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Episode Transcript
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[paul_tyler]: this is paul tyler
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[ramsey_d_smith]: oh
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[paul_tyler]: and welcome to another episode of that
annuity show ramsey how are you
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[ramsey_d_smith]: always good to be here
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[paul_tyler]: okay well
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[Tom Beauregard]: oh
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[paul_tyler]: we are we have a really interesting
episode that’s going to
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[Tom Beauregard]: yeah
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[paul_tyler]: cross a
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[Tom Beauregard]: oh
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[paul_tyler]: number
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[ramsey_d_smith]: ah
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[paul_tyler]: of interests and you know ramsey you’ve
been very well steeped in the long term
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[paul_tyler]: care environment you know another side of
our business we’ve been focused on mediccare advantage
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[paul_tyler]: mids up and today we have a
special
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[Tom Beauregard]: oh
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[paul_tyler]: co host laura dinan haber who is
runs our innovation program at nassau and we
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[paul_tyler]: really
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[ramsey_d_smith]: yeah
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[paul_tyler]: have talked much about this laura you
and i do another podcast space ifically on
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[paul_tyler]: innovation in the insurance space do you
want to just give a quick
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[Tom Beauregard]: yah
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[paul_tyler]: intruinterms of what you do and
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[Tom Beauregard]: yah
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[paul_tyler]: maybe just kind of set up the
talk about the event we held a cup
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[paul_tyler]: weeks ago in hartford connecticut
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[ramsey_d_smith]: oh
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[laura_dinan_haber]: absolutely
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[paul_tyler]: m
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[laura_dinan_haber]: thanks so much paul it’s great to
be
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[ramsey_d_smith]: ah
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[laura_dinan_haber]: back
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[Tom Beauregard]: okay
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[laura_dinan_haber]: on tas here it’s been a while
ramsey fabulous to see you as always
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[paul_tyler]: oh
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[laura_dinan_haber]: so innovation program manager for nassau re
imagined so within nassau financial group we have
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[laura_dinan_haber]: a insure tech and retire tech incubator
i am the proud program manager kind of
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[laura_dinan_haber]: working through and creating happy collisions if
you will giving people the opportunity to share
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[laura_dinan_haber]: their stories connecting them with the individual
s not only within hartford connecticut but the
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[laura_dinan_haber]: larger new england market and across the
world as well on june twenty second we
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[laura_dinan_haber]: hosted what we called the retired tech
form in our office within hartford and over
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[laura_dinan_haber]: one
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[Tom Beauregard]: oh
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[laura_dinan_haber]: and individuals paid us a visit both
virtually and in person for six panels and
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[laura_dinan_haber]: over twenty two we like to think
of thought leaders and chains makers
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[Tom Beauregard]: oh
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[laura_dinan_haber]: not only with the insurance space but
the retire ment space as well so really
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[paul_tyler]: m
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[laura_dinan_haber]: focusing in on you know retirement insurance
and how that mash up takes
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[Tom Beauregard]: yeah
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[laura_dinan_haber]: place and we called that retired tech
and tom was with us there that that
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[laura_dinan_haber]: afternoon along with his c so it
was really exciting day for us and i’m
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[laura_dinan_haber]: happy to be here today to dive
deeper into the conversation
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[paul_tyler]: yeah no it was great and large
just to kind of back up a little
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[paul_tyler]: bit i think we had a lot
of former guests of that annuity show either
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[paul_tyler]: in the audience or on panels or
leaving panels cessions i mean right i would
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[paul_tyler]: say
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[Tom Beauregard]: oh
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[paul_tyler]: i think we had maybe twenty people
have been on the show at least
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[laura_dinan_haber]: yeah at least twenty twenty people across
to and re imagine podcast actually snapped a
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[laura_dinan_haber]: picture that i’ll throw up on social
media
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[Tom Beauregard]: ah
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[laura_dinan_haber]: later on today
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[paul_tyler]: m
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[laura_dinan_haber]: but it was amazing to see the
hands raised in the crowd as we grow
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[laura_dinan_haber]: multiple unity s but that annuity show
community is definitely something that we like to
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[laura_dinan_haber]: see flourish out there
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[paul_tyler]: well well today show is the result
of one of those happy collisions
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[Tom Beauregard]: ah
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[paul_tyler]: tom borrow guard who is the founder
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[Tom Beauregard]: oh
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[paul_tyler]: and c e o of h c
g secure is on with us and you
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[paul_tyler]: know tom welcome
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[Tom Beauregard]: thank you it’s great to be here
great to see everybody again
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[paul_tyler]: well time can you just
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[Tom Beauregard]: yeah
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[paul_tyler]: before we sort of dive in can
you tell us what is h c g
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[paul_tyler]: secure what do you do
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[Tom Beauregard]: sure
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[paul_tyler]: and what problem are you trying to
solve here
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[Tom Beauregard]: yeah i would say our focus is
we are a development company creating insurance products
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[Tom Beauregard]: that are focused on a middle income
population that is retiring without long term care
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[Tom Beauregard]: i mean that’s that would be sort
of in a sentence how i would describe
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[Tom Beauregard]: the work that we’re doing the specific
kind of bride problem that we’re addressing is
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[Tom Beauregard]: that middle income retires come into retirement
without really thinking about long term care there’s
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[Tom Beauregard]: a mis perception amongst a large percentage
of people that medic care somehow cover long
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[Tom Beauregard]: term cure expenses seventy percent of us
will need long term care
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[paul_tyler]: m
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[Tom Beauregard]: before the end of our lives and
it’s it really it bankrupts people
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[paul_tyler]: yeah
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[Tom Beauregard]: late in life this issue and it
also creates kind of chaos for families as
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[Tom Beauregard]: folks and there eighties who suddenly find
themselves in a position where they don’t have
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[Tom Beauregard]: savings left they’ve gone through the spend
down process they need support with activities of
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[Tom Beauregard]: daily living um m and their adult
children have to step in and that kind
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[Tom Beauregard]: of disrupts their lives and their retirement
savings so that’s the you know very broadly
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[Tom Beauregard]: the market that we’re focused on
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[paul_tyler]: yeah yeah and and tell us maybe
tell us a little bit about your background
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[paul_tyler]: how do you how do you get
to the space
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[Tom Beauregard]: i mean kind of two parts to
this i was prior to founding h c
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[Tom Beauregard]: g i was the chief innovation officer
united health group and i held that position
