing a comfortable income in retirement even in the event of unplanned medical needs or other emergencies.

Read more in our print-friendly PDF!

Cheerful senior couple enjoying life and spending time together

LIRP Solutions

Most people think planning for retirement involves saving as much money as possible and investing it wisely by diversifying. But in addition to diversifying investments, smart retirement savers also consider how taxes will affect their retirement dollars.

There are a number of ways to save for retirement and withdraw income once retirement arrives. It’s important to consider the contribution, accumulation and distribution tax characteristics of these options.

Read more in our print-friendly PDF!

Couple at a reception at sales department or psychotherapist

Overcoming Objections

An objection is often just a request for more information, because remember: people are conditioned to say no. You might consider answering an objection with a question to find out why the customer objects. Sometimes customers will realize that they don’t really object; they just didn’t know they had a need. Take a look at some common objections to life insurance, and some answers you may be able to provide.

I can’t afford life insurance.

  • “Life insurance can be more affordable than you think.”
  • “Life insurance policies can be customized to fit your needs and budget.”
  • “How much money do you spend each month on cable, cell phone bills, and coffee? Many people spend much more on those things than they would spend on life insurance.”
  • “What is your expectation for how much life insurance will cost each month?”
  • “Many people overestimate the cost of life insurance.”
  • “It’s my job to help make sure that you are adequately covered for what you can afford.”
  • “Imagine how hard it would be for your family to pay the bills without your salary.”

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Happy Asian young woman making her hands in heart shape, heart h

Insuring Love – Case Study

by Terri Getman, JD, CLU, ChFC, RICP, AEP (Distinguished)

Situation: Periodically, an event occurs in our life that reminds us of the important role life insurance
plays as a base to a sound financial plan in the lives of our customers. Recently I received a call about a young couple, who were just starting their life together.

The financial representative prepared me for the call by sending me the background on a recently established LLC which the husband was involved in with another young individual (whom we will call Don). The focus of our call was on the insurance needs created by the growing one-year business relationship.

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Gaz 8.20

The $12 Trillion Opportunity

Situation: Typically, this monthly publication focuses on the technical side of life insurance. In honor of Life Insurance Awareness Month, we are taking a slightly different path to report on the dismal state of affairs concerning life insurance ownership in the United States.

Overall, 41% of Americans say they don’t have sufficient life insurance coverage. Many underserved markets have even greater insurance needs, including:

  • 44% of women believe they have a life insurance coverage gap
  • 45% of Asian Americans say they need more coverage
  • 47% of Millennials live with a life insurance coverage gap
  • 48% of Black Americans acknowledge they don’t have enough life insurance
  • 50% of LGBTQ+ Americans say they need (or need more) coverage

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