James Walton
Where did I go to college?
University of Oregon
Go Ducks!
What is the difference between a term policy and a permanent policy?
Length of the Contract
Ability to grow cash value
T/F Most disability claims are caused by injuries from accidents.
False, only 9% of claims are injury related. Most are due to illness
Are men or women more likely to require paid LTC in their lifetimes?
51% of women age 65 and over will need paid long-term care. Meanwhile 39% of men 65-plus will need such care.
The average duration of care is much higher for women than for men-about 3.2 years for all women as compared to 2.3 year for all men.
Where did I grow up?
Northern California in the East Bay of the San Francisco Bay Area.
Moraga, CA home of the St. Mary's Gaels for college basketball fans
Why is it a bad idea to have a minor as any kind of beneficiary on a life insurance policy?
Probate
What is an elimination period?
Time before the disability policy starts to pay. Usually 60-90 days.
T/F You must be in a nursing home to receive LTC benefits.
False
Am I a dog person or a cat person?
Dog Person
I have two dogs named Brady (a lab min pin mix) and Bear (a red tri Australian Shephard)
Name Three Ways Life Insurance can be used by business owners for their business
Fund Buy Sell Agreements/Business Succession
Key Man Insurance
Non Qualified Deferred Compensation
Secure Business Loans
What percent of Social Security Disability claims approved?
38%
What types of activities must you be unable to perform to trigger most LTC benefits?
2 of the 6 Activities of Daily Living (Bathing, Dressing, Grooming, Eating, Toileting, Transferring) or mental cognition.
What sports did I play in High School?
Swimming and Water Polo
Name three reasons to maintain life insurance in retirement.
Utilize the cash value for income
Taxes/Liquidity
Utilize Long Term Care riders
Pension Income Replacement for a surviving spouse
Once someone goes on claim, how long does the average disability last?
~35 months, just under 3 years
When will Medicare cover Long Term Care expenses?
Medicare will cover long-term costs for only up to 100 days (after a 3-consecutive-day stay in a hospital under treatment). Long-term care coverage can pick up where Medicare leaves off.
Why did I move to Nashville?
Moved to Nashville in 2016 with my now Wife so she could attend Vanderbilt to get her MBA. Ended up staying a bit longer than the two year program.
When are withdrawals from the cash value of a Life Insurance policy not tax free? *Bonus: What is a MEC?
Policy Lapse
Withdrawals above the amount of premiums paid
Withdrawals from a Modified Endowment Contract (MEC)
What is the difference between any-occupation and own-occupation in terms of the definition of disability in a policy?
"Own-occupation disability insurance pays if you can't do your specific job (e.g., surgeon), even if you could work another, while any-occupation pays only if you're unable to work in any job you're reasonably suited for by education/skill
What is the difference between an indemnity and a reimbursement LTC contract?
An indemnity contract will payout the monthly benefit once the conditions for going on claim are met.
A reimbursement contract requires the services to be billed directly to the contract or to provide them with receipts once the conditions for going on claim are met.