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[Tom Beauregard]: for fifteen years um and basically i
ran research and development for both the insurance
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[Tom Beauregard]: side of the house united health care
but also the care services side of the
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[Tom Beauregard]: house optim um m a professional perspective
i left united with this model in mind
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[Tom Beauregard]: just because my team did get involved
with some of the long term care insurers
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[Tom Beauregard]: um m they were moving into sort
of insolvency and without getting over the detailed
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[Tom Beauregard]: we were basically trying to intervene help
the policy holder who had a an insurance
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[Tom Beauregard]: policy from a long term care insure
um with home assessments and help with home
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[Tom Beauregard]: modifications and the sort of the short
story is we are unable to engage because
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[Tom Beauregard]: what we learned through that process was
the people that have been pre funding long
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[Tom Beauregard]: term care policies were you know frankly
not willing to engage with the insure they
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[Tom Beauregard]: were worried that somehow
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[paul_tyler]: m
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[Tom Beauregard]: it had something to do with underwriting
or the stability of their policy um on
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[Tom Beauregard]: a personal level my parents both went
through a decline late in life and i
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[Tom Beauregard]: was thinking i’d be able to sort
this out as someone who really knew the
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[Tom Beauregard]: insurance markets and frankly it was chaos
you know understanding what medicure pays for what
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[Tom Beauregard]: it doesn’t try to make transition plans
for my parents
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[paul_tyler]: oh
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[Tom Beauregard]: without objective support really really difficult so
when i came out of united i started
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[Tom Beauregard]: to fix on this space and really
the problem for middle income families i mean
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[Tom Beauregard]: wealthy people can either sell fund or
they have long term care and a very
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[Tom Beauregard]: low income people medicated covers long term
care services so it’s that large population in
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[Tom Beauregard]: the middle that that need support with
new insurance solutions and frankly navigation
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[ramsey_d_smith]: so tom i had i had a
question but when is pardon me when is
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[ramsey_d_smith]: when is an appropriate time for folks
to start thinking about this
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[paul_tyler]: ah
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[ramsey_d_smith]: like at what age at what age
and somebody sort
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[Tom Beauregard]: oh
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[ramsey_d_smith]: of economically buy one of your policies
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[Tom Beauregard]: yeah
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[ramsey_d_smith]: and have something that
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[Tom Beauregard]: oh
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[ramsey_d_smith]: is sort of that will work
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[Tom Beauregard]: oh
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[ramsey_d_smith]: economically versus their retirement
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[Tom Beauregard]: you know i would say so the
obvious answer is that it’s all entry age
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[Tom Beauregard]: pricing it so both of our products
and we’ve got two products in forty eight
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[Tom Beauregard]: states
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[ramsey_d_smith]: eh
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[Tom Beauregard]: one is called home care secure what
it’s called home life secure um people can
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[Tom Beauregard]: buy as early as eighteen i have
absolutely no expectation that we’re going to see
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[Tom Beauregard]: young folks thinking about one term care
i think
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[ramsey_d_smith]: yeah
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[Tom Beauregard]: what we’re seeing is people are starting
to buy in their you know their contemplating
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[Tom Beauregard]: insurance their contemplating retirement he might have
had an experience or don’t be going through
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[Tom Beauregard]: an experience with their own parents where
they’re
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[paul_tyler]: oh
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[Tom Beauregard]: understanding how expensive this is what’s covered
what’s not covered so i think reasonably what
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[Tom Beauregard]: we can expect is that people between
the ages of fifty and seventy are kind
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[Tom Beauregard]: of the prime buyers for product for
product like this
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[paul_tyler]: yeah well
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[Tom Beauregard]: yeah
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[paul_tyler]: the demand is it’s been enormous for
long term care you know
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[Tom Beauregard]: oh
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[paul_tyler]: it has been forever
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[Tom Beauregard]: oh
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[paul_tyler]: it’s just what’s the price
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[Tom Beauregard]: yeah
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[paul_tyler]: and you know what happens that price
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[ramsey_d_smith]: kay
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[paul_tyler]: over a period of time same thing
with with you know medica everybody’s
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[Tom Beauregard]: right
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[paul_tyler]: got to get it lot of decisions
around well what do i get what’s included
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[paul_tyler]: what’s x or what’s free and how
long is it free um is this like
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[paul_tyler]: an entirely like new category product do
you have
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[Tom Beauregard]: yeah
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[paul_tyler]: a do you have any drew competitors
in the space
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[Tom Beauregard]: it is a new category
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[ramsey_d_smith]: yeah
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[Tom Beauregard]: i mean there are hybrid products that
sit above these products that they’re more expensive
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[Tom Beauregard]: they’re medically under written i mean just
to be specific we’re offering coverage up to
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[Tom Beauregard]: a thousand dollars
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[paul_tyler]: oh
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[Tom Beauregard]: he’s going to give someone
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[paul_tyler]: ah
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[Tom Beauregard]: a reasonable level of insurance
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[ramsey_d_smith]: oh
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[Tom Beauregard]: whether it’s for at home care or
even for a short time institutional
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[ramsey_d_smith]: yea
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[Tom Beauregard]: m none
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[ramsey_d_smith]: oh
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[Tom Beauregard]: of these products are medically underwritten so
we’re targeting ninety percent acceptance
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[paul_tyler]: oh
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[Tom Beauregard]: rates and that’s what scene so if
you think about sort of the long term
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[Tom Beauregard]: care market traditional
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[paul_tyler]: oh
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[Tom Beauregard]: products or hybrid products
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[paul_tyler]: oh
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[Tom Beauregard]: they’re medically underwritten they’re much more expensive
and they tend to have higher rejection rates
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[paul_tyler]: oh
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[Tom Beauregard]: thirty to thirty five per cent because
they’re medically underwritten so really what we’re targeting
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00:09:00,292 –> 00:09:03,196
[Tom Beauregard]: are products that are adequate have
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[ramsey_d_smith]: m
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[Tom Beauregard]: very high acceptance rates and are much
lower cost
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[paul_tyler]: m
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00:09:06,662 –> 00:09:11,913
[Tom Beauregard]: for that middle income population and then
the other sort of important element s that
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[Tom Beauregard]: we’re integrating support model for the family
so long before they might need the insurance
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[Tom Beauregard]: or offering people help with things
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[paul_tyler]: oh
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[Tom Beauregard]: like advanced care plans with wills it
it’s really the percentage of people that don’t
