Summary
Highlights
Manhattan Life, established 175 years ago, prides itself on being a privately held company. This structure allows them to prioritize decisions that benefit both policyholders and agents, unlike stock-held companies that primarily focus on shareholder value. They offer a variety of indemnity-based products across the United States, which pay regardless of other insurance, with no network restrictions or deductibles. The company has a strong commitment to indemnity products, exemplified by their successful legal challenge against the ACA's outlawing of hospital indemnity plans.
Manhattan Life offers a comprehensive suite of products. The "Affordable Choice" is an alternative to the ACA, suitable for individuals aged 18-64, often with premiums about a third of ACA plans. Other offerings include Cancer Heart and Stroke lump sum benefits, Out-of-Pocket Protection for deductibles, competitive Final Expense, Hospital Indemnity Select (guaranteed issue for ages 64.5 to 70), Home Health Care (best in class with simplified underwriting), and Omniflex for nursing home/assisted living as a simplified alternative to long-term care.
Bundling policies is crucial for agents to evolve from transactional to trusted advisors. This approach ensures clients have comprehensive coverage and helps agents maintain their income stream amidst commission changes. By discussing family health history (e.g., 'heart family or cancer family'), agents can seamlessly introduce products like cancer or heart supplements. Adding accident plans and dental, vision, and hearing coverage further solidifies the agent-client relationship, leading to better client retention and protecting against competitor encroachment.
The 'Affordable Choice' plan for those 18-64 offers no tobacco/gender rates, terminates at 65, and includes four plan designs with no deductibles, no co-pays, simplified underwriting, 24/7 telemedicine, and observation care. The Accident plan is inexpensive, offers a wellness rider, and is widely available for ages 18-84. The 'Dental Vision Hearing Select' policy provides day one dental coverage, with vision and hearing as optional riders, and covers ages 18-99 with issue age rates and up to $5,000 max per person annually. The 'Hospital Indemnity Select' (18-89) is guaranteed renewable for life, with guaranteed issue for ages 64.5-70, and its base plan includes ambulance, urgent care, observation care, and mental health benefits, with benefits resetting every 60 days.
Omniflex covers nursing home, assisted living, hospice, and skilled nursing care. It functions as 'front-end loaded long-term care,' paying a chosen daily benefit regardless of the actual bill, up to 360 days. A reoccurrence benefit resets policy days after 180 days without care. Available for ages 45-89, it offers a spouse discount and features a two-tiered underwriting process, allowing coverage for clients with certain health conditions, though with a limited benefit in some cases. The 'Fast 50' feature allows family/friends to be paid for in-home care, and the plan includes prescription drug benefits, bed reservation, and a 5% simple inflation rider that doubles benefits in 20 years.
Manhattan Life provides an intuitive agent resource center, likened to an Amazon shopping cart, for ease of use. Their e-application process is streamlined with the mother's maiden name acting as a signature. All materials are available in English and Spanish, and the company accepts I10 numbers. The presentation concludes with an emphasis on the strong partnership between Manhattan Life and its agents, highlighting the potential for significant revenue generation through their diverse product offerings.