Menu

CPS Horizon LTC

Shutterstock_492123274

Long-Term Care – It’s Just A Conversation Away

Long-Term Care (LTC) is often perceived as a difficult subject to discuss, but the ultimate goal – financial security – is the same as with any other type of insurance or investment that you currently offer your clients.

Don’t let the topic of long-term care intimidate you out of a potential sale.

The next time you sit down with you clients, avoid leading with product facts and statistics.
 
Try asking the following questions to start the conversation:
  • Do you have personal experience with a family member or friend that needed long-term care?
  • How and where was the care provided?
  • How was your/their impacted physically and emotionally?
  • How was the cost of care handled?
After discussing these details, ask your clients how they would handle that type of situation:
  • Have you thought about the impact to your assets and family if you were to someday need long-term care?
  • Where would you want to receive care?
  • Could you financially absorb the cost of care?
  • What level of involvement would your family have in your care?
The goal is to help your clients see LTC Insurance as the solution for a situation that could significantly impact their loved ones and their financial future.
 
They will begin to see the valuable benefits of LTC Insurance, which creates a natural segue into a discussion on product features and details. Suddenly, the topic you were hesitant to discuss has transitioned into an LTC Insurance sale.
 
We’re here to help you design a plan that is both affordable and the best solution for your clients’ needs – contact your LTCI Sales Rep for guidance.
Shutterstock_1278389173 (1)

How To Identify The Marks Of Potential LTCi Clients

Consumers today have more choices than ever before when it comes to funding traditional long-term care (LTC) services.

While other funding vehicles may be good options for some people, a traditional LTCi policy continues to be the best option for many of your clients.

Many current LTCi policy holders share these similarities:
  • Females, age 50 to 65
  • Household income of $50,000 to $250,000
  • Married, with adult children
  • Working in a metropolitan area with a population of at least 250,000
  • A homeowner with 11 or more years in the current residence
  • A “planner” who is interested in financial issues; owns life insurance and other conservative investment products
  • Family oriented
  • Exposed to LTC issues; knows someone (a family member or friend) who has needed LTC services
  • Research oriented; an online use; self-educated about LTCi
Look through your book of business – do any your clients fit the profile?
 
If so, contact your LTCi Sales Rep – we’ll help you design a plan that is both affordable and the best solution for each of your clients’ needs.
Shutterstock_1109751683 (1)

Using Caregiver Contracts To Leverage Your LTC Sales

A caregiver contract is when relatives are hired to take care of their disabled or aging family members. It is usually drafted by an attorney and specifies the caregiver’s duties and the length of contract (usually the elder’s lifetime). Caregiver payment can be made either in lump sums or installments.
 
How Does Long-Term Care Get Thrown Into The Mix?
 
Purchasing a Long-Term Care (LTC) policy is one way to pay the compensation promised in a caregiver agreement.
 
Please note: Many LTC Insurance policies do not allow a relative to be hired directly as a caregiver, it is important that the policy have a cash benefit.
 
Once an individual triggers benefits, the insurer pays out the cash benefit regardless of who the caregiver is. A full cash benefit will provide the same benefit.
 
It is important to discuss these planning options with current and prospective clients. An agent who knows about LTC planning as well as insurance may be seen as more knowledgeable about the options available.
 
To learn more about caregiver contracts and how to incorporate them into your sales, contact your LTC Specialist today.
Shutterstock_503976751 (1)

Simple Conversations That Will Close Your Sale

When planning for retirement, most people take stock of their expenses to ensure they have enough income to live comfortably. But many fail to consider the significant price of long-term care services.

The average cost of nursing home care is approaching $107,000 a year.

Making it easy to see how a long-term care situation could quickly deplete the retirement nest egg that your clients have worked hard to build.
 
Explain how Long-Term Care Insurance (LTCI) will help protect their retirement funds and close the sale with these simple conversation pointers:
 
Conversation Starter 1:
 
“Let’s talk about how your plan to live a long life could impact your spouse and your children.”
 
As people get older, they generally need more help. If your clients are like a lot of people, they mistakenly believe their long-term care needs are already taken care of.
 
Ask them if they have thought about:
 
  • Who will take care of you?
  • Will that person be able to be a full-time caregiver?
  • Where will you live?
  • Which one of your children might you be able to live with?
Conversation Starter 2:
 
“Did you know that major medical insurance doesn’t cover long-term care services? Medicare coverage is limited to helping people get back on their feet after an illness or injury. And relying on Medicare may mean spending down assets to qualify.”
 
Ask your clients how they would pay for the care they need if these options were taken off the table.
 
Have them consider:
 
  • Could you afford to pay the extra costs per year out of your retirement savings?
  • Would you have access to the funds you need? Or would you have to sell assets, cash in stocks, or dip into 401(k) or other savings accounts?
  • Which assets would you use to pay for your care?
An LTCI policy ensures that the funds your clients need are available to pay the bills for long-term care expenses – protecting their retirement assets and making their retirement dreams a reality.
 