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[Tom Beauregard]: have wills in this middle income class
is really high that creates havoc for families
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[Tom Beauregard]: later in life or offering support in
the care co ordination councilors so we’ve you
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[Tom Beauregard]: know we’ve we’ve basically
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[laura_dinan_haber]: yeah
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[Tom Beauregard]: surrounded
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[paul_tyler]: yeah
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[Tom Beauregard]: these insurance products with support services for
the family
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[laura_dinan_haber]: so tom how do you
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[Tom Beauregard]: okay
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[laura_dinan_haber]: how do you work to engage potential
customers you talked about you know that previously
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[laura_dinan_haber]: you dealt with being unable to engage
dealing with chaos when
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[Tom Beauregard]: yeah
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[laura_dinan_haber]: finding support when going through
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[ramsey_d_smith]: yeah
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[laura_dinan_haber]: your own personal journey how are you
working to engage potential customers with the
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[Tom Beauregard]: it’s
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[laura_dinan_haber]: products
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[Tom Beauregard]: a great question and i don’t have
data lore that would suggest that we can’t
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[Tom Beauregard]: so just to be really clear
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[laura_dinan_haber]: hm
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[Tom Beauregard]: when someone buys a home life secure
policy or home care secure policy as part
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[Tom Beauregard]: of the fulfillment package you know we’re
going out and telling people what they have
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[Tom Beauregard]: access to you can do this annual
assessment with us you can take ad advantage
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[Tom Beauregard]: of our care coordinators we can help
you with a will so we’re communicating with
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[Tom Beauregard]: members were still early on so i
can’t tell you that we are engaging and
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[Tom Beauregard]: that’s one of the hardest parts of
sort of any insurance model my hope is
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[Tom Beauregard]: when we’re doing this outreach early in
someone’s retirement you know someone is sixty five
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[Tom Beauregard]: has just bought this policy their healthy
will stand a better chance and i will
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[Tom Beauregard]: also say just from a marketing standpoint
the sort of the surrounding service models are
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[Tom Beauregard]: are helping brokers like it consumers like
it sort of they understand the value proposition
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[paul_tyler]: so are you selling direct consumer you
selling through agents are you
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[Tom Beauregard]: oh
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[paul_tyler]: selling through you know partners like a
r p
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[Tom Beauregard]: um we are selling through a large
network of of agents so we’ve got like
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[Tom Beauregard]: am wins is the largest wholesale brooker
in the country is selling this to affinity
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[Tom Beauregard]: groups throughout they’re selling it to retire
groups
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[paul_tyler]: yeah
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[Tom Beauregard]: we have
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[paul_tyler]: oh
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[Tom Beauregard]: and to be like l t c
i partners they’re the largest seller of longtrmcare
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[Tom Beauregard]: in the country we’ve got about a
dozen national very different similar employer platforms some
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[paul_tyler]: oh
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[Tom Beauregard]: are direct to consumer primary distribution right
now is through these very large brokerage
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[paul_tyler]: oh
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[Tom Beauregard]: entities we do have the capability to
sell direct to consumer um m so it’s
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[Tom Beauregard]: it’s affinity groups its employers its individuals
but right now it’s all through these these
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[Tom Beauregard]: large broker channels
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[laura_dinan_haber]: yeah and i can see the value
here i mean
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[Tom Beauregard]: ah
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[paul_tyler]: yeah
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[laura_dinan_haber]: just a few weeks ago we went
through and my husband’s grandfather passed away and
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[laura_dinan_haber]: where the power of attorney were working
through the documents working through all of the
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[laura_dinan_haber]: things you had and earlier in the
introduction and if someone handed me this piece
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[laura_dinan_haber]: of paper or this q
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[Tom Beauregard]: yeah
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[laura_dinan_haber]: r code or this website as we’re
exiting the funeral home having
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[Tom Beauregard]: yeah
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[laura_dinan_haber]: to set all this stuff up it
would be like yep the value is here
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[Tom Beauregard]: yeah
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[laura_dinan_haber]: absolutely we’re going to insure everyone around
us that we don’t need to go through
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[laura_dinan_haber]: this again
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[Tom Beauregard]: it creates chaos for families you know
and
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[laura_dinan_haber]: hm
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[Tom Beauregard]: the other thing that happens
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[paul_tyler]: m
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[Tom Beauregard]: and this is much more at
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[paul_tyler]: yeah
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[Tom Beauregard]: an emotional level but people don’t talk
about sort of ended life plants with the
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[Tom Beauregard]: with their adult children and and adult
children
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[paul_tyler]: m
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[Tom Beauregard]: don’t know sort of what their parents
financial circumstances are until it’s too late until
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[Tom Beauregard]: they’re
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[paul_tyler]: m
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[Tom Beauregard]: spent down
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[paul_tyler]: yeah
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[Tom Beauregard]: they need functional support and then these
kids who are in their fifties and sixties
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[Tom Beauregard]: need to step in we just just
did a survey with an outside foundation that
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[Tom Beauregard]: came in not for profit that’s focused
on the elder pair space and they went
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[Tom Beauregard]: to four hundred consumers who are in
this middle income category and the results were
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[Tom Beauregard]: stunning just how little people know about
sort of the risk of long term care
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[Tom Beauregard]: the expense of long term care what
medic care covers
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[paul_tyler]: m
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[Tom Beauregard]: what it doesn’t cover of the four
hundred people that were surveyed about a hundred
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[Tom Beauregard]: had had a care giver experience so
we were able to segment a little bit
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[Tom Beauregard]: and people that had a care giver
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[ramsey_d_smith]: yeah
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[Tom Beauregard]: experience m very different right they understood
that that it’s expensive that it’s not covered
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[Tom Beauregard]: that
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[ramsey_d_smith]: yeah
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[Tom Beauregard]: documentation and having plans in place are
critical so really kind of interesting
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[ramsey_d_smith]: yeah
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[Tom Beauregard]: results
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[Tom Beauregard]: ah
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[ramsey_d_smith]: oh yeah
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[paul_tyler]: and
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[Tom Beauregard]: yeah
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[paul_tyler]: a real basic question and i could
i can imagine the answer could be ending
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[paul_tyler]: with the above is this a life
insurance policy is this an annuity
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[Tom Beauregard]: yeah
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[paul_tyler]: or is it
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[Tom Beauregard]: yes
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[ramsey_d_smith]: oh
