BSMG Blog: Protecting the Future of Families and Businesses

How To Have Long Term Care Conversations That Lead to Sales

Posted by BSMG on 4 Nov 2015

Can your clients realistically protect their retirement assets and income while covering long-term care costs?

Planning for long term care expenses plays an important role in wealth protection. We have spoken with many advisors who have been successful with fulfilling their clients need for long term care. The key to their success has come from addressing an individual's unique needs and concerns, rather than simply discussing the overarching - and sometimes overwhelming - topic of LTC.

Here, we present brief snapshots of the types of individuals who should be considering LTC coverage and the concerns advisors can address with them in order to have meaningful conversations that lead to LTC sales.

Read: 4 Ways to Talk About Long-Term Care

Client Snapshots

Single Females

  • Divorced, widowed, or never married
  • Concern: being alone in their retirement years

Ultra-High Net Worth Individuals (HNWI)

  • Can easily afford to pay LTC expenses
  • Concern: which assets to sell if they needed care

Empty Nesters

  • No longer need income replacement
  • Concern: financial security in retirement

Second-Marriage Spouses

  • May have accumulated assets from previous marriage
  • Concern: spousal assets and divorce, conflict of interest and/or tension with children from previous marriage

Wealthy Parents or Children

  • Want to protect their loved ones
  • Concern: long-term care expenses

Business Owners

  • Need competitive benefit packages
  • Concern: key employee retention

Boomers Who Care for Aging Parents

  • Aware of long-term care costs
  • Concern: rising LTC expenses and their future

Domestic Partners

  • Discrimination and changing laws
  • Concern: preparing for uncertainty

Specialized Focuses

  • Doctors — aware of the need for LTC planning
  • Expatriates — may want to retire in the U.S.
  • Parents of a special needs child — concern for their child’s future

LTC Conversation Guide - Download Your Copy

Addressing the specific concerns these clients have will help to improve your close rate, build relationships and secure your clients assets in retirement. Try it for yourself and share your success stories with us! If you're already putting this strategy into practice let us know how it's working for you. 

Topics: Long Term Care, LTC

Recent Posts