Design a plan that is both affordable and the best solution for your clients’ needs – contact your LTCI Sales Rep for guidance.
Shutterstock_1823745071-1

5 Steps To Building Your LTCi Business Plan

Developing a plan for an entire year can be a daunting task. With so many days ahead of you, it’s easy to get sidetracked and let a few months of inactivity slip and sabotage your success. It’s time to take a more disciplined approach.
 
Stay Motivated All Year
 
Be sure to write down your business plan and place it where you’ll see it each day. Also set up a repeating calendar entry each week to review the plan and the work you’ve done to achieve it.

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” ― Abraham Lincoln

Start small and focus on building a plan with measurable and achievable goals.
 
Set Goals
  • Be Realistic – It may sound great if your goal is to increase your Long-Term Care (LTC) Insurance business, but you might be setting yourself up for failure. Instead commit to making LTC Insurance more fully integrated into your business.
  • Make Them Measurable – Numbers don’t lie, so use them to make yourself accountable. Pinpoint a certain number of applications you’d like to write, client meetings you’d like to host, or referrals you’d like to gain.
Create A Plan
  • Develop A Strategy – Now that your goals are in place, how will you reach them? Create actionable items to focus on throughout the year. Maybe it’s simply making LTC Insurance a part of every financial planning discussion you have or it’s committing to hosting quarterly education seminars in your community.
  • Target Completion Dates – Having monthly or quarterly milestones are a great way to track success, and provides you with ample time to plan ahead.
Take Action
  • Get Motivated – Your business plan may seem foolproof, but won’t work if you don’t put it into action. Begin each day with a task to help you meet a specific goal. You’ll build momentum to keep you focused and productive.
  • Commit To Your Plan – You’ve positioned yourself for success and have taken the time to establish specific goals, strategies, and deadlines. Stick to your plan and give it a chance to work
Track Results
  • Self-Evaluate – Are you ahead of your goals or are you falling behind? Regularly reviewing your progress will provide you with direction on how to focus going forward.
  • Make Adjustments – You may find that one approach works, and another does not. Being flexible will allow you to change strategies to achieve overall success.
We’re here to help – reach out to your Long-Term Care Associate for assistance with your planning.
Shutterstock_440234275

Tell A Story – Sell LTC

Getting your clients to talk about Long-Term Care (LTC) can be very challenging. Many clients don’t believe that it will happen to them. They are under the impression they will not be among the 70% of Americans who need LTC at some point in their life.

So how do you get people interested and talking? The answer is simple, tell a story.

Here are some tips on storytelling to get people interested in LTC:
  • Talk about your own experiences – this adds personal and emotional value
  • Use stories from others – discuss their challenges and how they overcame them
  • Express your emotions – explain how the situation made you feel, or how others felt
  • Make sure it is relevant to your audience – if a potential client doesn’t have children, do not talk about how difficult an LTC situation is on the kids
  • Don’t try too hard – people know when you are lying just to get a sale
  • Keep it positive – don’t scare prospective clients with horror stories, educate them on the benefits of LTC
  • Short and sweet is key – keep your clients interested by only focusing on important details
  • Encourage discussion – ask questions and open up the dialogue to get potential clients involved and let them share their stories

The main goal of storytelling is to get prospective clients to visualize themselves needing LTC at some point, how great they will be taken care of, and how costs will be covered.

For more information please contact your LTC Specialist today!
Shutterstock_764652970-1-1

4 Ways To Become The LTC Expert In Your Community

In the competitive world of financial services, business professionals are always looking for ways to add value to help differentiate themselves.

In a market of one-stop shopping, becoming the local LTC resource can help you stand out in the crowd.

Build Your Brand
 
Develop relationships by contacting and joining local community organizations, like the Council on Aging, Rotary Club, or Chamber of Commerce. Establish yourself as a Long-Term Care professional and offer your services to help educate people in the community on the need for LTC planning. You can also place an advertisement or by-line article in a local publication to establish yourself as an expert on LTC.
 
Create Awareness
 
Contact local estate planning lawyers and accountants to educate them on Long-Term Care Insurance and its relevance in their practice. Remind them that protecting the assets and net worth of their clients from a LTC event can help preserve their client’s quality of life and help protect their assets.
 
You can also visit local nursing homes and care facilities to share Long-Term Care information and insight with the families of residents. Talk with them about their own vision for retirement and their personal Long-Term Care needs. Use social media to reach out to your contacts to provide expertise and ask for referrals.
 
Building Relationships
 
Keep your schedule full, and make contacts with as many potential clients as possible. In order to succeed in this field, you will need to continually educate people on the importance of Long-Term Care planning. Follow these steps to build your reputation and position yourself as an expert in the industry.
 