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[paul_tyler]: a health insurance policy
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[Tom Beauregard]: so home
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[paul_tyler]: oh
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[Tom Beauregard]: care secure an indemnity policy it’s a
you know it’s a user
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[ramsey_d_smith]: m
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[Tom Beauregard]: to lose at low cost no medical
underwriting indemnity policy home life secure is a
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00:14:04,030 –> 00:14:09,800
[Tom Beauregard]: whole life policy it’s a hybrid with
accelerated benefits and that’s
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[ramsey_d_smith]: ye
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[paul_tyler]: yeah
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00:14:09,960 –> 00:14:12,805
[Tom Beauregard]: you know we went through the interstate
compact on that we have coverage in forty
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[Tom Beauregard]: eight states we only launched home life
secure about a month ago so there are
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[Tom Beauregard]: two different products and the whole idea
and we have
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[paul_tyler]: m
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00:14:21,051 –> 00:14:25,812
[Tom Beauregard]: others in development the whole ideas to
have products in a portfolio
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00:14:25,355 –> 00:14:26,045
[ramsey_d_smith]: oh
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00:14:26,193 –> 00:14:29,999
[Tom Beauregard]: that match this population that all have
the same set of sort of family support
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00:14:30,080 –> 00:14:34,928
[Tom Beauregard]: services that meet different needs so if
someone wants a really low cost use it
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00:14:34,988 –> 00:14:39,043
[Tom Beauregard]: or lose an indemnity pull c he
buy home care secure if they want a
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[Tom Beauregard]: policy
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00:14:39,325 –> 00:14:40,090
[paul_tyler]: oh
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00:14:39,604 –> 00:14:43,560
[Tom Beauregard]: that has a guaranteed pay out of
life insurance they buy home life secure you
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[Tom Beauregard]: could build and you guys know this
a model off an annuity with accelerated benefits
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00:14:48,512 –> 00:14:53,585
[Tom Beauregard]: so there’s there’s a variety of different
product ideas in this space we have two
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[Tom Beauregard]: in market right now
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00:14:58,746 –> 00:15:01,571
[ramsey_d_smith]: so you have an important services component
so there’s the financial
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00:15:01,230 –> 00:15:01,250
[Tom Beauregard]: m
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00:15:01,611 –> 00:15:06,599
[ramsey_d_smith]: component that services component how have you
how have you gone about building
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00:15:06,524 –> 00:15:06,686
[Tom Beauregard]: yeah
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00:15:06,640 –> 00:15:10,725
[ramsey_d_smith]: that out so we talk a little
bit about your distribution anne but you know
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[ramsey_d_smith]: all those
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[Tom Beauregard]: oh
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00:15:11,886 –> 00:15:12,227
[ramsey_d_smith]: all those
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00:15:12,265 –> 00:15:12,285
[paul_tyler]: m
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00:15:12,327 –> 00:15:15,930
[ramsey_d_smith]: things that you’re bringing to bear that’s
a there’s there’s a lot there there’s a
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00:15:15,950 –> 00:15:16,150
[ramsey_d_smith]: lot to
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00:15:16,200 –> 00:15:16,482
[Tom Beauregard]: yeah
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00:15:16,210 –> 00:15:20,554
[ramsey_d_smith]: provide how are you finding vendors or
partners to provide those services
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00:15:20,630 –> 00:15:23,876
[Tom Beauregard]: it’s a great question i mean really
what we thought about and a lot of
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[Tom Beauregard]: this is personal experience it’s analogous to
what laura was touching on it’s if you’ve
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[Tom Beauregard]: had a personal experience in this
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00:15:31,075 –> 00:15:31,356
[paul_tyler]: oh
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00:15:31,251 –> 00:15:34,993
[Tom Beauregard]: area you sort of understand sort of
all the weak spots so
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00:15:35,635 –> 00:15:35,939
[paul_tyler]: oh
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[Tom Beauregard]: we have picked categories that we think
are important things like care co ordination and
347
00:15:40,780 –> 00:15:46,121
[Tom Beauregard]: benefit advocacy helping people understand what is
medic air cover what doesn’t it cover if
348
00:15:46,161 –> 00:15:50,268
[Tom Beauregard]: you need to make a transition how
do you help a family with that transition
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00:15:50,104 –> 00:15:50,125
[paul_tyler]: m
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00:15:50,388 –> 00:15:54,615
[Tom Beauregard]: based on the condition of their loved
one so in that category you know we
351
00:15:54,695 –> 00:15:58,843
[Tom Beauregard]: go through a betting process by category
and we week at strategic partnership so in
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00:15:58,883 –> 00:16:05,067
[Tom Beauregard]: that specific category we’re working with wealthy
um and wealthy has great content in this
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00:16:05,127 –> 00:16:09,864
[Tom Beauregard]: space hey have care coordinators who are
masters in social work with a focus on
354
00:16:10,045 –> 00:16:15,472
[Tom Beauregard]: their care to help families make objective
decisions another category and i won’t i won’t
355
00:16:15,532 –> 00:16:18,838
[Tom Beauregard]: touch on all of them we’ve got
about eight strategic partners to answer your question
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00:16:18,938 –> 00:16:24,007
[Tom Beauregard]: but in the whole area of documentation
and advanced care plans and wills working with
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00:16:24,047 –> 00:16:29,095
[Tom Beauregard]: a company called trust and well we’ll
come in and help middle income people in
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00:16:29,255 –> 00:16:33,242
[Tom Beauregard]: really simple ways pull a well together
pull and advance care plan together pull a
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00:16:33,322 –> 00:16:41,533
[Tom Beauregard]: simple estate plan together if they’re at
that level work with an organization um called
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00:16:41,674 –> 00:16:49,260
[Tom Beauregard]: liqu which is basically helping people with
social isolation with an a device and so
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00:16:49,360 –> 00:16:52,743
[Tom Beauregard]: it’s it’s you know we have again
about half a dozen of these that
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[paul_tyler]: m
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00:16:52,863 –> 00:16:56,247
[Tom Beauregard]: cover what we consider to be kind
of the full spectrum we’re always looking and
364
00:16:56,307 –> 00:17:01,364
[Tom Beauregard]: thinking about sort of other other problem
spots that we can fill and support families
365
00:17:01,445 –> 00:17:05,194
[Tom Beauregard]: with but right now we’ve got kind
of a suite of strategic partners that provide
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00:17:05,234 –> 00:17:06,878
[Tom Beauregard]: these services to our insure members
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00:17:09,805 –> 00:17:13,331
[paul_tyler]: yeah you know if you could only
two two sides to the
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[Tom Beauregard]: oh
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00:17:13,371 –> 00:17:16,456
[paul_tyler]: question one is if you look through
the services that you’re providing and realize you
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00:17:16,617 –> 00:17:20,824
[paul_tyler]: you’re sort of just kind of beginning
the journey and you could only offer one
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00:17:21,044 –> 00:17:23,127
[paul_tyler]: of those services you offer which would
it be
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00:17:23,101 –> 00:17:23,869
[Tom Beauregard]: it’s a great question
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00:17:24,168 –> 00:17:24,749
[paul_tyler]: and also
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[Tom Beauregard]: oh
375
00:17:25,550 –> 00:17:29,185
[paul_tyler]: i think if you look through those
services what
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00:17:29,199 –> 00:17:29,220
[Tom Beauregard]: m
377
00:17:29,225 –> 00:17:32,333
[paul_tyler]: didn’t make it on the list right
you would have thought would have made it
378
00:17:32,393 –> 00:17:35,280
[paul_tyler]: on there but you didn’t it was
too complicated too expensive
379
00:17:36,530 –> 00:17:42,292
[Tom Beauregard]: ah those are great questions i would
say that it’s the moment of crisis that’s
380
00:17:42,332 –> 00:17:47,591
[Tom Beauregard]: hardest for families so if i had
to pick a single a strategic partner it
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00:17:47,631 –> 00:17:50,674
[Tom Beauregard]: would be wealthy right it’s that it’s
that organization
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00:17:50,366 –> 00:17:50,407
[paul_tyler]: hm
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00:17:50,714 –> 00:17:51,514
[Tom Beauregard]: that can come in and say
384
00:17:51,514 –> 00:17:51,535
[paul_tyler]: m
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00:17:51,594 –> 00:17:52,275
[Tom Beauregard]: jes we don’t know what
386
00:17:52,264 –> 00:17:52,285
[paul_tyler]: m
387
00:17:52,335 –> 00:17:56,439
[Tom Beauregard]: to do you know dad seems to
be showing sort of cognitive decline
388
00:17:56,561 –> 00:17:56,602
[paul_tyler]: a
389
00:17:57,040 –> 00:18:00,967
[Tom Beauregard]: mom has pulmonary disease we’d love to
keep them in their home somebody that can
390
00:18:01,047 –> 00:18:08,398
[Tom Beauregard]: really help you in a deep way
assess what’s happening then offer really great objective
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00:18:08,459 –> 00:18:13,387
