Selling Annuities In Tandem With LTC Insurance
Many long term care insurance producers insist the only way to sell the product is to sell it and it alone. But, there are those who feel it can be advantageous to both producer and client to sell other products as well.
For instance, there is a “powerful connection between annuities and LTC insurance,” says Celeste Cobb, vice president, Long-Term Care Group. She works in the Westport, Conn., office of MetLife.
“Both are all about planning for longevity. Annuities are designed to help people not outlive their money and LTC is the same discussion,” she says. “Its about preventing you from being in a situation where the care you desire will not be affordable.”
Because of this connection, “within MetLife there is a lot of work being done connecting the two. MetLife has some very strong producers in the annuities marketplace, so were making that connection for them,” Cobb says.
At companies where agents are trained to sell all the companys products, it is often left up to the agent how to handle selling both annuities and LTC insurance.
“Our agents send flyers about what they sell,” notes Wendy Short, with State Farm Mutual Automobile Insurance Company, Bloomington, Ind. “If there is a new customer, the agents bring it up with the customer. We kind of leave it up to the agent how they want to handle” selling both annuities and LTC insurance.