Cross Selling Long-Term Care Insurance

There are numerous people you know that need Long-Term Care Insurance, many of them include your current clients.  Perhaps you have already sold them a Life Insurance Policy, yet how do you get them interested in LTC?

Cross Selling can be difficult, yet when you present your client with information about LTC, they should understand the benefit of protecting themselves when they may need it.

Begin by talking about the consequences of living a long life will have on their family – and offer to put together a plan to protect them from the biggest risk they face after retirement – one that must be protected with Long-Term Care Insurance.

Once the conversation is going, a few good questions to ask include:
  • What percentage of your retirement assets have you set aside to pay for Long-Term Care services?
  • Are you concerned about the impact a chronic illness would have on your retirement savings?
  • If it were necessary to increase your spending by $3,000 or $4,000 a month to pay for LTC services, would that concern you?

To learn more about incorporating Long-Term Care into your product portfolio, or if you need more prospecting tips, contact your LTC Specialist today!

What Demographic Is Seeing An Upswing In LTCi Sales? The Answer May Surprise You.

Although people that are approaching retirement age are great candidates for Long-Term Care Insurance, there is a rising trend in younger people purchasing a policy to protect their future.

According to the American Association for Long-Term Care Insurance, 26% of LTCi policies are sold to people age 45 to 54.

So what is prompting the younger generation to purchase something they may not use for 20 or 30 years?

Personal Experience

Many people who purchase LTCi policies understand the importance of having coverage because they are currently taking care of their aging parents while trying to raise their own families.  These people know the benefits of LTCi and don’t want to put the burden of being a caregiver on their own children.

Cost of Premium

The premium for LTCi is based off the applicant’s age.  This means that the younger they purchase a policy, the less they will pay.  Although they may pay for a longer period of time, it is generally less expensive than waiting to buy.

Future Insurability

Younger buyers know that if their health were to change tomorrow they may not be able to purchase LTCi at any price. Buying the policy while young and in good health not only eliminates the concern about future insurability, it may cost less considering younger people have a better chance of qualifying for good health discounts.

The next time you are looking for prospects for LTCi, be sure to consider people in their 40s and 50s.

If you would like more information about prospecting for LTCi, contact your Long-Term Care Specialist today.

Tell A Story – Sell LTC

Getting your clients to talk about Long-Term Care can be very challenging.  Many clients don’t believe that it will happen to them.  They are under the impression they will not be among the 70% of Americans who need LTC at some point in their life.

So how do you get people interested and talking?  The answer is simple, tell a story.

Here are some tips on storytelling to get people interested in LTC:
  • Talk about your own experiences – this adds personal and emotional value
  • Use stories from others – discuss their challenges and how they overcame them
  • Express your emotions – explain how the situation made you feel, or how others felt
  • Make sure it is relevant to your audience – if a potential client doesn’t have children, do not talk about how difficult an LTC situation is on the kids
  • Don’t try too hard – people know when you are lying just to get a sale
  • Keep it positive – don’t scare prospective clients with horror stories, educate them on the benefits of LTC
  • Short and sweet is key – keep your clients interested by only focusing on important details
  • Encourage discussion – ask questions and open up the dialogue to get potential clients involved and let them share their stories

The main goal of storytelling is to get prospective clients to visualize themselves needing LTC at some point, how great they will be taken care of, and how costs will be covered.

For more information please contact your LTC Specialist today!

Home Is Where The Heart (And Sale) Is

When you approach clients about Long-Term Care Insurance, be sure to ask where and how they would like to receive care should the need arise some day.  Chances are, they’ll want to stay at home.

65% of long-term care is provided in the home – either in the home of the person receiving care or at a family member’s home.

Many people visualize long-term care as uprooting to a nursing facility – but plans allow for 100% of the benefits to be paid at home, allowing clients to stay with loved ones in an environment they’re used to.

Highlight the home care benefits that are automatically included in the coverage

Doing so is a smart and effective way to show you are listening and are able to provide solutions that fit their needs.

If your clients are like most people, they find it hard to imagine moving out of the comfort of their own house for help with daily living activities like bathing, getting dressed, and eating.  By emphasizing these at-home benefits, you’ll appeal to your clients’ desire to maintain their independence and quality of life, while increasing your potential for a successful sale.

We’re here to help you design a plan that is both affordable and the best solution for your clients’ needs – contact your LTCi Sales Rep for guidance.

The A-B-C’s Of The Cash Benefit

Everyone knows what cash can do.  Use this simple concept to demonstrate the value of purchasing a Long-Term Care policy that includes a built-in cash benefit.

Take out a piece of paper and write on it vertically: A, B, C.

A is for Assets

When the need for Long-Term Care first arises, many people worry they may not have assets available to pay for care they need.  This is especially true for people who may have to liquidate assets like stocks, CDs or even property to pay for their care.

B is for Burden

Families typically step in to help a loved one who needs Long-Term Care.  But that may be difficult for adult children who have their own family and career responsibilities.  If your clients are like most people, the last thing they want to do is to become a burden to their family.

C is for Choices

A Long-Term Care Insurance policy that offers a cash benefit can help someone receive care in the comfort of their own home.

The cash can be used however its needed most.  Whether it’s to pay for an airline ticket or a tank of gas so a child can help out or for housekeeping or meal delivery services.

With one of our strategic carrier providers, the cash is available to you on day one.  That means when you become eligible for benefits under your policy, there’s no waiting period to qualify for cash.  This is something you won’t find from other insurance companies.

In addition, should your client need a higher level of care someday, they always have the choice to switch from the cash benefit to a traditional reimbursement benefit, which reimburses for the actual Long-Term Care services expenses incurred.

For more information about this sales idea, contact your LTC Specialist today.