[Tom Beauregard]: advice on how someone can continue to
age at home or can’t frankly so if
392
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[Tom Beauregard]: i were going to pick one partner
it’s that moment a crisis support that i
393
00:18:17,154 –> 00:18:24,750
[Tom Beauregard]: think is most important i think that
the categories that we’ve kind of avoided things
394
00:18:24,830 –> 00:18:28,656
[Tom Beauregard]: that you see in a lot of
just basic association plans that you know you
395
00:18:28,676 –> 00:18:32,913
[Tom Beauregard]: can make money on but they’re not
you know this counts on things like dental
396
00:18:33,715 –> 00:18:39,492
[Tom Beauregard]: and vision so what we’ve really been
fated on is how do you give someone
397
00:18:39,593 –> 00:18:43,645
[Tom Beauregard]: support with the elder care experience how
do you have a family support throughout the
398
00:18:43,685 –> 00:18:48,115
[Tom Beauregard]: course of their retirement um and we’ve
stayed away from sort of a lot of
399
00:18:48,375 –> 00:18:56,312
[Tom Beauregard]: what you typically see in in association
plans the basic discount programs that aren’t focused
400
00:18:56,433 –> 00:18:57,437
[Tom Beauregard]: on elder care issues
401
00:19:01,483 –> 00:19:07,083
[laura_dinan_haber]: now you mentioned liquththe a device that
helps with the social isolation when you are
402
00:19:07,163 –> 00:19:10,369
[laura_dinan_haber]: researching you know in your previous role
and then obviously as you’re working with your
403
00:19:10,389 –> 00:19:14,836
[laura_dinan_haber]: products now how much of that social
isolation do you think plays a role in
404
00:19:14,876 –> 00:19:17,080
[laura_dinan_haber]: the whole experience of aging whether it’s
for the
405
00:19:17,095 –> 00:19:17,337
[paul_tyler]: oh
406
00:19:17,160 –> 00:19:17,561
[laura_dinan_haber]: individual
407
00:19:17,281 –> 00:19:17,564
[Tom Beauregard]: huge
408
00:19:17,661 –> 00:19:19,006
[laura_dinan_haber]: or the family that surround um
409
00:19:18,951 –> 00:19:24,865
[Tom Beauregard]: it’s huge people are you know even
before covid it’s been a massive issue but
410
00:19:25,045 –> 00:19:29,833
[Tom Beauregard]: but people who are living at home
you know maybe widowed maybe not i mean
411
00:19:30,193 –> 00:19:34,287
[Tom Beauregard]: as soon as someone retires they start
to get isolated right and i’m not justin
412
00:19:34,389 –> 00:19:39,028
[Tom Beauregard]: at i was sixty five year old
who who’s really active needs an a device
413
00:19:39,168 –> 00:19:41,126
[Tom Beauregard]: but the process starts
414
00:19:41,125 –> 00:19:42,235
[paul_tyler]: oh
415
00:19:41,206 –> 00:19:48,193
[Tom Beauregard]: as soon as someone retires so the
idea of intervention in this space and it’s
416
00:19:48,253 –> 00:19:51,721
[Tom Beauregard]: it’s really amazing if you look at
loq they’ve done a lot of trial work
417
00:19:52,283 –> 00:19:57,102
[Tom Beauregard]: and again we’ve ended all these partners
very very carefully the level of engagement for
418
00:19:57,182 –> 00:19:58,925
[Tom Beauregard]: people is stunning
419
00:19:59,725 –> 00:20:00,010
[paul_tyler]: yes
420
00:19:59,887 –> 00:20:04,875
[Tom Beauregard]: know that a is amazing in that
it learns how to communicate over time with
421
00:20:04,935 –> 00:20:12,414
[Tom Beauregard]: an individual they like jokes they it’s
just hysterical to watch sort of the trial
422
00:20:12,474 –> 00:20:16,290
[Tom Beauregard]: work that they’ve done and the level
of engagement that they drive and
423
00:20:16,255 –> 00:20:17,335
[paul_tyler]: yeah
424
00:20:16,390 –> 00:20:20,966
[Tom Beauregard]: also their ability to measure sort of
how isolation declines even though it’s it’s a
425
00:20:21,027 –> 00:20:26,211
[Tom Beauregard]: robot it makes it a huge difference
but then you get into things are also
426
00:20:26,291 –> 00:20:33,020
[Tom Beauregard]: important beyond social isolation like meditation compliance
i mean the l q model will allow
427
00:20:33,100 –> 00:20:36,647
[Tom Beauregard]: a family to load it with with
data so they can remind
428
00:20:36,235 –> 00:20:36,497
[paul_tyler]: oh
429
00:20:36,867 –> 00:20:38,811
[Tom Beauregard]: mom or dad to take their pills
when they get up in
430
00:20:38,785 –> 00:20:39,745
[paul_tyler]: yeah
431
00:20:38,851 –> 00:20:44,020
[Tom Beauregard]: the morning it’s just there’s all kinds
of ways to use tools like that that
432
00:20:44,181 –> 00:20:46,148
[Tom Beauregard]: are really useful and appropriate
433
00:20:48,425 –> 00:20:51,430
[paul_tyler]: yeah i saw one company called it’s
called replica
434
00:20:51,450 –> 00:20:51,571
[Tom Beauregard]: yeah
435
00:20:52,131 –> 00:20:56,679
[paul_tyler]: where you can go in and buy
your a thing and then kind of start
436
00:20:56,759 –> 00:20:58,542
[paul_tyler]: talking to and it gets to know
you i mean how
437
00:20:59,060 –> 00:20:59,180
[Tom Beauregard]: yeah
438
00:20:59,704 –> 00:21:03,410
[paul_tyler]: and then you go sally look open
up your phone and see it like hanging
439
00:21:03,470 –> 00:21:05,794
[paul_tyler]: on the wall or something i don’t
know ramsey if that would be a
440
00:21:08,595 –> 00:21:08,676
[Tom Beauregard]: ah
441
00:21:10,201 –> 00:21:11,043
[paul_tyler]: there’s somewhere there’s a
442
00:21:11,180 –> 00:21:11,260
[Tom Beauregard]: ah
443
00:21:11,363 –> 00:21:13,687
[paul_tyler]: creep creepy line somewhere that were
444
00:21:13,769 –> 00:21:14,330
[Tom Beauregard]: ah ah
445
00:21:14,469 –> 00:21:19,116
[paul_tyler]: treading here but you what’s the fur
that i mean how much you know is
446
00:21:19,136 –> 00:21:24,686
[paul_tyler]: it going to be a real person
showing up in in place in these house
447
00:21:24,726 –> 00:21:28,692
[paul_tyler]: which i think just brings having the
same journey you did and laura went
448
00:21:28,655 –> 00:21:28,935
[ramsey_d_smith]: yah
449
00:21:28,752 –> 00:21:29,053
[paul_tyler]: through
450
00:21:29,070 –> 00:21:30,210
[Tom Beauregard]: oh
451
00:21:29,774 –> 00:21:32,098
[paul_tyler]: yiks having a real person into
452
00:21:32,010 –> 00:21:32,397
[Tom Beauregard]: oh
453
00:21:32,178 –> 00:21:33,741
[paul_tyler]: a house you don’t know you can’t
454
00:21:33,750 –> 00:21:34,032
[Tom Beauregard]: oh
455
00:21:34,094 –> 00:21:34,274
[ramsey_d_smith]: yah
456
00:21:34,702 –> 00:21:36,646
[paul_tyler]: can’t bet don’t know what they’re doing
457
00:21:37,350 –> 00:21:37,511
[Tom Beauregard]: yeah
458
00:21:38,789 –> 00:21:41,514
[paul_tyler]: yes i’d be nice but it’s hard
versus
459
00:21:41,795 –> 00:21:42,815
[ramsey_d_smith]: oh
460
00:21:42,235 –> 00:21:44,178
[paul_tyler]: in something italy i mean where
461
00:21:44,300 –> 00:21:45,222
[Tom Beauregard]: yeah i mean at the
462
00:21:45,240 –> 00:21:45,380
[paul_tyler]: where
463
00:21:45,262 –> 00:21:45,422
[Tom Beauregard]: end of
464
00:21:45,420 –> 00:21:45,520
[paul_tyler]: are
465
00:21:45,462 –> 00:21:45,543
[Tom Beauregard]: the
466
00:21:45,540 –> 00:21:45,600
[paul_tyler]: we
467
00:21:45,583 –> 00:21:45,703
[Tom Beauregard]: day
468
00:21:45,641 –> 00:21:45,841
[paul_tyler]: on that
469
00:21:45,783 –> 00:21:45,943
[Tom Beauregard]: you’re
470
00:21:45,901 –> 00:21:46,462
[paul_tyler]: continuum
471
00:21:46,023 –> 00:21:46,284
[Tom Beauregard]: never
472
00:21:46,682 –> 00:21:46,802
[paul_tyler]: like
473
00:21:46,765 –> 00:21:46,965
[Tom Beauregard]: i mean
474
00:21:46,883 –> 00:21:46,963
[paul_tyler]: how
475
00:21:47,005 –> 00:21:47,125
[Tom Beauregard]: when
476
00:21:47,063 –> 00:21:47,203
[paul_tyler]: long
477
00:21:47,185 –> 00:21:48,087
[Tom Beauregard]: people need custodio
478
00:21:48,025 –> 00:21:48,387
[paul_tyler]: yes
479
00:21:48,187 –> 00:21:51,973
[Tom Beauregard]: care they need custodio care right they
need they need aids to come in and
480
00:21:52,033 –> 00:21:58,306
[Tom Beauregard]: help them put meals together help them
with mobile the issues so there’s there’s no
481
00:21:58,426 –> 00:21:59,168
[Tom Beauregard]: replacement
482
00:21:58,994 –> 00:21:59,015
[ramsey_d_smith]: m
483
00:21:59,515 –> 00:21:59,776
[paul_tyler]: oh
484
00:21:59,890 –> 00:22:05,006
[Tom Beauregard]: opportunity i think there’s a tremendous sort
of supplemental opportunity and a lot of it
485
00:22:05,067 –> 00:22:12,264
[Tom Beauregard]: is just it’s communicating its alert its
medication compliance it’s you know most people when
486
00:22:12,284 –> 00:22:16,806
[Tom Beauregard]: they move into functional decline they don’t
need that much time initially i mean if
487
00:22:16,826 –> 00:22:18,250
[Tom Beauregard]: you look at sort of what happens
488
00:22:18,175 –> 00:22:18,395
[paul_tyler]: oh
489
00:22:18,330 –> 00:22:21,930
[Tom Beauregard]: to someone when they’re eighty and they
start to have functional decline they might just
490
00:22:21,970 –> 00:22:22,631
[Tom Beauregard]: need a couple hours
491
00:22:22,544 –> 00:22:22,684
[paul_tyler]: yeah
492
00:22:22,691 –> 00:22:23,191
[Tom Beauregard]: a day five
493
00:22:23,185 –> 00:22:23,425
[paul_tyler]: oh
494
00:22:23,231 –> 00:22:26,054
[Tom Beauregard]: days a week i mean that’s we
say that all the time as people make
495
00:22:26,095 –> 00:22:28,877
[Tom Beauregard]: their plans with wealthy it’s just mom
need somebody to come in in the morning
496
00:22:29,218 –> 00:22:35,001
[Tom Beauregard]: and summon to come in in the
evening typically when that happens it goes i
497
00:22:35,041 –> 00:22:35,141
[Tom Beauregard]: mean
498
00:22:35,044 –> 00:22:35,626
[paul_tyler]: yeah oh
499
00:22:35,201 –> 00:22:39,513
[Tom Beauregard]: the trajectories is never up so people
need more time over time but
500
00:22:39,685 –> 00:22:39,928
[paul_tyler]: oh
501
00:22:39,934 –> 00:22:40,455
[Tom Beauregard]: what models
502
00:22:40,445 –> 00:22:40,725
[ramsey_d_smith]: oh
503
00:22:40,496 –> 00:22:44,153
[Tom Beauregard]: like l q do they keep people
engaged
504
00:22:43,915 –> 00:22:44,115
[paul_tyler]: yeah
505
00:22:44,934 –> 00:22:50,071
[Tom Beauregard]: they focus on medication compliance and they’re
able to alert the family if in fact
506
00:22:50,092 –> 00:22:53,398
[Tom Beauregard]: there’s an event between those custodia care
visits and my example
507
00:22:54,145 –> 00:22:54,365
[paul_tyler]: oh
508
00:22:55,260 –> 00:22:59,226
[Tom Beauregard]: i don’t think they ultimately replace but
i think their terrific
509
00:22:59,305 –> 00:22:59,525
[paul_tyler]: yeah
510
00:22:59,326 –> 00:23:01,389
[Tom Beauregard]: supplements in many different ways
511
00:23:05,010 –> 00:23:05,270
[Tom Beauregard]: oh
512
00:23:05,105 –> 00:23:09,252
[ramsey_d_smith]: so i’ve got a question about sort
of your target audience so obviously there’s the
513
00:23:09,292 –> 00:23:10,493
[ramsey_d_smith]: people that are being cared for
514
00:23:11,305 –> 00:23:11,606
[paul_tyler]: oh
515
00:23:11,425 –> 00:23:14,750
[ramsey_d_smith]: but there’s also there the care givers
516
00:23:14,845 –> 00:23:15,125
[paul_tyler]: yeah
517
00:23:14,850 –> 00:23:18,376
[ramsey_d_smith]: so the younger folks in the family
that are that often sort of pick up
518
00:23:18,456 –> 00:23:22,243
[ramsey_d_smith]: the pick up the slack to help
out their parents like who do you think
519
00:23:22,283 –> 00:23:25,377
[ramsey_d_smith]: is your primary your primary target between
those
520
00:23:25,300 –> 00:23:25,400
[Tom Beauregard]: it’s
521
00:23:25,498 –> 00:23:25,618
[ramsey_d_smith]: two
522
00:23:25,600 –> 00:23:26,742
[Tom Beauregard]: it’s it’s the
