Mike Ditka Believes in Long-term Care Insurance

[Mr_Ed]

Mike Ditka (former coach and player of the Chicago Bears) believes in long-term care insurance.

This is fascinating.

Long-term care insurance is not for sissies! « LTCShop.com

 

[VolAgent]

How could he not? Have you seen what has happened to some of the older NFL players? But it is good to see someone like him come out and speak publicly in support of LTCi.

 

[b61mack]

what LTC company, is writing the policies.

 

[Arthur Rudnick]

Why,
Does Transamerica have an underwriting problem for those on steroids, HGH, & cocaine?

 

[houcoogster]

Da Bears!
Da Long term care!

 

[HealthGuy]

Most people like Ditka do believe in LTC, until they see the pricetag. Then only one in ten buy it. Hell of a fun market to sell in.

 

[VolAgent]

Isn't the NFL picking up the cost on this? Also, I assume Transamerica isn't medically underwriting this? I can't see many former NFL players being able to pass underwriting, with the joint issues and multiple concussions.

 

[yankee466]

Most people like Ditka do believe in LTC, until they see the pricetag. Then only one in ten buy it. Hell of a fun market to sell in.

IMHO I would say that many people who are shown a LTC quote are seeing an overpriced or improperly structured plan from a general purpose insurance agent who is basically clueless as to how to build an appropriate plan for that individual. Its not a good market for dabblers.

For example, how competant is the average State Farm or Ameriprise agent when it comes to LTC? The guy primarily selling Blue Cross health ins for a living and went to one LTC class is likely not equipped to really be helpful either. The successful health/life agent will try to partner with a specialist (LTC/annuities/DI/etc) in the areas that they know that they are simply not good at or just don't want to have to learn...just to make sure the client is given the best possible advice

Most of the people I sell LTC insurance to will say things like "I thought it was more expensive than that", or "I looked at it several years ago, but it was too expensive". There are lots of "old school" agents who were taught that they need to sell a policy to cover something so big that statistically has about a 3% chance of ever needing that robust a plan....and as a result, they get lots of "no thanks" and ignore this product all together . Selling LTCi as a supplemental plan, rather than the ONLY solution, is likely the future of LTCi as the rates continue to rise. I'd rather help lots of people cover what is most likely to happen and still fits within their budget and overall financial situation. If my 94 year old mother (in assisted living) had the cheapest, crappiest LTC policy on the planet, I would be a happy camper right now as I watch my inheritance slowly spend down.

Else, I think the NFL announcement is a good thing, but as already stated, people with lots of cortisone shots or who weigh about the same a refrigerator will have a tough time getting through UW. Hopefully TA's UW will be simplified......but it could be a losing block of business. Then again, men tend to die quickly compared to women (I say because no bingo gene), so it may balance out too.

 

[LGilmore]

yankee, But you are showing them all coverages they could get and having them sign off?

If not, ya better think about it.

It's one thing for the client after review to buy what they can afford and they feel will work for them. It's entirely another thing for you to decide.

 

[yankee466]

yankee, But you are showing them all coverages they could get and having them sign off?

If not, ya better think about it.

It's one thing for the client after review to buy what they can afford and they feel will work for them. It's entirely another thing for you to decide.

I go Gold/Silver/Bronze approach......discuss their retirement/financial situation in detail, and let them make an appropriate decision after reviewing all the options. It is always made clear that if they are not an "average" client, they could still wind up as a private pay and risk the nest egg if they are the exception rather than the rule. Most people like "silver". As I said, "gold" makes too many of them do nothing, hence the other posters comment. If everyone had at least a bronze however, Medicaid may not go broke....hence the Class Act?

A person with social security and a $50,000/year pension and no mortgage has different LTC needs than someone with no pension and one kid still in college when it comes to designing a LTC plan......is the only point I was trying to make.

Every situation is unique, and I have certainly sold high end plans. So your point well taken. The cost of the unlimited and 5% compound options is getting pretty steep if you haven't noticed lately. I have not sold a John Hancock policy, for example, since their price restructure.