The two mistakes

Q. I work with many prospects who can afford to self-insure. Do you have a close to recommend that works in those situations?

A. Many people think they can self-insure. Closing these prospects and convincing them that this insurance makes good economic sense and that self-insuring is probably not a good idea can be a challenge.

Harry Crosby, a long-term care insurance (LTCI) agent, coach and trainer, has developed a method that he calls “The Two Mistakes.”

Here is what he says to prospects who are reluctant to say yes to purchasing long-term care protection.

There are really only two mistakes you can make with long-term care.

Mistake number one: You get one of these plans. It doesn’t matter which one. You buy a plan, pay every year, live a long happy and healthy life, die in your sleep with a smile on your face and the money you paid in is…

You now pause, and many times they will answer by saying the money is gone. Right. The money you paid in is gone. Had you known that this would be the case, you would never get a policy.

Mistake number two: You stay self-insured, which is what you are doing right now. Then one or both of you need care. Not only do you pay for it yourself out of your pocket, but the rest of the burden is placed on your family.