Hello, team! How was everyone’s off-season? This is a loaded question, of course; we know that there is no such thing as an off-season when you are a sales leader. It’s just that with the Major League Baseball season now upon us (Go Rockies! Yes, I am from Colorado.), it got me thinking about how we can “pitch” long-term care insurance to existing clients. Here are three methods to consider.
1. Incorporate LTC planning into your estate planning review.
One of my favorite approaches is to talk about long-term care while I’m taking inventory of an existing client’s estate plan. This is a natural time to talk with your clients about the need to include a long-term care insurance policy in addition to a life insurance plan. Most traditional estate plans are set up to save taxes upon one’s death; however, it is extremely important to plan for old age as well as for death. Good estate planning is not always good later-life planning unless you include a long-term care insurance policy. Without an LTC policy you could lose everything before you actually die due to health care costs. The national average of just one year in a nursing home can cost nearly $100,000 a year.
2. Talk to business owners.
Another time I like to pitch long-term care insurance is while talking to business owners. Most business owners will tell you that they have key employees who are vital to their success. Naturally, they want to retain these employees. One good way to do this is to offer long-term care insurance. Remind your business owner clients that group medical health plans DO NOT protect against the risk of a long-term care event, and that LTCI can be a way to help entice their key employees to remain with the company. Adding this benefit is truly a win-win: The employee is protected from the risk of a long-term care event and, should a key employee have to care for a loved one, the business owner is protected as well. Additionally, remember that LTC insurance premiums can be deducted as a business expense. It’s kinda like pitching a no-hitter or a perfect game.