November is Long-Term-Care Awareness month, a time when the spotlight is on long-term-care insurance (LTCI) and the critical role it can play in your clients’ lives.
November is also the start of the holiday season—a time to see family and friends whom we haven’t seen or kept up with for some time. You might notice that mom, an uncle, or grandma may not be moving around or seeing as well as they did last year, or they may have recently had a surgery or illness you didn’t know about until it was revealed at dinner.
Here are three easy steps that you can use to create an immediate increase in your LTCI sales now, and in the years to come.
- Bring up the subject of long-term care with your clients. According to a recent consumer research study by Genworth Financial, 83 percent of consumers stated that they initiated the conversation about buying LTCI with their financial professional instead of the financial professional bringing up the topic with them. Keep in mind that many of your clients are currently interested in LTCI but may not be aware that you are able to help them. They are likely looking for it elsewhere.
- Walk the talk. It is amazing how many advisors recommend a product they do not own themselves. LTCI is needed not just by your clients, but by you, as well. Also, going through the buying and underwriting process in purchasing LTCI lets your clients know that you are following your own advice.
- Use LTCI as a retirement hedge. One of the greatest fears of those in retirement or those planning for retirement is the fear of outliving their savings. We are living longer than ever, but also have more chronic health conditions than ever.
Few things can blow apart a financial plan and a lifetime of savings more quickly than unexpected LTC costs. Most people are surprised to know that a solid LTCI policy can cost as little as $80 per month for someone in his 50s and $130 per month for someone in his 60s. www.LTCconsumer.com is a great resource that allows anyone to instantly shop around for the most popular plan designs and carriers free of charge.
LTCI may not be a good fit for everyone, but everyone should have a plan in place for long-term care. Proactively mention the topic to your clients and use it as a great reason for another touch point with them and to demonstrate your value as their advisor. If you do not have your own plan in place, take the time to buy insurance or put your own plan in writing.
It will bring you peace of mind to know that you have done this and will give you more credibility with your clients when you are discussing their own plans.
Implementing these three simple steps will not just drive sales results, but more importantly, will help your clients avoid the pain of an unexpected LTC event.
By Nathan Sanow
Nathan Sanow is Director of Sales and Marketing for MasterCare Solutions, Inc. and Executive Director of LTCConsumer.com.