523
00:23:26,845 –> 00:23:27,345
[paul_tyler]: yeah
524
00:23:27,363 –> 00:23:31,831
[Tom Beauregard]: it’s the care giver it’s it’s it’s
someone who’s heading into retirement it’s honestly it’s
525
00:23:31,931 –> 00:23:37,836
[Tom Beauregard]: long before you have functional decline it’s
someone who is sixty years old
526
00:23:37,874 –> 00:23:37,974
[paul_tyler]: yeah
527
00:23:38,810 –> 00:23:40,793
[Tom Beauregard]: they have you know a million dollars
in
528
00:23:40,765 –> 00:23:41,285
[paul_tyler]: yeah
529
00:23:40,913 –> 00:23:44,860
[Tom Beauregard]: total worth included in that is their
house which you know is paid for that
530
00:23:44,920 –> 00:23:48,145
[Tom Beauregard]: might be worth two hundred thousand so
in my example they have eight hundred thousand
531
00:23:48,185 –> 00:23:52,519
[Tom Beauregard]: dollars and liquid assets they’re feeling pretty
good about heading into retirement but they’ve got
532
00:23:52,559 –> 00:23:52,700
[Tom Beauregard]: this
533
00:23:52,604 –> 00:23:53,105
[paul_tyler]: yeah yeah
534
00:23:52,881 –> 00:23:58,420
[Tom Beauregard]: massive blind spot which is by the
time they’re eighty and they need support liquid
535
00:23:58,501 –> 00:24:02,710
[Tom Beauregard]: assets are gone they still have social
security they still have medic care they don’t
536
00:24:02,730 –> 00:24:04,393
[Tom Beauregard]: have any money left um
537
00:24:04,524 –> 00:24:05,046
[paul_tyler]: yeah yeah
538
00:24:04,994 –> 00:24:06,637
[Tom Beauregard]: that’s our target audience
539
00:24:06,533 –> 00:24:06,734
[paul_tyler]: yeah
540
00:24:06,697 –> 00:24:06,917
[Tom Beauregard]: is that
541
00:24:06,925 –> 00:24:07,105
[paul_tyler]: oh
542
00:24:07,057 –> 00:24:12,097
[Tom Beauregard]: sixty year old that sort of economic
condition heading towards retirement
543
00:24:18,695 –> 00:24:18,956
[ramsey_d_smith]: yeah
544
00:24:19,838 –> 00:24:21,200
[paul_tyler]: so so so you’re describing
545
00:24:21,110 –> 00:24:21,294
[Tom Beauregard]: yeah
546
00:24:21,461 –> 00:24:23,103
[paul_tyler]: a segment that is
547
00:24:23,134 –> 00:24:23,255
[ramsey_d_smith]: yeah
548
00:24:23,444 –> 00:24:27,230
[paul_tyler]: pretty much kind of who a lot
of the listeners are selling annuities or doing
549
00:24:27,310 –> 00:24:29,434
[paul_tyler]: retire plans for dat
550
00:24:29,726 –> 00:24:29,847
[ramsey_d_smith]: yeah
551
00:24:30,436 –> 00:24:36,546
[paul_tyler]: do you see this your product as
the start of the conversation that leads
552
00:24:36,360 –> 00:24:36,660
[Tom Beauregard]: yeah
553
00:24:36,646 –> 00:24:37,708
[paul_tyler]: to the
554
00:24:37,641 –> 00:24:37,782
[Tom Beauregard]: yeah
555
00:24:38,429 –> 00:24:39,090
[paul_tyler]: retirement planner
556
00:24:39,104 –> 00:24:39,204
[Tom Beauregard]: it’s
557
00:24:39,130 –> 00:24:39,310
[paul_tyler]: do you
558
00:24:39,244 –> 00:24:39,464
[Tom Beauregard]: a great
559
00:24:39,350 –> 00:24:39,611
[paul_tyler]: see that
560
00:24:39,524 –> 00:24:39,785
[Tom Beauregard]: question
561
00:24:39,651 –> 00:24:39,771
[paul_tyler]: this
562
00:24:39,665 –> 00:24:39,945
[ramsey_d_smith]: oh
563
00:24:39,825 –> 00:24:40,706
[Tom Beauregard]: pull i think it’s a
564
00:24:40,693 –> 00:24:40,833
[paul_tyler]: your
565
00:24:40,786 –> 00:24:41,207
[Tom Beauregard]: piece of
566
00:24:41,153 –> 00:24:41,354
[paul_tyler]: sort of
567
00:24:41,327 –> 00:24:41,908
[Tom Beauregard]: i don’t think it’s
568
00:24:41,955 –> 00:24:42,215
[paul_tyler]: piece
569
00:24:41,988 –> 00:24:42,349
[Tom Beauregard]: i don’t think
570
00:24:42,396 –> 00:24:43,157
[paul_tyler]: of that retirement
571
00:24:42,971 –> 00:24:43,575
[Tom Beauregard]: lead with sort
572
00:24:43,537 –> 00:24:43,638
[paul_tyler]: and
573
00:24:43,615 –> 00:24:43,675
[Tom Beauregard]: of
574
00:24:43,698 –> 00:24:43,818
[paul_tyler]: that
575
00:24:43,756 –> 00:24:43,917
[Tom Beauregard]: long
576
00:24:43,878 –> 00:24:43,978
[paul_tyler]: i’m
577
00:24:43,977 –> 00:24:46,240
[Tom Beauregard]: term care because people
578
00:24:46,462 –> 00:24:46,703
[paul_tyler]: you know
579
00:24:46,701 –> 00:24:46,942
[Tom Beauregard]: sort of
580
00:24:47,525 –> 00:24:47,807
[ramsey_d_smith]: yeah
581
00:24:47,563 –> 00:24:52,052
[Tom Beauregard]: most people don’t expect even though again
from an actuarial standpoint the vast majority of
582
00:24:52,132 –> 00:24:53,796
[Tom Beauregard]: us will need support but
583
00:24:53,755 –> 00:24:54,056
[paul_tyler]: oh
584
00:24:53,836 –> 00:24:55,118
[Tom Beauregard]: it’s i don’t think it’s i think
585
00:24:55,906 –> 00:24:55,987
[ramsey_d_smith]: ah
586
00:24:56,061 –> 00:24:59,056
[Tom Beauregard]: lead with income and you follow with
sort of long term
587
00:24:58,915 –> 00:24:59,215
[paul_tyler]: yeah
588
00:24:59,136 –> 00:24:59,337
[Tom Beauregard]: care
589
00:24:59,435 –> 00:24:59,696
[ramsey_d_smith]: yeah
590
00:24:59,999 –> 00:25:01,686
[Tom Beauregard]: and to me there’s to you to
your point
591
00:25:02,180 –> 00:25:02,400
[paul_tyler]: yeah
592
00:25:03,540 –> 00:25:09,232
[Tom Beauregard]: there’s tremendous correlation between the population that’s
buying annuities because they’re worried about running out
593
00:25:09,292 –> 00:25:10,056
[Tom Beauregard]: of income
594
00:25:10,714 –> 00:25:10,915
[paul_tyler]: yeah
595
00:25:10,831 –> 00:25:10,933
[Tom Beauregard]: they
596
00:25:10,915 –> 00:25:11,175
[paul_tyler]: oh
597
00:25:11,014 –> 00:25:15,485
[Tom Beauregard]: get old the population that would buy
a product like home life secure home care
598
00:25:15,565 –> 00:25:19,126
[Tom Beauregard]: secure and that’s that’s the exact same
demographic
599
00:25:19,675 –> 00:25:19,695
[paul_tyler]: m
600
00:25:24,935 –> 00:25:25,175
[ramsey_d_smith]: oh
601
00:25:32,610 –> 00:25:32,832
[Tom Beauregard]: oh
602
00:25:32,889 –> 00:25:32,989
[paul_tyler]: so
603
00:25:34,920 –> 00:25:35,503
[Tom Beauregard]: uh
604
00:25:35,574 –> 00:25:35,994
[paul_tyler]: it’s it’s
605
00:25:36,065 –> 00:25:36,267
[ramsey_d_smith]: oh
606
00:25:36,134 –> 00:25:36,515
[paul_tyler]: fun to make
607
00:25:36,429 –> 00:25:36,450
[Tom Beauregard]: h
608
00:25:36,615 –> 00:25:37,116
[paul_tyler]: do something
609
00:25:36,780 –> 00:25:37,740
[Tom Beauregard]: oh
610
00:25:37,316 –> 00:25:37,417
[paul_tyler]: new
611
00:25:37,383 –> 00:25:37,505
[ramsey_d_smith]: yeah
612
00:25:37,477 –> 00:25:38,999
[paul_tyler]: and original okay but you know
613
00:25:39,074 –> 00:25:39,488
[ramsey_d_smith]: m oh
614
00:25:39,200 –> 00:25:41,143
[paul_tyler]: if i use the record
615
00:25:41,015 –> 00:25:41,376
[ramsey_d_smith]: yeah
616
00:25:41,263 –> 00:25:42,826
[paul_tyler]: store analogy which it doesn’t even
617
00:25:42,731 –> 00:25:42,853
[Tom Beauregard]: yeah
618
00:25:42,906 –> 00:25:46,953
[paul_tyler]: like don’t ee really apply any more
but you walk in and say okay
619
00:25:46,972 –> 00:25:47,153
[ramsey_d_smith]: yeah
620
00:25:46,993 –> 00:25:47,293
[paul_tyler]: this is
621
00:25:48,660 –> 00:25:48,906
[Tom Beauregard]: uh
622
00:25:48,796 –> 00:25:49,457
[paul_tyler]: you know i’ll
623
00:25:49,419 –> 00:25:49,440
[Tom Beauregard]: h
624
00:25:49,477 –> 00:25:50,298
[paul_tyler]: make myself sound even
625
00:25:50,255 –> 00:25:50,536
[ramsey_d_smith]: yah
626
00:25:50,338 –> 00:25:55,127
[paul_tyler]: older than wait bob dillon was in
the the folk
627
00:25:55,214 –> 00:25:55,355
[ramsey_d_smith]: yah
628
00:25:56,290 –> 00:25:59,639
[paul_tyler]: o sic where do we put him
known starts to sing something new
629
00:26:00,090 –> 00:26:00,750
[Tom Beauregard]: oh
630
00:26:00,241 –> 00:26:04,599
[paul_tyler]: becase there’s no and i think about
the tools a lot of our agents used
631
00:26:04,640 –> 00:26:06,463
[paul_tyler]: for quotes right like well
632
00:26:07,560 –> 00:26:08,460
[Tom Beauregard]: yeah
633
00:26:07,945 –> 00:26:11,190
[paul_tyler]: go to life quotes and my life
illustration quote i’m gonna go to my annuity
634
00:26:11,760 –> 00:26:13,416
[Tom Beauregard]: yeah yeah
635
00:26:14,236 –> 00:26:14,756
[paul_tyler]: how do you break
636
00:26:14,740 –> 00:26:14,880
[Tom Beauregard]: yeah
637
00:26:14,837 –> 00:26:15,077
[paul_tyler]: into it
638
00:26:15,180 –> 00:26:15,260
[Tom Beauregard]: so
639
00:26:15,297 –> 00:26:15,758
[paul_tyler]: how do you break
640
00:26:15,640 –> 00:26:15,881
[Tom Beauregard]: i will
641
00:26:15,818 –> 00:26:15,938
[paul_tyler]: into
642
00:26:15,941 –> 00:26:16,061
[Tom Beauregard]: say
643
00:26:15,998 –> 00:26:16,339
[paul_tyler]: a space
644
00:26:16,121 –> 00:26:16,281
[Tom Beauregard]: this
645
00:26:16,379 –> 00:26:16,519
[paul_tyler]: like
646
00:26:16,381 –> 00:26:16,641
[Tom Beauregard]: i think
647
00:26:16,559 –> 00:26:16,700
[paul_tyler]: this
648
00:26:17,122 –> 00:26:17,182
[Tom Beauregard]: one
649
00:26:17,140 –> 00:26:17,241
[paul_tyler]: it’s
650
00:26:17,242 –> 00:26:17,762
[Tom Beauregard]: we are selling
651
00:26:17,581 –> 00:26:17,902
[paul_tyler]: it’s not
652
00:26:17,823 –> 00:26:18,243
[Tom Beauregard]: policies
653
00:26:17,982 –> 00:26:18,222
[paul_tyler]: quite
654
00:26:18,583 –> 00:26:19,404
[Tom Beauregard]: in forty eight states
655
00:26:19,284 –> 00:26:19,604
[paul_tyler]: there’s not
656
00:26:19,584 –> 00:26:19,644
[Tom Beauregard]: so
657
00:26:19,665 –> 00:26:19,685
[paul_tyler]: a
658
00:26:19,724 –> 00:26:19,945
[Tom Beauregard]: there’s
659
00:26:19,745 –> 00:26:20,286
[paul_tyler]: way to slap
660
00:26:20,205 –> 00:26:20,425
[Tom Beauregard]: there’s
661
00:26:20,346 –> 00:26:20,686
[paul_tyler]: this thing
662
00:26:20,565 –> 00:26:20,885
[Tom Beauregard]: evidence
663
00:26:20,786 –> 00:26:21,287
[paul_tyler]: in easily
664
00:26:20,965 –> 00:26:21,426
[Tom Beauregard]: of sales
665
00:26:21,488 –> 00:26:21,988
[paul_tyler]: into the system
666
00:26:22,127 –> 00:26:22,267
[Tom Beauregard]: were
667
00:26:22,289 –> 00:26:22,309
[paul_tyler]: a
668
00:26:22,327 –> 00:26:22,487
[Tom Beauregard]: still
669
00:26:22,369 –> 00:26:22,569
[paul_tyler]: lot of
670
00:26:22,547 –> 00:26:22,587
[Tom Beauregard]: in
671
00:26:22,609 –> 00:26:22,710
[paul_tyler]: the
672
00:26:22,667 –> 00:26:23,708
[Tom Beauregard]: start up mode but there’s
673
00:26:23,551 –> 00:26:23,972
[paul_tyler]: advisers
674
00:26:23,988 –> 00:26:24,048
[Tom Beauregard]: you
675
00:26:24,052 –> 00:26:24,152
[paul_tyler]: are
676
00:26:24,088 –> 00:26:24,369
[Tom Beauregard]: know this
677
00:26:24,252 –> 00:26:24,533
[paul_tyler]: using
678
00:26:24,429 –> 00:26:27,519
[Tom Beauregard]: isn’t um m there’s there’s evidence
679
00:26:27,385 –> 00:26:27,565
[paul_tyler]: oh
680
00:26:27,600 –> 00:26:33,273
[Tom Beauregard]: of sales i think more importantly it’s
the way these large rokerage
681
00:26:33,375 –> 00:26:33,435
[paul_tyler]: hm
682
00:26:33,414 –> 00:26:38,364
[Tom Beauregard]: chains have have reacted this space to
say there’s a need so if i look
683
00:26:38,465 –> 00:26:43,861
[Tom Beauregard]: at whether it’s a long term care
seller or a medic care seller or an
684
00:26:43,921 –> 00:26:45,305
[Tom Beauregard]: affinity group or employer
685
00:26:44,875 –> 00:26:45,175
[paul_tyler]: oh
686
00:26:45,405 –> 00:26:52,372
[Tom Beauregard]: platform all recognize this as a need
and i think the marketing of this is
687
00:26:52,432 –> 00:26:55,843
[Tom Beauregard]: to say hey this is it’s more
than insurance we’re going to provide you with
688
00:26:55,903 –> 00:26:56,704
[Tom Beauregard]: all kinds of planning
689
00:26:56,694 –> 00:26:56,875
[paul_tyler]: yeah
690
00:26:56,764 –> 00:27:01,543
