Today we’re looking at how to sell long-term care insurance. As a Medicare insurance agent, you’re used to selling all the different types of Medicare to seniors. But have you been overlooking the opportunity to introduce your clients to long-term care insurance?
What does long-term care insurance cover?
Unlike other types of health insurance, long-term care insurance doesn’t cover medical issues. These policies are designed to address the “activities of daily living” like bathing, dressing, walking, eating and using the bathroom. Why is this so important? Because while this type of personal assistance can be provided in the home, community or nursing home, the cost of most nursing homes falls under the umbrella of assistance with personal care.
The bad news is that long-term care isn’t covered by Medicare if that’s the only type of care the beneficiary needs. When long-term care takes place in a nursing home, the costs can destroy the finances of even the most prepared retiree. That’s why purchasing a policy is an important step toward protecting your client’s health and well-being as they age.
But why long-term care insurance now?
Long-term care insurance can be a concern for folks who are anywhere from 40 to 80 years old. But by 65, most of your clients have witnessed a loved one transition to a stage of their life where long-term care was necessary. That’s when your clients start to feel closer to this stage of life themselves.
The cost of this type of coverage increases with age. So while all your clients should be interested in long-term care insurance, your newly-eligible Medicare clients have a big incentive to start considering their options.
How to sell long-term care insurance
Many of the techniques for selling Medicare apply to long-term care insurance as well. Just remember that your client is likely not immediately facing a situation where they might require long-term care services. With that in mind, here are some strategies for how to sell this preparation for their future care and well-being.
1. Be a resource
Trust is the foundation of every agent-beneficiary relationship. Your client may have been thinking about purchasing long-term care insurance for a while, but not have been ready to take the first step. If you’ve established a good relationship with your client, simply validate their concerns and offer them the right solution. The rest will fall into place.
2. Emphasize the importance
The thought of long-term care can be a touchy subject. Being confronted with the knowledge that you’ll likely one day need personal care assistance can be unpleasant. But you have to overcome that hurdle to prevent future financial devastation. Remember, this type of care can cost tens of thousands of dollars—a price most seniors can’t pay out of pocket.
3. Sell and ensure satisfaction
After you’ve secured your client’s buy-in, gather personal details to find the best-fit policy. You’ve got this. Here is where your expertise shines!
Of course, your job isn’t over after your client is signed up for their policy. Life situations are always evolving, and that can mean changes in insurance needs. So check in with your clients regularly to make sure their plan is still right for them.
If you have questions about selling long-term care insurance, call us today for more information!
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