What effect are the low interest rates having on your clients? To put it bluntly, premiums are increasing and benefits decreasing in all lines of business. But it’s important to look at the cup as half full versus half empty. In my last article I wrote about how LTCi carriers may be leaving, but the need for LTCi is here to stay. If you’re finding it difficult to talk to prospects about LTCi in this tough product environment here are a few questions you should consider asking on your next appointment:
Do you have a long-term care plan in place? If, not why not? If, so what is it?
Consumers are much more informed than we give them credit for. They’re researching long-term care as part of their retirement package, and they are waiting for you a solution for their future years. Get them talking about in terms of their overall financial/retirement plan. According to a Mutual of Omaha consumer study, 24% of LTCi buyers said asset protection was a major consideration in their purchase.
What will happen to you and your family if you should need long-term care and you don’t have a plan?
People buy LTCi to protect their families. Get them talking about how catastrophic event would affect their loved ones. Remind them that the average caregiver is a 46-year-old woman who spends 21 hours per week caring for a loved one. 92% reported a major change in their work pattern. Nearly 50% have to cut down on vacation or social activities. Ask if they want their kids to be forced to make these sacrifices. Show them how having a plan in place could prevent this.
Do you want independence at home without burdening your children?
Remind your prospects that over 80% of individuals who need care are receiving it at home. People want to be in charge of where they receive their care and most people prefer to receive it in the comfort of their own homes as opposed to an institution. Show your prospects that LTCi can help them control their own destiny.
Ask these questions to get your prospects to think about their future and show that you care about their future. You have a dedicated SMS Long-Term Care Division as your resource to help you plan for them. There are also multiple solutions…all you have to do is ask.