[Tom Beauregard]: tools and support through the course of
your retirement if you need the insurance it’s
691
00:27:01,623 –> 00:27:06,186
[Tom Beauregard]: there for you and again it’s it’s
this this idea that seventy per cent of
692
00:27:06,266 –> 00:27:08,890
[Tom Beauregard]: us will um m and then
693
00:27:08,882 –> 00:27:09,082
[paul_tyler]: yeah
694
00:27:08,930 –> 00:27:10,094
[Tom Beauregard]: there are different flavors you know
695
00:27:10,224 –> 00:27:10,384
[paul_tyler]: yeah
696
00:27:10,255 –> 00:27:10,335
[Tom Beauregard]: go
697
00:27:10,405 –> 00:27:10,645
[paul_tyler]: yeah
698
00:27:10,415 –> 00:27:13,605
[Tom Beauregard]: back to if it’s just if you
want something that’s very inexpensive you buy the
699
00:27:13,645 –> 00:27:14,448
[Tom Beauregard]: indemnity product
700
00:27:14,893 –> 00:27:15,134
[laura_dinan_haber]: oh
701
00:27:15,070 –> 00:27:17,994
[Tom Beauregard]: if you want something people buy life
insurance all the time as they had
702
00:27:17,983 –> 00:27:18,243
[laura_dinan_haber]: oh
703
00:27:18,035 –> 00:27:19,277
[Tom Beauregard]: into retirement right they lose
704
00:27:19,225 –> 00:27:19,545
[paul_tyler]: oh
705
00:27:19,337 –> 00:27:23,984
[Tom Beauregard]: their group coverage they’re moving into retirement
so they buy some form of whole life
706
00:27:24,045 –> 00:27:24,465
[Tom Beauregard]: policy
707
00:27:24,232 –> 00:27:24,253
[laura_dinan_haber]: m
708
00:27:24,986 –> 00:27:25,126
[Tom Beauregard]: home
709
00:27:25,153 –> 00:27:25,376
[laura_dinan_haber]: oh
710
00:27:25,166 –> 00:27:29,574
[Tom Beauregard]: life secure is a whole life pot
see if you never tap the accelerated
711
00:27:29,605 –> 00:27:29,805
[paul_tyler]: oh
712
00:27:29,634 –> 00:27:34,922
[Tom Beauregard]: benefits then your estate gets a pay
up i don’t think it’s i don’t think
713
00:27:34,963 –> 00:27:40,753
[Tom Beauregard]: it’s a difficult sale given sort of
the platforms that both of these products are
714
00:27:40,874 –> 00:27:41,797
[Tom Beauregard]: on and the price points
715
00:27:41,605 –> 00:27:41,825
[paul_tyler]: yeah
716
00:27:51,964 –> 00:27:52,104
[paul_tyler]: yeah
717
00:27:53,841 –> 00:27:55,648
[Tom Beauregard]: i would say focus first on the
problem
718
00:27:55,585 –> 00:27:55,765
[paul_tyler]: oh
719
00:27:55,869 –> 00:28:05,285
[Tom Beauregard]: you really understand the population um and
that data points that exist to kind of
720
00:28:05,345 –> 00:28:06,748
[Tom Beauregard]: support your development efforts
721
00:28:06,583 –> 00:28:07,805
[paul_tyler]: ye oh
722
00:28:07,830 –> 00:28:13,607
[Tom Beauregard]: and then second yes for one but
just be terrifically careful and persistent as you
723
00:28:13,647 –> 00:28:13,968
[Tom Beauregard]: design
724
00:28:16,555 –> 00:28:16,775
[paul_tyler]: oh
725
00:28:27,065 –> 00:28:27,305
[ramsey_d_smith]: oh
726
00:28:28,474 –> 00:28:28,555
[paul_tyler]: ah
727
00:28:29,534 –> 00:28:29,675
[ramsey_d_smith]: yeah
728
00:28:32,962 –> 00:28:34,845
[paul_tyler]: ramsey what do you think i mean
we’ve had
729
00:28:34,680 –> 00:28:34,968
[Tom Beauregard]: oh
730
00:28:36,408 –> 00:28:38,211
[paul_tyler]: you actually a really interesting question
731
00:28:38,011 –> 00:28:38,173
[Tom Beauregard]: yeah
732
00:28:38,251 –> 00:28:41,436
[paul_tyler]: which is who’s this for use his
and went
733
00:28:41,416 –> 00:28:41,517
[ramsey_d_smith]: so
734
00:28:41,556 –> 00:28:41,576
[paul_tyler]: i
735
00:28:41,597 –> 00:28:41,637
[ramsey_d_smith]: i
736
00:28:41,616 –> 00:28:41,696
[paul_tyler]: mean
737
00:28:41,697 –> 00:28:41,857
[ramsey_d_smith]: think
738
00:28:41,736 –> 00:28:41,877
[paul_tyler]: you’re
739
00:28:41,917 –> 00:28:42,058
[ramsey_d_smith]: that
740
00:28:41,977 –> 00:28:43,680
[paul_tyler]: selling something far out in advance
741
00:28:43,640 –> 00:28:43,841
[ramsey_d_smith]: i think
742
00:28:43,800 –> 00:28:44,020
[paul_tyler]: i mean
743
00:28:43,901 –> 00:28:46,125
[ramsey_d_smith]: it’s i think it’s i think it’s
very important
744
00:28:45,843 –> 00:28:46,304
[paul_tyler]: how would you
745
00:28:46,285 –> 00:28:46,986
[ramsey_d_smith]: and one of the things
746
00:28:46,985 –> 00:28:47,125
[paul_tyler]: sort
747
00:28:47,066 –> 00:28:47,207
[ramsey_d_smith]: that
748
00:28:47,166 –> 00:28:47,206
[paul_tyler]: of
749
00:28:47,407 –> 00:28:47,828
[ramsey_d_smith]: that tom
750
00:28:47,726 –> 00:28:47,867
[paul_tyler]: this
751
00:28:47,968 –> 00:28:48,148
[ramsey_d_smith]: said
752
00:28:48,327 –> 00:28:48,448
[paul_tyler]: to
753
00:28:49,030 –> 00:28:50,573
[ramsey_d_smith]: early on of the discussion was that
754
00:28:50,411 –> 00:28:51,813
[paul_tyler]: landscape of retirement
755
00:28:51,765 –> 00:28:51,945
[ramsey_d_smith]: this
756
00:28:51,833 –> 00:28:52,074
[paul_tyler]: issues
757
00:28:52,025 –> 00:28:52,145
[ramsey_d_smith]: can
758
00:28:52,114 –> 00:28:52,214
[paul_tyler]: that
759
00:28:52,245 –> 00:28:52,346
[ramsey_d_smith]: be
760
00:28:52,334 –> 00:28:52,534
[paul_tyler]: envie
761
00:28:52,506 –> 00:28:52,526
[ramsey_d_smith]: a
762
00:28:52,835 –> 00:28:52,855
[paul_tyler]: i
763
00:28:52,867 –> 00:28:52,987
[ramsey_d_smith]: this
764
00:28:52,935 –> 00:28:53,095
[paul_tyler]: should
765
00:28:53,047 –> 00:28:53,287
[ramsey_d_smith]: can be
766
00:28:53,296 –> 00:28:53,456
[paul_tyler]: should
767
00:28:53,347 –> 00:28:53,808
[ramsey_d_smith]: an event
768
00:28:53,496 –> 00:28:54,297
[paul_tyler]: think through it was just
769
00:28:54,409 –> 00:28:55,731
[ramsey_d_smith]: that typically happens
770
00:28:55,680 –> 00:28:55,880
[paul_tyler]: top
771
00:28:55,811 –> 00:28:55,932
[ramsey_d_smith]: sort
772
00:28:55,960 –> 00:28:56,201
[paul_tyler]: middle
773
00:28:55,972 –> 00:28:56,933
[ramsey_d_smith]: of towards
774
00:28:57,002 –> 00:28:57,122
[paul_tyler]: and
775
00:28:57,294 –> 00:28:57,374
[ramsey_d_smith]: the
776
00:28:57,302 –> 00:28:57,523
[paul_tyler]: yeah
777
00:28:57,454 –> 00:29:03,665
[ramsey_d_smith]: end of life if things work out
as planned that can be you know meaningfully
778
00:29:03,745 –> 00:29:04,386
[ramsey_d_smith]: impactful and
779
00:29:04,555 –> 00:29:04,816
[paul_tyler]: oh
780
00:29:04,666 –> 00:29:08,312
[ramsey_d_smith]: and we talk about personal experiences so
i’ve had i’ve had relatives who
781
00:29:08,395 –> 00:29:08,655
[paul_tyler]: yeah
782
00:29:09,134 –> 00:29:16,547
[ramsey_d_smith]: saved deciduously their entire lives and then
and really through fairly linke retirement but then
783
00:29:16,608 –> 00:29:19,225
[ramsey_d_smith]: it only took a year or two
sort of
784
00:29:19,216 –> 00:29:19,376
[paul_tyler]: ah
785
00:29:19,586 –> 00:29:24,374
[ramsey_d_smith]: wipe out all their savings because they
ended up going into a
786
00:29:24,595 –> 00:29:24,835
[paul_tyler]: yeah
787
00:29:24,834 –> 00:29:29,622
[ramsey_d_smith]: into a nursing home so it’s a
it’s it’s it’s something that it’s something that’s
788
00:29:29,663 –> 00:29:34,128
[ramsey_d_smith]: not always entirely under so until you
actually you actually experience it so that’s why
789
00:29:34,168 –> 00:29:36,292
[ramsey_d_smith]: i think it is i think it’s
a topic that
790
00:29:36,374 –> 00:29:36,574
[paul_tyler]: yeah
791
00:29:36,432 –> 00:29:36,813
[ramsey_d_smith]: financial
792
00:29:36,595 –> 00:29:36,915
[paul_tyler]: yeah
793
00:29:36,873 –> 00:29:43,984
[ramsey_d_smith]: advisors should incorporate into their in their
discussion about the arc of the arc of
794
00:29:44,045 –> 00:29:47,791
[ramsey_d_smith]: retirement and then the other the other
piece i think this is important that’s why
795
00:29:47,851 –> 00:29:48,692
[ramsey_d_smith]: i asked the question earlier
796
00:29:48,474 –> 00:29:48,795
[paul_tyler]: yeah yeah
797
00:29:48,732 –> 00:29:53,060
[ramsey_d_smith]: time about who the who the targe
audience is i think it’s i think it’s
798
00:29:53,180 –> 00:29:54,622
[ramsey_d_smith]: it’s certainly it’s
799
00:29:54,524 –> 00:29:54,744
[paul_tyler]: yeah
800
00:29:54,642 –> 00:29:59,410
[ramsey_d_smith]: a combination like sometimes it’s it’s the
it’s the particular beneficiary often it’s family
801
00:29:59,724 –> 00:30:00,415
[paul_tyler]: yeah yeah
802
00:30:00,211 –> 00:30:03,898
[ramsey_d_smith]: they all play a role and it’s
it’s different from one family to the next
803
00:30:03,761 –> 00:30:03,921
[Tom Beauregard]: yeah
804
00:30:04,559 –> 00:30:05,280
[ramsey_d_smith]: we spent a lot of time
805
00:30:05,455 –> 00:30:05,755
[paul_tyler]: yeah
806
00:30:05,540 –> 00:30:07,524
[ramsey_d_smith]: on this show talking about the sandwich
generation we’ve
807
00:30:07,389 –> 00:30:07,530
[Tom Beauregard]: yeah
808
00:30:07,564 –> 00:30:10,028
[ramsey_d_smith]: had a few different guests come on
and talk about that
809
00:30:10,301 –> 00:30:11,010
[Tom Beauregard]: yeah
810
00:30:10,348 –> 00:30:11,911
[ramsey_d_smith]: and you know i think for
811
00:30:12,474 –> 00:30:12,595
[paul_tyler]: yeah
812
00:30:12,612 –> 00:30:15,597
[ramsey_d_smith]: you know for a lot of people
that are in that place where they’re
813
00:30:15,865 –> 00:30:16,165
[paul_tyler]: oh
814
00:30:16,078 –> 00:30:20,065
[ramsey_d_smith]: they’re still late in their career and
they’ve got kids and they’ve got parents that
815
00:30:20,250 –> 00:30:20,493
[Tom Beauregard]: oh
816
00:30:20,766 –> 00:30:22,288
[ramsey_d_smith]: this is an important is an important
817
00:30:22,170 –> 00:30:22,800
[Tom Beauregard]: ah
818
00:30:22,328 –> 00:30:26,215
[ramsey_d_smith]: consideration so now i think this is
i think this is a critical you
819
00:30:26,305 –> 00:30:26,565
[paul_tyler]: oh
820
00:30:26,817 –> 00:30:28,581
[ramsey_d_smith]: and and i think that
821
00:30:28,500 –> 00:30:28,683
[Tom Beauregard]: oh
822
00:30:29,845 –> 00:30:32,572
[ramsey_d_smith]: it’s worth while to focus from the
financial services industry
823
00:30:33,190 –> 00:30:35,296
[Tom Beauregard]: there’s there’s a data point out there
that says that
824
00:30:36,056 –> 00:30:36,377
[laura_dinan_haber]: tom what’s
825
00:30:36,595 –> 00:30:38,659
[paul_tyler]: oh
826
00:30:36,637 –> 00:30:36,938
[laura_dinan_haber]: one piece
827
00:30:36,815 –> 00:30:37,076
[ramsey_d_smith]: oh
828
00:30:36,978 –> 00:30:37,539
[laura_dinan_haber]: of advice you’d
829
00:30:37,511 –> 00:30:37,532
[Tom Beauregard]: a
830
00:30:37,599 –> 00:30:37,760
[laura_dinan_haber]: give
831
00:30:37,633 –> 00:30:39,880
[Tom Beauregard]: family member who’s over
832
00:30:39,785 –> 00:30:40,025
[laura_dinan_haber]: hard up
833
00:30:40,001 –> 00:30:40,161
[Tom Beauregard]: age
834
00:30:40,046 –> 00:30:40,226
[laura_dinan_haber]: where a
835
00:30:40,221 –> 00:30:40,461
[Tom Beauregard]: fifty
836
00:30:40,286 –> 00:30:40,547
[laura_dinan_haber]: founder
837
00:30:40,582 –> 00:30:41,483
[Tom Beauregard]: leaves the work force
838
00:30:41,290 –> 00:30:42,112
[laura_dinan_haber]: looking to break into a
839
00:30:42,104 –> 00:30:42,184
[Tom Beauregard]: to
840
00:30:42,152 –> 00:30:42,233
[laura_dinan_haber]: new
841
00:30:42,264 –> 00:30:42,425
[Tom Beauregard]: care
842
00:30:42,333 –> 00:30:42,614
[laura_dinan_haber]: space
843
00:30:42,505 –> 00:30:46,051
[Tom Beauregard]: for a loved one who’s now basically
in need and run out of money that
844
00:30:46,672 –> 00:30:47,173
[Tom Beauregard]: they forego
845
00:30:47,165 –> 00:30:47,267
[laura_dinan_haber]: ah
846
00:30:47,293 –> 00:30:47,453
[Tom Beauregard]: three
847
00:30:47,455 –> 00:30:47,796
[paul_tyler]: oh
848
00:30:47,473 –> 00:30:49,076
