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How many times have you heard clients’ concerns about the cost of Long-Term Care Insurance?  It is the single most common objection, but this objection can be overcome by understanding the underlying issues at work here.

If your clients are like most, they do not think they will ever need LTCI, and they do not really understand what they are getting for their money.  So how can you help them overcome these misconceptions?  This requires asking some very specific questions.

Many producers make the mistake of showing an illustration too soon – the premium then becomes the problem instead of the solution.  You must first develop the need.

Try starting with

• “What is your written plan of care should an extended health care need arise?’’  The majority of people do not have a plan, other than thinking their family will take care of them.
• Your follow up to this response should be, “I am happy to hear you have such a wonderful family that wants to be there for you, but have you had this conversation with them?”  Most likely, this has never even crossed their mind.
• Then if applicable ask, “Are all of your children employed?”  And if so, “Which one could afford to cut back on their work week, or quit all together to provide needed care?”
• The next question is critical and must also be asked.  “Which one of your children do you want to do your bathing or toileting?”  Follow up with, “Wouldn’t you rather have a trained professional come in and take over that burden, freeing up your family to spend quality time with you and allowing you to maintain your dignity and independence?’’

The purpose of this dialog is to get your clients to really understand what care giving encompasses.  It is at that point they realize the true value of a LTC policy.

While the life insurance sale is a very logical one, the LTCI sale is unique, as it is an emotional sale.  When an extended health care need arises, it is an emergency, not a planned event.

A LTCI policy not only provides financial support, it also provides much needed emotional support for the family members dealing with the emergency.

If and when a person becomes ill, there will be a need for care and a way to pay for that care.  A Long-Term Care Insurance policy is the most cost effective way to provide for that.  The premium is not the problem – the premium is the solution to the problem.  If you can get your clients to understand this, you will get the sale.

Contact your LTCI Specialist today for more ideas on how to develop the need and start closing more business!