Long Term Care and Disability Insurance

Overcoming objections in a LTC sale

Presented by Tim Dreher In my many years of working with Long Term Care insurance, I’m pretty confident that I’ve heard just about every objection there is to hear. Over the next several blog posts, I will focus on what I believe are the three most common objections. The first objection: “I don’t need Long Term Care insurance. My family will take care of me.” I’m sure that most people assume that their family will help take care of them should they find themselves in a long term care situation. In most cases their assumptions are probably correct, at least for a short time. However, I’m also fairly sure that most people haven’t given much thought as to how a long term care situation can, and in most cases, does negatively affect the spouse, children, or other family members providing the care. You, as their advisor, need to discuss the potential physical, financial, and emotional toll that many caregivers suffer. Over half of all caregivers today are the adult children of the care recipient with families, careers, and responsibilities of their own. I have seen caregivers put their careers on hold by taking time off from their job or even quit their job in order to take care of a spouse or parent. Studies have shown that the typical caregiver misses an average of 7 hours of work per week caring for a family member and last year, 77% of all working caregivers missed at least some work time. Many caregivers themselves become sick due to the stress and exhaustion that can come with being a caregiver. Of caregivers surveyed, 43% felt that caring for a family member had negatively affected their emotional and physical health and well-being. Additionally, 55% said that they felt that they were not qualified to provide the necessary level of care needed. They also felt guilty about taking time away from their own spouse and children to be a caregiver to a parent or other family member. Many caregivers also suffer financially when they find it necessary to dip into their own savings and or retirement funds to help pay for care, not to mention the lost wages for taking time away from work to provide care to a loved one. Of course most people hope that their spouse, children, or other family member will help take care of them if they should find themselves in a long term care situation. It is your job, as their advisor, to show them that a Long Term Care insurance policy will help the family to take care of them better and longer, and without the extremely high levels of emotional, physical, and financial stress that many times go hand-in-hand when a family member needs care.
Long Term Care and Disability Insurance

How to Choose a Long Term Care Carrier

Presented by Michelle Daharsh When it comes to selecting an LTCi carrier today, you certainly have lots of choices. Most carriers offer a basic foundation of benefits that look fairly similar from company to company, so how do you make a choice and recommendation to your prospect? Here are three characteristics to consider when making that choice: 1. Contemporary, Innovative Products Look at carriers that offer competitive features that set them apart from the competition. Features like cash benefits, streamlined underwriting, calendar day elimination period, and waiver of elimination period for home care claims are just a few of the many and important options available. 2. Competitive Pricing Do your research and find the products that are competitively priced. Age, health and whether the prospect has a spouse or partner all become critical information in your selection for a recommendation to your prospect. Providing your prospect with the best products for the best value is critically important. Each carrier has their own “sweet spot”. Some examples of “sweet spots” can be competitive pricing at certain ages, partner allowances, multiple inflation options, and underwriting risk. 3. Financial Strength and Stability In the past it wasn’t much of a factor what the ratings of a carrier were. We have fewer carriers now in the market and the rate instability has shown that carrier strength is very important. Working and placing your prospects’ business with a financially strong carrier becomes even more important. Carriers with a history of remaining competitive, stable and secure even in tough economic times will most likely prove that they are able to meet the needs of your prospect in the future. Also, look for carriers that maintain high ratings from industry rating organizations. So whether it is the competitive pricing of a product or the financial strength of a carrier, Financial Brokerage is equipped to provide you with the resources and knowledge you need in making the best decision with your prospect and their long term care insurance coverage.
Life Insurance

Simple

Presented by Gary Peterson Let’s get back to making life insurance simple.  You can now submit term insurance for $500,000 or less and potentially get Preferred Plus rates for your clients without any medicals.  We have three carriers that will look at your clients’ information and possibly issue policies in 5-7 days at the best rate available for their situation.  Give us a call at 800-397-9999 to learn just how simple this process can be – for both you and your clients!
Long Term Care and Disability Insurance

Short Term Care Might Just Be The Answer You…

Presented by Michelle Daharsh Short Term Care . . . why you and your clients should consider it. If you understand the need for Long Term Care insurance but find the premiums are too expensive, your client can’t make it through underwriting or they are over the age of 79, then a conversation about Short Term Care with that client may be the answer you are looking for. Short Term Care is limited in its scope of coverage but will cover the majority of all nursing home stays at a price that is much more affordable than Long Term Care insurance. Also, the coverage, though short, does provide a degree of protection from the depletion of your client’s assets. Consider some of the benefits: Issue ages: 18-85 Daily Benefits: $20-$300 Benefit periods: 180 or 360 days with a 20 day Elimination period Restoration of Benefits Full Benefits paid for Alzheimer’s Disease and many more Short Term Care coverage is an affordable approach to providing limited coverage towards the high cost of nursing home care for your clients. For more information and pricing on this product, please contact us at Financial Brokerage at 800-397-9999.
Life Insurance

Level Term Rates with Up-To Lifetime Coverage

Presented by Jim Linn We receive several calls a day requesting quotes on clients that are 60+ years old.  Typically the agent is requesting the maximum term length for the least amount of premium.  In working with someone 60+ years of age, at best, the longest time frame of term insurance available is 20 years, taking them to age 80 or 90.  A new study on mortality showed that the average mortality today is approximately 87, meaning their plan would fail them 7 years too early if they elected a 20 year plan.  Several carriers now offer Guaranteed Universal Life (GUL) products that allow you to specify a time frame, such as coverage to age 90, 95, 100 or up through age 120.  These products are death-benefit driven and are not interest-rate based, allowing for a true guaranteed premium.  Also, depending on the state and product, most include an Accelerated Death Benefit feature for Terminal Illness, Chronic Illness or Critical illness, another added benefit of the product.  How do GUL’s compare against similar term options?   Male age 70 Coverage Amount: $100K Standard Non-Tobacco risk class  20 Year Term Monthly Premium:  $290 GUL to age 90 Monthly Premium: $253  That is a 15% premium difference for the same face amount and duration of coverage.  Plus the Accelerated Death Benefit features are included. Contact your life marketer at 800-397-9999 for more details!