[Tom Beauregard]: hundred thousand dollars in
849
00:30:49,063 –> 00:30:49,283
[laura_dinan_haber]: oh
850
00:30:49,116 –> 00:30:53,900
[Tom Beauregard]: their own retirement so it becomes sort
of a psyche for families too and i’ll
851
00:30:53,940 –> 00:30:55,824
[Tom Beauregard]: also say right now to sort of
the
852
00:30:55,783 –> 00:30:56,165
[laura_dinan_haber]: oh
853
00:30:55,864 –> 00:30:57,266
[Tom Beauregard]: questions or
854
00:30:57,295 –> 00:30:57,675
[paul_tyler]: oh
855
00:30:57,406 –> 00:31:01,686
[Tom Beauregard]: average buyer right now is sixty i
mean that’s that’s what we’re seeing across both
856
00:31:01,786 –> 00:31:02,187
[Tom Beauregard]: products
857
00:31:01,903 –> 00:31:02,123
[laura_dinan_haber]: oh
858
00:31:02,889 –> 00:31:05,096
[Tom Beauregard]: and we’re seeing some outliers we’re seeing
folks in their
859
00:31:05,023 –> 00:31:05,043
[laura_dinan_haber]: m
860
00:31:05,156 –> 00:31:07,881
[Tom Beauregard]: early eighties by and i think our
youngest
861
00:31:07,645 –> 00:31:07,825
[paul_tyler]: yeah
862
00:31:07,921 –> 00:31:08,762
[Tom Beauregard]: bier is twenty three
863
00:31:09,523 –> 00:31:09,744
[laura_dinan_haber]: oh
864
00:31:09,823 –> 00:31:11,565
[Tom Beauregard]: but the average is sixty
865
00:31:11,653 –> 00:31:11,874
[laura_dinan_haber]: oh
866
00:31:11,765 –> 00:31:12,566
[Tom Beauregard]: that’s and that’s about
867
00:31:12,605 –> 00:31:12,825
[ramsey_d_smith]: yeah
868
00:31:12,606 –> 00:31:15,429
[Tom Beauregard]: the right time to really be moving
in on a product like this
869
00:31:16,663 –> 00:31:18,744
[laura_dinan_haber]: oh oh
870
00:31:19,004 –> 00:31:21,935
[ramsey_d_smith]: yeah oh
871
00:31:22,906 –> 00:31:24,388
[laura_dinan_haber]: yeah absolutely it’s one yeah of my
favorites
872
00:31:24,434 –> 00:31:24,455
[ramsey_d_smith]: m
873
00:31:24,909 –> 00:31:27,433
[laura_dinan_haber]: tom what oh is your why why
do you wake up every morning and do
874
00:31:27,493 –> 00:31:28,795
[laura_dinan_haber]: this where yo’re so passionate
875
00:31:29,760 –> 00:31:33,526
[Tom Beauregard]: it’s a great question i went i
had a personal experience i mean honestly what
876
00:31:33,567 –> 00:31:37,092
[Tom Beauregard]: i went through with my parents was
chaos and we had the economic means to
877
00:31:37,132 –> 00:31:37,433
[Tom Beauregard]: figure it
878
00:31:37,410 –> 00:31:37,591
[paul_tyler]: yeah
879
00:31:37,493 –> 00:31:39,196
[Tom Beauregard]: out but we made so many mistakes
880
00:31:39,014 –> 00:31:39,435
[paul_tyler]: i know you
881
00:31:39,436 –> 00:31:39,496
[Tom Beauregard]: we
882
00:31:39,455 –> 00:31:39,575
[paul_tyler]: will
883
00:31:39,597 –> 00:31:39,897
[Tom Beauregard]: probably
884
00:31:39,615 –> 00:31:40,678
[paul_tyler]: have a final question
885
00:31:40,518 –> 00:31:41,179
[Tom Beauregard]: institutional
886
00:31:40,758 –> 00:31:41,419
[paul_tyler]: here for
887
00:31:41,460 –> 00:31:41,622
[Tom Beauregard]: them
888
00:31:41,500 –> 00:31:41,740
[paul_tyler]: time
889
00:31:41,682 –> 00:31:44,115
[Tom Beauregard]: too quickly honestly and
890
00:31:44,095 –> 00:31:44,315
[paul_tyler]: oh
891
00:31:44,175 –> 00:31:48,613
[Tom Beauregard]: so i think about this all the
time i just think about families that don’t
892
00:31:48,673 –> 00:31:55,282
[Tom Beauregard]: have the resources that have to go
through this chaos without either the funding or
893
00:31:55,402 –> 00:31:56,345
[Tom Beauregard]: the objective
894
00:31:56,095 –> 00:31:56,435
[paul_tyler]: oh
895
00:31:56,425 –> 00:31:59,734
[Tom Beauregard]: support and so that’s to me it’s
just i think about the twenty six million
896
00:31:59,815 –> 00:32:05,413
[Tom Beauregard]: families that reside in the in the
middle right now a retirement that’s that’s what
897
00:32:05,453 –> 00:32:07,258
[Tom Beauregard]: drives me and i think it’s what
drives my entire team
898
00:32:08,014 –> 00:32:08,315
[paul_tyler]: ah oh
899
00:32:10,967 –> 00:32:13,371
[ramsey_d_smith]: so i just want to jump in
there really quickly and i think and i
900
00:32:13,411 –> 00:32:16,777
[ramsey_d_smith]: think something that is often under appreciated
is that even
901
00:32:17,275 –> 00:32:18,685
[paul_tyler]: yeah
902
00:32:17,598 –> 00:32:19,622
[ramsey_d_smith]: this is difficult even to the most
sophisticated
903
00:32:18,980 –> 00:32:19,710
[Tom Beauregard]: yeah
904
00:32:20,283 –> 00:32:21,525
[ramsey_d_smith]: among us right if you
905
00:32:21,565 –> 00:32:21,785
[paul_tyler]: oh
906
00:32:21,625 –> 00:32:27,455
[ramsey_d_smith]: are you are an insurance executive um
you know i would say you know financial
907
00:32:27,495 –> 00:32:30,179
[ramsey_d_smith]: advisors even people that are in this
profession it is
908
00:32:30,231 –> 00:32:30,292
[Tom Beauregard]: ah
909
00:32:30,260 –> 00:32:31,041
[ramsey_d_smith]: hard for them
910
00:32:31,184 –> 00:32:32,136
[paul_tyler]: h yeah
911
00:32:32,002 –> 00:32:32,123
[ramsey_d_smith]: so
912
00:32:32,517 –> 00:32:32,817
[paul_tyler]: all right
913
00:32:32,704 –> 00:32:33,585
[ramsey_d_smith]: i think body
914
00:32:33,559 –> 00:32:33,699
[paul_tyler]: yeah
915
00:32:33,906 –> 00:32:36,292
[ramsey_d_smith]: everybody every consumer should feel
916
00:32:36,175 –> 00:32:36,555
[paul_tyler]: yeah
917
00:32:36,673 –> 00:32:40,201
[ramsey_d_smith]: well within their rights to feel like
they need a hand on this because
918
00:32:40,220 –> 00:32:40,423
[Tom Beauregard]: hundred
919
00:32:40,241 –> 00:32:40,482
[ramsey_d_smith]: it’s hard
920
00:32:40,463 –> 00:32:40,726
[Tom Beauregard]: percent
921
00:32:40,522 –> 00:32:40,983
[ramsey_d_smith]: for everybody
922
00:32:41,252 –> 00:32:41,940
[Tom Beauregard]: yeah
923
00:32:48,014 –> 00:32:48,154
[paul_tyler]: yeah
924
00:32:59,974 –> 00:33:05,089
[paul_tyler]: yeah oh yeah
925
00:33:04,740 –> 00:33:04,760
[Tom Beauregard]: m
926
00:33:05,750 –> 00:33:08,034
[paul_tyler]: yeah and and you also
927
00:33:07,951 –> 00:33:08,133
[Tom Beauregard]: that’s
928
00:33:08,074 –> 00:33:08,314
[paul_tyler]: think it’s
929
00:33:08,254 –> 00:33:08,517
[Tom Beauregard]: that’s a
930
00:33:08,515 –> 00:33:08,535
[paul_tyler]: a
931
00:33:08,558 –> 00:33:08,720
[Tom Beauregard]: great
932
00:33:08,615 –> 00:33:08,815
[paul_tyler]: great
933
00:33:08,780 –> 00:33:09,003
[Tom Beauregard]: point
934
00:33:08,855 –> 00:33:10,779
[paul_tyler]: conversation for advisors
935
00:33:10,680 –> 00:33:11,622
[Tom Beauregard]: and the final point i’ll make
936
00:33:11,620 –> 00:33:11,720
[paul_tyler]: who
937
00:33:11,682 –> 00:33:12,162
[Tom Beauregard]: on this theme
938
00:33:12,121 –> 00:33:12,241
[paul_tyler]: are
939
00:33:12,223 –> 00:33:13,224
[Tom Beauregard]: is that nobody
940
00:33:13,162 –> 00:33:13,343
[paul_tyler]: maybe
941
00:33:13,264 –> 00:33:14,126
[Tom Beauregard]: wants to burden their kids
942
00:33:14,024 –> 00:33:14,304
[paul_tyler]: as
943
00:33:14,146 –> 00:33:14,727
[Tom Beauregard]: with this either
944
00:33:14,665 –> 00:33:15,026
[paul_tyler]: who are
945
00:33:15,067 –> 00:33:15,188
[Tom Beauregard]: it’s
946
00:33:15,106 –> 00:33:15,446
[paul_tyler]: looking
947
00:33:15,248 –> 00:33:15,388
[Tom Beauregard]: like
948
00:33:15,647 –> 00:33:15,727
[paul_tyler]: at
949
00:33:15,668 –> 00:33:15,748
[Tom Beauregard]: you
950
00:33:15,767 –> 00:33:15,887
[paul_tyler]: the
951
00:33:15,789 –> 00:33:15,889
[Tom Beauregard]: know
952
00:33:16,288 –> 00:33:16,608
[paul_tyler]: they’ve been
953
00:33:16,550 –> 00:33:16,690
[Tom Beauregard]: it’s
954
00:33:16,648 –> 00:33:17,009
[paul_tyler]: managing
955
00:33:16,770 –> 00:33:17,251
[Tom Beauregard]: but but
956
00:33:17,229 –> 00:33:17,309
[paul_tyler]: the
957
00:33:17,311 –> 00:33:17,411
[Tom Beauregard]: it’s
958
00:33:17,370 –> 00:33:17,530
[paul_tyler]: money
959
00:33:17,471 –> 00:33:18,072
[Tom Beauregard]: what happens
960
00:33:18,011 –> 00:33:18,311
[paul_tyler]: clint but
961
00:33:18,273 –> 00:33:18,353
[Tom Beauregard]: you
962
00:33:18,331 –> 00:33:18,511
[paul_tyler]: they’ve
963
00:33:18,393 –> 00:33:18,493
[Tom Beauregard]: know
964
00:33:18,551 –> 00:33:19,092
[paul_tyler]: got kids
965
00:33:19,154 –> 00:33:19,354
[Tom Beauregard]: people
966
00:33:19,333 –> 00:33:19,453
[paul_tyler]: who
967
00:33:19,435 –> 00:33:19,595
[Tom Beauregard]: don’t
968
00:33:19,553 –> 00:33:19,653
[paul_tyler]: are
969
00:33:19,635 –> 00:33:20,376
[Tom Beauregard]: communicate if
970
00:33:20,435 –> 00:33:20,655
[paul_tyler]: older
971
00:33:20,436 –> 00:33:20,797
[Tom Beauregard]: they don’t
972
00:33:20,735 –> 00:33:21,056
[paul_tyler]: kids
973
00:33:20,837 –> 00:33:21,558
[Tom Beauregard]: have their documents
974
00:33:21,597 –> 00:33:21,757
[paul_tyler]: this
975
00:33:21,638 –> 00:33:21,959
[Tom Beauregard]: together
976
00:33:21,797 –> 00:33:22,298
[paul_tyler]: may be a great
977
00:33:22,119 –> 00:33:22,239
[Tom Beauregard]: they
978
00:33:22,358 –> 00:33:22,478
[paul_tyler]: way
979
00:33:22,461 –> 00:33:22,542
[Tom Beauregard]: and
980
00:33:22,538 –> 00:33:22,598
[paul_tyler]: to
981
00:33:22,603 –> 00:33:22,745
[Tom Beauregard]: have
982
00:33:22,658 –> 00:33:22,779
[paul_tyler]: sort
983
00:33:22,826 –> 00:33:23,192
[Tom Beauregard]: funding
984
00:33:22,859 –> 00:33:23,981
[paul_tyler]: of create a relationship
985
00:33:23,990 –> 00:33:24,050
[Tom Beauregard]: and
986
00:33:24,041 –> 00:33:24,501
[paul_tyler]: with with
987
00:33:24,594 –> 00:33:24,694
[Tom Beauregard]: then
988
00:33:24,622 –> 00:33:24,702
[paul_tyler]: the
989
00:33:24,735 –> 00:33:25,016
[Tom Beauregard]: the kids
990
00:33:24,902 –> 00:33:25,082
[paul_tyler]: sort of
991
00:33:25,077 –> 00:33:25,238
[Tom Beauregard]: have
992
00:33:25,122 –> 00:33:25,383
[paul_tyler]: the next
993
00:33:25,298 –> 00:33:25,580
[Tom Beauregard]: to step
994
00:33:25,463 –> 00:33:25,984
[paul_tyler]: generation
995
00:33:25,701 –> 00:33:26,385
[Tom Beauregard]: in and that’s
996
00:33:26,725 –> 00:33:26,945
[paul_tyler]: keeps
997
00:33:27,301 –> 00:33:27,483
[Tom Beauregard]: that’s
998
00:33:27,346 –> 00:33:27,707
[paul_tyler]: assets
999
00:33:27,524 –> 00:33:28,353
[Tom Beauregard]: a that’s a tough ending
1000
00:33:28,428 –> 00:33:36,341
[paul_tyler]: under management with a with a team
so i think yeah yeah
1001
00:33:40,914 –> 00:33:40,994
[paul_tyler]: no
1002
00:33:44,070 –> 00:33:48,916
[Tom Beauregard]: i think it’s just h c g
secure dot com and vote hair from folks
1003
00:33:52,433 –> 00:34:01,066
[paul_tyler]: yeah yeah we time thanks for your
time great to have you on our show
1004
00:34:01,587 –> 00:34:05,533
[paul_tyler]: for a couple of different reasons as
we mentioned where’s he best way for people
1005
00:34:05,874 –> 00:34:09,638
[paul_tyler]: to learn or about c g or
reach out and get in touch with you
1006
00:34:11,675 –> 00:34:11,896
[ramsey_d_smith]: yeah
1007
00:34:12,380 –> 00:34:12,645
[Tom Beauregard]: thank you
1008
00:34:14,913 –> 00:34:15,095
[ramsey_d_smith]: yeah
1009
00:34:17,018 –> 00:34:23,048
[paul_tyler]: excellent all right listen ramsey thank you
laura for coming back and for all of
1010
00:34:23,108 –> 00:34:27,355
[paul_tyler]: the listeners keep the feedback coming love
the text to the messages on link and
1011
00:34:28,136 –> 00:34:32,103
[paul_tyler]: we listen and we try to get
the people on your best to us so
1012
00:34:32,704 –> 00:34:39,537
[paul_tyler]: join us again next week for another
episode that annuity show thanks everyone oh
The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.
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