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How To Breakthrough The Couple Rejection Objection

As you’ve all experienced, the majority of your clients who are couples come together as a packaged deal. So what happens when a couple applies for a LTCi policy and only one is approved?

In most cases, the spouse who received the green light may no longer want a policy with a carrier who rejected coverage for their significant other.

And even worse, they may decide that they no longer need coverage at all. The reality is – if one spouse is declined, it is even more crucial that the insurable spouse has a plan in place.

Convincing the insurable spouse to proceed with the plan

Client Objection: “My spouse was declined so I do not want to take my policy.”

In this case, it is probable that the healthier partner will attempt to care for the other – with whatever financial, physical, emotional and mental demands that are required.

Your Reply: “Caring for a loved one could either be met with minimum effort or it may be very strenuous. And while personally caring for your significant other, you may have do to dip into your savings, leaving little funding left for your own care.”

You Ask: “Would you be ready to go it alone and take care of all those new tasks that arise in a situation like that?”

Once you’ve overcome the objections, we will help you make certain your clients have the right LTCi plan in place to meet their needs.

Contact your LTCi Sales Rep for more information.

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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 are a great way to get in front of many people at one time. CPS offers 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.

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Cross Selling Long Term Care Insurance

There are numerous people you know that need Long Term Care Insurance, many of them include your current clients. Perhaps you have already sold them a Life Insurance Policy, yet how do you get them interested in LTC?

Cross Selling can be difficult, yet when you present your client with information about LTC, they should understand the benefit of protecting themselves when they may need it.

Begin by talking about the consequences of living a long life will have on their family – and offer to put together a plan to protect them from the biggest risk they face after retirement – one that must be protected with Long Term Care Insurance.

Once the conversation is going, a few good questions to ask include:
  • What percentage of your retirement assets have you set aside to pay for Long Term Care services?
  • Are you concerned about the impact a chronic illness would have on your retirement savings?
  • If it were necessary to increase your spending by $3,000 or $4,000 a month to pay for LTC services, would that concern you?

To learn more about incorporating Long Term Care into your product portfolio, or if you need more prospecting tips, contact your LTC Specialist today!  

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Long-Term Care Insurance: Re-Envisioned

Eat your cake and have it too

Clients today are looking for solutions with the flexibility to handle multiple financial needs in a variety of potential scenarios. A common complaint about Long-Term Care is many clients feel the likelihood they should have an extended health care event is zero.

Traditional Long-Term Care insurance is protection designed to protect against a singular event- a long term care event. If your client can’t envision a world where they should need assistance, the idea of purchasing protection for an event that will never happen seems useless and wasteful.

Instead of trying to persuade the client to purchase what they view as unnecessary protection, why not propose a plan that offers additional layers of protection for scenarios that they do view as likely.

Asset Based LTCi is designed to help protect your clients from an extended health care event

But maintains enough flexibility to provide value if the client was correct, and they never use the LTC benefits. It’s designed to protect your clients’ assets by using the safety of whole life insurance.

With a guaranteed premium, your clients will receive a guaranteed amount of life insurance that can be applied to their LTCi expenses. Your premium is also credited with a minimum guaranteed interest rate, meaning your cash value is guaranteed to grow each month.

And should your clients grow tired of the product, they have the option to request a full return of premium, thus providing an increased level of flexibility that many clients are seeking.

One carrier, in particular, has taken this idea of flexibility and worked to re-envision the LTC world as we know it

Almost as if they gathered all of the Long Term Care experts together in a room and asked- what can we do to design the perfect, most flexible product for you the advisor but still work to protect your clients?

Here’s what they came up with:

  • Unlimited Long Term Care Benefits that can never be exhausted
  • Guaranteed, Non-Cancelable premiums that can never be altered
  • Payment Flexibility – lumpsum, 10 to 20-pays, pay for life, or a combination of lump sum and annual payments
  • Primarily focused on Long Term Care, but offers a return of premium and death benefit for those without an LTC need
  • The potential to convert tax-deferred growth to tax-free income when used for Long Term Care
  • A separate solution for health impaired clients that allows those to declined for coverage an alternative pivot solution with reduced benefits
  • Joint case design allowing spouses, business partners, siblings, and even parents and children to take advantage of the reduced costs associated with joint policies
  • Flexible funding source- Cash, Annuities, 1035 Life Insurance, and Qualified Money
  • A carrier willing to partner with advisors to offer marketing dollars and ideas to help advisors incorporate Long Term Care planning into their practice

These policies can help your clients prepare for a long term care event if needed, or leave a legacy to their beneficiaries all within one single policy.

To learn how to show your clients how to position themselves in the re-envisioned Long Term Care World, please contact us today.