Protecting Those Who Care For Others

Women often try to find the right balance between juggling careers, spending time with family, and caring for loved ones.

With women living longer, and providing more caregiver services, they become more vulnerable to long-term care issues.

Now is the perfect time to increase your focus on existing and potential female prospects to expand your LTC Insurance business.

How You Can Help:

Women may spend their entire lives taking care of other people.  You can help them create strategies to plan for their future and help protect their retirement assets.  An LTC Insurance policy can help protect their assets and help them maintain independence in the future.

To increase your reach and help your female clients take the first step to long-term care planning, consider these scenarios:

  • Married Couples:  Husbands often need care first, leaving less assets for the wife to use for her own care.  Review your clients’ long-term goals to ensure both parties have a care plan for the future.
  • Same-Sex Couples:  Current financial planning rules can make it tricky to access a partner’s assets when care is needed.  Help your clients design a plan to share each other’s benefit dollars.
  • Widowed/Divorced:  When a woman becomes divorced or widowed and has no children, there may be no one to take care of her.  Almost 70% of women age 75 or older are widowed, divorced, or never married, compared to only about 30% of men.  Explain to your female prospects the value of Long-Term Care planning and how a policy can help them protect their future.
  • Adult Children of Aging Parents:  In helping adult children with their own LTC planning, they can purchase coverage and have access to our Caregiver Support Services Benefit, which is a great source for advice and helpful information should a long-term care event arise for an uninsured family member, especially Mom.
Reasons to Plan:
  • 60% of LTC Insurance policies are issued to women, indicating that women are acknowledging the need for care.
  • 80.6 years is the current life expectancy for women.  The current life expectancy is 75.2 years for men.
  • Over 1 million women are in nursing homes; versus only 400,000 men.
Expand Your Target Market

Look for local women’s organizations in your area and consider hosting an LTC planning seminar to educate women on the risk of not having a plan and the comfort of having one.

Contact Us

Our expert team can offer advice on discussing Long-Term Care with women and how to approach their concerns. Contact us today to learn more.

Are You Protecting Your Clients From The Rising Cost Of Long-Term Care?

While the cost of long-term care among all providers has increased, the cost of facility-based care has grown at a much greater rate than home care.

While your clients have more choices than ever before, it is vital to be aware of the associated costs in order to build a better asset protection plan.

Consider This:

We have seen long-term care costs march higher year after year.  If you live to 65, there is a 70% chance you will need some form of long-term care services, so creating a sound financial plan for managing future costs is very important.

The majority of claims are paid out for home care or for an assisted living facility, which typically costs much less than a nursing home.  The national median rate for a home health care aide is $20 per hour, with the annual five year growth being only 1.32%.

Assisted living facilities have the highest annual five year growth rate of 4.29%, with the national median rate at $3,500 per month.  A private room in a nursing home is not far behind with an annual five year growth rate of 4.19%, and the national median rate will set you back $240 per day.

As these costs continue to rise, your clients’ assets are at greater risk.  Considering the average three year claim, in 25 years, figuring on a 3% inflation rate, the average claim will reach $840,000 for a private room in a nursing home.  Are your clients prepared for that expense?

Give your LTC Sales Rep a call today to help you design a plan to protect your clients’ assets – their families will thank you for it.

LTCi – Back To The Basics

If you are new to the Long-Term Care market or you only sell a few policies a year, it is time to focus your energy on a product that has a lot of potential.  Here’s why:

People need it

LTC Insurance helps people pay for services they may need due to a prolonged illness, accident or the simple process of aging.  Without coverage, those requiring LTC services could use their entire savings to pay for one year of coverage.

People are buying it

According to the American Association for Long-Term Care Insurance, about eight million Americans own a LTC policy with new policies sold every year.  The younger the insured is, the less they pay for coverage so it is better to be prepared and get LTC coverage sooner rather than later.

Abundance of products available

There is bound to be one that suits your client’s needs.

To learn more about LTC and how to approach potential clients, contact your LTC Specialist today.

How To Dial Down Premium To Make An LTCi Policy More Affordable

The Situation

Your client understands the need for Long-Term Care Insurance (LTCi), but feels the premium is too costly – they want the policy, but can’t afford the premium.

The Sales Solution

With all the options available on LTCi products, you can help your client “dial down” the premium to fit their budget.  After all, some Long-Term Care Insurance is better than none.

You can dial down premium in a number of ways:
  • Adjust the inflation protection option.
  • Reduce the monthly benefit amount.
  • Reduce the maximum monthly benefit amount for assisted living.
  • Adjust the benefit period.
  • Adjust the elimination period.
Here’s how it works:
  • If you’re making a partnership qualified sale, the inflation protection option must meet state requirements based on the client’s age at application.  In this case, you may not be able to adjust the inflation protection option and may have to adjust the monthly benefit amount instead in order to reduce the premium.
  • If inflation protection is not a factor, look at using an inflation protection option other than 5% lifetime.  You might consider the 5% 20-year option, which provides a compounding benefit increase for the first 20 years of the policy.  You also could use a 3% or 4% lifetime option or the 5% simple option.
  • If your client feels they may not need the maximum monthly benefit for assisted living facility, they have the option to reduce that benefit by as much as 50%.
  • You also can help the client select from seven different benefit periods and six different elimination periods to help reduce the cost of the policy.
Your Competitive Advantage

Having the ability to show your client various benefit combinations allows you to tailor a policy that meets their needs while staying within their budget.  And that gives you a competitive advantage in the LTCi marketplace.

For more information contact your LTC Specialist today.

5 Conversation Starters To Help You Make The Sale

Long-Term Care Insurance is an emotional sale.  There’s a growing trend that shows many people who purchase a policy do so because they know someone who needed LTC.  They heard first-hand accounts of the importance of a caregiver, the high cost of LTC services and the impact that can have on a family.

Some people also have seen firsthand the benefits of having an LTCi policy.  They saw how it allowed a friend or loved one to choose a plan of care that fit their needs.  And they know how it protected the family.

The fact is, people buy LTCi because they love their families.

Rather than focusing your sales presentation on benefits and features of the policy, focus your conversation on how the need for LTC can impact the client’s family.

5 Conversation Starters That Can Help You Make the Sale:
  • I’d like to talk to you about living a long life and how to be prepared in order to protect your family.
  • Long-Term Care Insurance is not protection for you.  It’s protection for your family.
  • Long-Term Care is a family issue.  Do you have a plan to protect your family?
  • It’s not a question of who will take care of you.  Your family will because they love you.  Instead, it’s a question of how your family will take care of you and the impact it could have on them.
  • Long-Term Care Insurance allows your family to keep the promise they made to take care of you by providing the funds to help them do it better and longer.

Contact your Long Term Care Specialist today for more information.