Generate Leads
 
Seminars or webinars are a great way to get in front of many people at one time. We offer numerous marketing materials for you to use when presenting to potential clients. Be sure to follow up with a phone call to attendees, to schedule an appointment and answer any questions.
 
Our team is here to offer you support and prospecting techniques when discussing LTC in your community. Contact us today.
Shutterstock_2153664781-1

Approaching LTCI For Couples With No Children

The need for long-term care does not discriminate. No matter what your income is, your marital status, or any other demographics that come into play – when you need long-term care, you need long-term care.
 
Clients with families and children typically consider themselves to have a “default” caregiver, someone who will always be on call if they were to encounter a long-term care situation. But what about your clients who do not have any children? How do they approach their need for long-term care?
 
Although couples may face the same long-term care risk as families with children, their situation may create a different set of challenges.

Not having a “default” caregiver in the form of a child can force your clients to think creatively about their long term care strategy.

Ask your clients, how do they want to live their life?
 
Living life without children opens up new possibilities and introduces some unique challenges. They may have more freedom to delve into their career and explore their interests. Yet, they may need to put more thought into long-term care than people with kids.
 
They could have a heightened need for professional assistance, since an adult child won’t be “on call” when and if they need help. And, if they’re part of a couple, they might bear a greater part of the work of providing care than they would if they had children.
 
Accidents, chronic illness, or simply the effects of aging could all result in a need for long-term care in the future. That’s why it’s important for everyone to take steps to preserve their quality of life and financial assets as they age.
 
We’re here to help you design a plan that is both affordable and provides the best solution for your clients’ needs. Contact your LTCI Sales Rep for guidance.
Shutterstock_87407288

Your Clients Aren’t Average – Why Is Their Long-Term Care?

Some carriers like to claim that your clients don’t need Long-Term Care (LTC) protection beyond the average length of a care need. But preparing for only the average length of a care need can leave a large gap.
 
The Story of Averages
 
The average length of an LTC need is typically longer for women than men (3.7 years vs 2.2 years). However, in a survey of leading long-term care insurers, that story of averages doesn’t hold up.
 
With five of the seven carriers, men met or exceeded the length of claim for women, with each exceeding a million dollars! Planning for the average would’ve only covered a fraction of the cost.

The belief that average lengths of care are sufficient could create one of the most devastating financial decisions in life.

Addressing only the average care need excludes the possibility of a life-long diagnosis like Alzheimer’s or Parkinson’s. Lifetime protection is the only way to ensure that every client has exactly the amount of protection that they need, whether it’s for two months, two years, 20 years or more.
 
Your clients aren’t average, and their LTC protection shouldn’t be either. Contact us to learn more about Continuation of Benefits options, including Lifetime, to help your clients be protected against costly LTC needs.
Shutterstock_2312042957

Making The Case For Private LTC Insurance

As baby boomers enter their retirement years, many mistakenly assume government programs will meet their future Long-Term Care (LTC) needs. But both Medicare and Medicaid have limitations and may undergo significant changes in the face of the growing federal deficit.

Now is the time to start having conversations with your clients about LTC planning, the risk of depending on government programs, and how those programs differ from private LTC insurance.

This educational approach will help position you as a valuable resource for your prospective clients.
 
Resources for Long-Term Care:
  • Medicare, like most health insurance, is primarily meant to cover acute illnesses. It does pay for some LTC expenses, but there are significant limitations, and you must be age 65 to qualify. Some benefits are payable for the first 100 days per benefit period in a skilled nursing facility, if you enter within 30 days after a hospitalization of at least three days, and if you are receiving skilled care and continue to get better. Medicare does not cover custodial care — help with the activities of daily living that a person could need for years.
  • Medicaid is a joint federal and state insurance program that pays a large portion of the nation’s LTC expenses. Most state laws require that you spend down your assets before you become eligible for benefits, and may limit the options as to where and what kind of care you can receive. Some states have proposed revisions to Medicaid that could further limit eligibility in the future.
  • Private LTC Insurance is a more dependable option and provides benefits for care in a variety of settings, including the familiar surroundings of home. You can assist your clients in taking responsibility to help secure their future by designing an LTC Insurance plan that will fit their specific needs and budget. That way, they can feel confident they will get the care they need without worrying if they will need to rely on a government program to pay for it.
Did You Know? Your social security statement says, “Medicare does not pay for Long-Term Care, so you may want to consider options for private insurance.”
 
Contact your LTC Sales Associate today for more information and resources.

Load More

Back To Top

Excellence, Passion, Integrity, Collaboration and Creativity – our core values since 1974

The EPICC Center is the online source for financial professionals, designed to provide them with the essential elements they need to run their practice and increase their bottom line including breaking news, carrier / product information, market trends, sales ideas, marketing tools & resources and more.

Subscribe to our newsletter

* indicates required

Copyright © CPS Insurance Services, Inc. All Rights Reserved EPICC | Designed by Apis Productions