Dementia , LTCI , and Licensed Insurance Agent

[LostDollar]

So, I get told that a licensed insurance agent (KS), who knows that 1/2 of a couple has been formally diagnosed with dementia or alzheimers, wants an appointment with the couple to discuss long term care insurance.

I know little about LTCI and nothing about other products that might include long term care coverage. My initial thought was that either the couple misunderstood what product the agent wants to discuss with them, or the agent is trying to mislead the couple by presenting something that is not real LTCI as LTCI.

Are there a few questions the prospects might pose to the agent to clarify the nature of the product being offered and whether or not the prospects are really eligible for LTCI with whatever carrier will be discussed?

 

[goillini52]

So, I get told that a licensed insurance agent (KS), who knows that 1/2 of a couple has been formally diagnosed with dementia or alzheimers, wants an appointment with the couple to discuss long term care insurance.

I know little about LTCI and nothing about other products that might include long term care coverage. My initial thought was that either the couple misunderstood what product the agent wants to discuss with them, or the agent is trying to mislead the couple by presenting something that is not real LTCI as LTCI.

Are there a few questions the prospects might pose to the agent to clarify the nature of the product being offered and whether or not the prospects are really eligible for LTCI with whatever carrier will be discussed?

Yes, they can ask him how the hell he's going to get LTCi on someone that has Dementia/Alzheimer's. True LTCi will do cognitive tests. Ask for any written material(app, brochure) that would say that. I'm sure that he only has plans to write the healthier spouse.

About 35 years ago, Globe Life "briefly" had a Med Supp that did what you seem to be suggesting. If one spouse could qualify, the other spouse automatically qualified.

 

[yankee466]

So, I get told that a licensed insurance agent (KS), who knows that 1/2 of a couple has been formally diagnosed with dementia or alzheimers, wants an appointment with the couple to discuss long term care insurance.

I know little about LTCI and nothing about other products that might include long term care coverage. My initial thought was that either the couple misunderstood what product the agent wants to discuss with them, or the agent is trying to mislead the couple by presenting something that is not real LTCI as LTCI.

Are there a few questions the prospects might pose to the agent to clarify the nature of the product being offered and whether or not the prospects are really eligible for LTCI with whatever carrier will be discussed?

well. unless I am missing something in your post, I would say the agent is doing the couple a favor by showing the healthy other 1/2 of the couple how that person getting LTC insurance prior to something happening to him or her could be the smartest thing they ever did. I am sure there is no question about trying to get coverage for the person with Dementia, unless they want to sell them a pension annuity.

if they are faced with spending a ton of money on care for the person with dementia, then having LTC for the other person would ensure no double trouble $$

 

[Newby]

So, I get told that a licensed insurance agent (KS), who knows that 1/2 of a couple has been formally diagnosed with dementia or alzheimers, wants an appointment with the couple to discuss long term care insurance.

I know little about LTCI and nothing about other products that might include long term care coverage. My initial thought was that either the couple misunderstood what product the agent wants to discuss with them, or the agent is trying to mislead the couple by presenting something that is not real LTCI as LTCI.

Are there a few questions the prospects might pose to the agent to clarify the nature of the product being offered and whether or not the prospects are really eligible for LTCI with whatever carrier will be discussed?

He’s doing exactly what he should do. Set the appointment and don’t prequalify. There is one healthy spouse that can benefit. And there are likely adult children in that family and possibly siblings of the person with Alzheimer’s that are about to get “woke” to how life works.

There are no better prospects than the friends and family of a person who needs coverage but waited too long. How hard would it be to sell you earthquake insurance a week after your brothers house got swallowed up by an earthquake?

 

[Allen Trent]

pension annuity

what is a pension annuity?

 

[Mr_Ed]

what is a pension annuity?

It's just like any other annuity. It just sounds nicer when the word "pension" is put in front of it.

 

[Allen Trent]

It's just like any other annuity. It just sounds nicer when the word "pension" is put in front of it.

Ok, just thought I was missing some product or variation of how it works. So, it isn't an annuity inside a pension plan nor has any ERISA protections like actual pensions do in regard to creditor protection & PGBC guarantees for failed employer plans?

but other than that, they are the same?

 

[Mr_Ed]

Ok, just thought I was missing some product or variation of how it works. So, it isn't an annuity inside a pension plan nor has any ERISA protections like actual pensions do in regard to creditor protection & PGBC guarantees for failed employer plans?

but other than that, they are the same?

Calling an annuity a "pension annuity" is just typical insurance agent bullsh*t.

 

[Allen Trent]

Calling an annuity a "pension annuity" is just typical insurance agent bullsh*t.

good thing I don't have one of those.

my guy had me stop all my 401k & IRA deposits & put all my money in a Rich Mans Roth & a special FAFSA exempt College Savings Plan. this way it wont get stolen by the government later on, and it has special IRS tax code status that nothing else has

 

[Mr_Ed]

good thing I don't have one of those.

my guy had me stop all my 401k & IRA deposits & put all my money in a Rich Mans Roth & a special FAFSA exempt College Savings Plan. this way it wont get stolen by the government later on, and it has special IRS tax code status that nothing else has

Wow, you're an expert in insurance agent bullsh*t.