Do you and your clients know the odds? The chances of an older adult having at least one chronic condition is 91%, and 73% have at least two!
Your clients may be under the misconception that Medicare and health insurance will cover a long term illness. However, the truth is currently neither will cover the costs related to a long term illness. So, how do you begin the conversation of life insurance with long term care and critical illness riders with your clients? Start by having them ask themselves the following 5 questions.Read More
Long Term Care
No Comments 15 Nov 2016
We've all heard the scary statistic that 50% of marriages end in divorce. While that might not be completely accurate, it's still unsettling. Life insurance and retirement plans are often big points of negotiation when it comes to dividing up a marriage, but what about Long Term Care Insurance (LTCi)?
For clients who are going through a divorce, "in sickness and in health" is now an empty promise. LTCi is vital for people who no longer have a caretaker or previous defined plan to fall back on.Read More
BSMG's Joseph Savastano addresses the shifting landscape and popularity of Long Term Care products. He touches upon client objections against LTC and how three types of solutions - Traditional LTC, Linked Benefit Products and Life insurance with LTC or Chronic Illness riders - address client needs. The presentation also includes an illustrated case example.Read More
Did you know?
Although 6 insurers saw an increase in Long Term Care (LTC) sales in 2015, overall policy sales, in this category, decreased 22.2% for a decrease of 18.3% in premium from 2014.
"The 2016 Milliman Long Term Care Insurance Survey is the eighteenth consecutive annual review of long-term care insurance (LTCI) published by Broker World magazine. It analyzes the marketplace, reports sales distributions, and details available products."
In 2015, 102,970 stand alone LTC policies were sold by sixteen carriers. These policy sales resulted in a new annualized premium of $257,097,874. This number is predicted to increase in 2016.
Use this list of suggested talking points to hit a homerun for long-term care insurance against these top 4 client objections.
Client: Long-term care coverage is too expensive.
Agent: Life Insurance with a long-term care rider can be surprisingly affordable. While the exact cost will vary based on your age, sex and other factors, the cost of adding the rider to your policy can be offset by other advantages and benefits - choice, control and flexibility.
With Thanksgiving right around the corner, stop and think about all the things you have to be thankful for as a financial advisor. One main item at the top of your list should be...
"I have a chance to help people and their families avoid financial hardship."
We know your day-to-day work is hard; it’s physically and emotionally draining, especially at this time of year but in the end, the satisfaction you get when seeing the benefits your clients reap from sound financial planning is worth it.
We challenge you to dig a bit deeper into your client conversations this holiday season and reach out to families about long-term care planning. Here are a few great resources to add to your memory bank and long term care planning arsenal.Read More
Long-term care planning is not just a decision about whether to purchase long-term care insurance. Long-term care planning is really a discussion between families, and between the family and their financial advisor, about how the client will fund this expense, what their expectations may be if they find themselves in need of long-term care, how the care will be provided and by whom.Read More
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.Read More