Q. At our agency we have found a major challenge is helping producers effectively communicate the need. How can I make the occasional LTC producers feel more comfortable mentioning this product to prospects and clients?
A. I am fortunate to be a member of an executive study group composed of people who believe in the importance of LTC insurance as much as I do. In one of our meetings, we discussed this problem. We all know that cost is a major objection, but until people understand the need, it doesn’t matter how much the policy costs – they are not going to buy.
Our solution: we developed what we called “The 10 Truths,” offering a succinct way to help agents better educate their clients and prospects about the need for this product. To make it easier to recall, they are divided into three main subject areas, and for some of them, I have provided additional talking points.
LTCI supports the family
1. LTC is about your family – not you. It affects families, not just individuals.
This protection provides the dollars so your family can get help for you – preferably at home. LTC insurance does not replace what families do. Instead, it builds on the family support and allows them to provide the care better and longer.
2. LTCI provides peace of mind to those who need long term care and to their families.
3. LTCI is a gift to your children – these funds enable them to care for an aging parent without overwhelming their lives.
The real question is not who will take care of you, but rather what impact providing that care will have on your family and finances. Children often want to care for their parents, but many will find the job beyond their capabilities. How will your planning – or lack thereof – affect your family?
4. LTCI allows you to leave a legacy by protecting your children’s inheritance.
LTCI can enhance your retirement plans
5. Long term care is expensive, so paying for it on your own out of income or assets poses a serious threat to your retirement and financial plans.