Helpful Tips for Special Needs Planning

Brian Anderson

Executive Editor
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Today I published a new article on Insurance Forums about how to approach the unique challenges of working with families that have children with special needs. It seems to be a market that intimidates a lot of agents and advisors but it’s also a market that seems to be underserved. Got some great insight from David Szremet, JD, CLU, ChFC, and Jessica Walker, JD, LL.M., of Ohio National, who have a great deal of experience in this market. Please check out the article at the link below when you have a moment.


Helping those who need it most: How to overcome the challenges of special needs planning

If you have experience working in the special needs market, please share some helpful tips that might encourage more agents to look into it. These families need a lot of help with their planning, and many don’t know where to turn for help. As a bonus, it’s a market that excels in providing referrals.
 
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I am NO EXPERT in this field... but I eventually plan to study for and obtain the ChSNC designation from The American College. (Note: In order to obtain the ChSNC designation, you have to have already earned the CFP, ChFC, CLU, PFS (offered by AICPA) or have equivalent areas of study.)

The ChSNC was previously called the "Special Care Planner" taught through The American College and MassMutual - exclusively for MassMutual career agents.

Of what I can recall, there are very specific promotional materials and benefits for career agents to participate in this area. They are a sponsor of Exceptional Parent Magazine who also publish an annual directory that would list each individual MassMutual 'Special Care Planner' information by state, and it is sent to each subscriber to Exceptional Parent magazine each year.

MassMutual also works with the Easter Seals association as a sponsored partner. It can also make for a good local PR event to offer MassMutual's free life insurance program called Life Bridge.

In fact, I believe a person from the MassMutual corporate HQ actually sends a letter of introduction to the local Easter Seals office to formally introduce you as a resource and agent for MassMutual.

Aside from all those "corporate benefits" (for career agents only)... think about this:

You are an agent. You are meeting with and working with a family who does NOT have a child with special needs and you want to discuss professional referrals and introductions.

"Who else do you know that I can help?"

Chirp, chirp. No one comes to mind. Then you pry a little bit further, and maybe you get a couple of names.


Here's the scenario when you have a specialization working with special needs families - regardless of the family you just helped:

"You know, we just did quite a bit for you today. I want to talk about other people who you think I can help. Now, in addition to those in a similar situation as you are, I also have a specialty of helping families that have children with special needs, such as autism, down syndrome, etc."

(You have now opened a specific drawer in the mental filing cabinet of every family they know who fit that description.)

"You see, if they don't have specialized planning, by the time they are 18, they could be disinherited from specific government programs, like Social Security. Also, if something happens to their parents, even if they are considered "high functioning"... will they have the resources to take care of themselves? I help ensure that the proper planning is done for these families for the lifetime care of these children."

Don't you now feel like it's your moral duty and right to make sure these families are helped... by YOUR introduction?

Back when I was working as a career agent with MassMutual, I attended an event for my local church's children's leadership group. The conversation turned to children with special needs. I was talking to my wife about the financial planning program, and the entire room fell silent to listen to what I was talking about. I explained how MassMutual works with these families to help do their financial planning. They listened and hung on to every word I was saying.

Is there a need? Yep. Is there a need for a specialized planner to work that market? You had better believe it.

But this market is also skeptical and guarded. They may have been preyed upon in the past, and so you'll need to be more sensitive to this.


How lucrative is this market? I remember hearing that there's a top 'LEAP' agency with MassMutual in the Florida area... that was built entirely from specializing in this market. I think they have an office that is truly dedicated to serving their needs, including play areas for them to bring their children. Maybe this is them? Financial Design Associates - Specialcare and Financial Design Associates - Specialcare


I can see this market being great for daytime activity (one spouse is probably often home during the day for caregiving or just being by the phone for the school).

Also, just to work around schedules, I would think that using web conferencing technology, such as Skype, would be a great way to do business with this niche.

If you're going to work in this market, you need to understand this market and have a planning mentality. This isn't a "transactional" marketplace. This is for planners and a great fit for selling methods for life insurance, such as LEAP, Circle of Wealth, Found Money Management, and other similar presentation methods.

You obviously don't "have" to have an advanced designation to work this market... but I think the education and estate planning specialized knowledge could only help. To tap into the MassMutual SpecialCare planner program, they require certain minimum requirements. You'll notice that agency above, those planners have their CFP and ChFC designations.

The Virtual Sales Assistant probably has all the resources you may 'need' in order to work in this market. Here's a presentation for clients "for training purposes" only.


I was a previous career agent with MassMutual, so that's where I got this marketing perspective from.
 
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DHK - thanks for the insight. Lots of good info in your post. Best of luck with earning the ChSNC designation from The American College. I think this underserved market presents a great opportunity for agents with the right temperament to work it, not to mention helping families who have children with special needs seems like particularly fulfilling work, according to the agents I've talked to that specialize in this area.
 

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