GBS Sales Concepts Quarterly Newsletter | January 2023 Issue
Published on
January 30, 2023
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LTC Linked Benefit Sales Explode in 2022
10,000 Americans are turning age 65 every day in the United States. It is anticipated that Medicaid will be the largest expense at the state level in the next 5-7 years --- as a result, 14 states are now actively considering a payroll tax (on average an uncapped tax of 58 cents for every $100 earned) to offset this projected expense. Consumer demand for long-term care solutions continues to grow both as a funding solution and, in the UHNW markets, a tax-avoidance strategy. According to LIMRA statistics, LTC Linked-Benefit Sales increased 22% during the first three quarters of 2022 as a result of enhanced product features and new premium flexibility.
LTC Linked-Benefit products are built differently; it is important to understand how they differ and where each fits in the market place.
Click below for a Comprehensive Overview of LTC Linked Benefit Product Differentiators.
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Annuity Strategies to Address Market Challenges
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Market uncertainty has people revisiting their retirement savings strategy. Until recently, many have chosen lower risk options such as bank type products and interest bearing accounts, to help reduce market exposure. An investment portfolio which is built for retirement typically combines products which focus either on growth potential or market protection. What if a solution came along which offered both?
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Foreign National Guidelines Loosened
Insurers have loosened their Foreign National Underwriting Guidelines, reintroducing Life Insurance as a valuable planning tool in this arena. 68% of HNW individuals from the Asia-Pacific region, and 60% of HNW individual from the Latin-American region, own assets outside of their home country. Life Insurance provides HNW Foreign Nationals with estate and tax planning solutions, while offering a hedge against currency and political risks.
Click below for a Recap of Current Foreign National Guidelines.
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Gifting Opportunities Resulting
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from 2023 Estate Tax Exemption
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The IRS recently announced the 2023 Estate Tax Exemption, which had a sizeable (7.13%) increase to $12,920,000. For UHNW clients who had exhausted their existing exclusion, the additional $860,000 provides the ability for additional gifting strategies before the exemption sunsets on 1/1/26, reverting to $5,000,000 indexed for inflation.
Click below to Schedule a Meeting with your Sales Representative to Strategize 2023 Planning Opportunities.
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We at GBS Insurance thank you again for your business.
For more information or insurance quote requests, please contact your brokerage manager.
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GBS Insurance and Financial Services, Inc, CA License #0D87913
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GBS Insurance and Financial Services, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2023 Arthur J. Gallagher & Co.
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