Ask any long term care insurance policyholder why they purchased a policy, and you’ll most commonly hear, “To protect my loved ones or children.”
And sure – the coverage will protect retirement assets and provide options for care. However, the underlying reason people buy LTCI is because they love somebody.
Any seasoned LTCI veteran will tell you that selling this particular product means making an extremely emotional sale. To successfully sell LTCI, we as agents and advisors must ask our clients difficult questions when discussing extended health care. It’s imperative that you get your clients talking about their experiences with long term care and caregiving. Only after you’ve learned about these experiences should you bring up the topic of insurance.
When it becomes time to discuss funding options for long term care arises, start at the back end of LTCI. For instance, many agents and advisors begin talking about LTCI using such terms as “daily benefit” and “inflation rider”; however, after the thought-provoking and emotional conversation you just had with your client, these types of insurance terms can derail the sales process.
Instead, transition the conversation by first talking about the intangible benefits of LTCI – and one of the product’s biggest benefits is care coordination, or caregiver support services, provided to family members.