This is one emotional baby when selling this monster. My newest story to tell when selling LTC is this. I ask my mother in law (MIL), for the past year to get LTC, even last week it would of been tough to get her through underwriting. Yet two weeks ago her father had a TI - stroke, seeing the problems she decides to go ahead and bite the bullet and join my family plan. She thought it to be too expensive even though its not really once you take into account the tax deduction plus a family or association discount. Yet though she comes over and says she is ready and is 59 years old. Bad thing, one day later she has a stroke! More then likely due to the pressures of her father's health problems such as the stroke he had a week earlier!
Outside of the pressures these strokes had on my wife and my household I now understand that her my MIL is now basically in my hands totally, financially speaking. Just don't see getting her through underwriting for some time now with the stroke. Esp. since she has as soon as leaving the hospital continues to be active in her fathers care, I just can't believe this!
Moral of the story, don't be like my MIL and end up being one big burden upon your child and their family. Basically, her other children do not have the ability to financially support or the the emotion/character to be to be of any assistance. Needless to say this is adding a bit of a burden in my household. As I work on our Plans for the house we'll be building next year my wife is insisting on a full apartment for her mother, this was not a part of the plan well at least not a part of mine. Its not just the apartment but the constant care it'll take to take care of her.
Now a solid LTC Policy would of greatly of aided her retirement. She has enough years at UTMC to retire but if this stroke and obvious future strokes or Heart Attacks can demolish her retirement funding plans greatly and basically make her a ward of my family or the State.
I recommend that you look into some of the annuities that have LTC riders. Of course, it won't be comprehensive coverage, but since they make a lot of money on the annuities, they can afford to be more liberal with the underwriting. Also, if she has a pension with the school, there may be a way to assign it to her after the lookback is over. With a 403B or a 401K, I know of no way to do that.
Who are some good companies who offer the LTC annuity products? Arent's these new? I'm about to contract with a GA to sell some senior products like med supps and LTC, but i've been very interested in the LTC annuity products since I first heard of them.
I know that Golden Rule has an Asset Based product, whereby you deposit a certain amount, and it can be used either as Life Insurance, or Long Term Care insurance.
Genworth is coming out with their version of the same thing.
I recommend that you look into some of the annuities that have LTC riders. Of course, it won't be comprehensive coverage, but since they make a lot of money on the annuities, they can afford to be more liberal with the underwriting. Also, if she has a pension with the school, there may be a way to assign it to her after the lookback is over. With a 403B or a 401K, I know of no way to do that.
In all honesty this had more to do with the way you have to sell LTC. As in personal connection of cause and effect and the ability to sell. It is a good story, all true and very recent as in two weeks ago! I am already using it, and out of the 5 I used it on 3 had similiar circumstances. Its a matter of opening their eyes and building the need of LTC which I find critical in selling it.
The LB product is called the MoneyGuard. I too haven't written it yet but it looks like a good niche product - 1035 or rollover for people who can't or won't pay monthly for LTC.
Actually, MoneyGuard is a Lincoln National, not Lincoln Benefit product and it is a life insurance/long term care product and there is underwriting involved.
That is a tough thing, was her husband a veteran? I have several real life family stories just like this that I use talking with prospects. You do what you have to do, we took care of my wife;s aunt and uncle for awhile, very hard and draining. Sell your clients on the concept in their 50's, premiums are more affordable, I sell it by telling them they currently have a hole in their health insurance, no provision for custodial care.
That is a tough thing, was her husband a veteran? I have several real life family stories just like this that I use talking with prospects. You do what you have to do, we took care of my wife;s aunt and uncle for awhile, very hard and draining. Sell your clients on the concept in their 50's, premiums are more affordable, I sell it by telling them they currently have a hole in their health insurance, no provision for custodial care.
Yea, Papaw for five years, grandma is now displaying Alzheimers in full but, physically fine for a 88 yr old. MIL, she is now on the pump for her Diabeties, that would of really prevented her in underwriting but, even with the pump she is having troubles with her levels. She just had another minor TI with some other issues, yet she went to Puerto Rico two days after leaving the hospital! Just do not see it stopping for some years.
Could she get on the fed plan with no qualifying, just a thought.
I'm in the dark of what you are talking about? I didn't kow there is a guarantee issue LTCi federal plan? If there was the cost would be overally prohibitive when she can just be on the James's Plan, just ignore it an my wife can not turn her back and she knows that, like her father and mother, my wife's grandfather and grandmother. I remember the Grandfather saying, "If you don't like it just leave", knowing damn well I couldn't. So I sneak off sometimes and go piss on his grave and, say "if you don't like it, leave".
Payback!
Ps, no I really don't piss on his grave, their graves (headstones were put in years ago without the date of death, creepy) in a popular section of a large popular graveyard.
James, you do not have the luxury of hitting and missing, now. Get youself in front of a reputable elder care attorney...fast. Playing around with all these product remedies like Life/LTC combo plans and annuities aren't worth two cents until you know your legal options and building a plan of attack around them. I'm not an attorney but 29 years in the Life, health, disability and LTCi business has taught me to get all the options on the table before throwing fuel on the fire.
I feel selling LTC to a 59 year old (senior citizens) could be a real challenge. It is actually different than when a person is applying for a health insurance plan in his/her 30s. It becomes increasingly important to show them the reason to get them covered through a LTC (again thats a challenge since its difficult for them to follow the clauses stated). Again, its difficult for them to understand the premium payment system. They can't just continue to follow your words & weigh the value for money with all their physical ailments in place. So, ultimately its about you guiding them & carrying a fair share of the responsibilities upon your shoulder, in case the person concerned is a close relative!
I feel selling LTC to a 59 year old (senior citizens) could be a real challenge... It becomes increasingly important to show them the reason to get them covered through a LTC (again thats a challenge since its difficult for them to follow the clauses stated). Again, its difficult for them to understand the premium payment system. They can't just continue to follow your words & weigh the value for money with all their physical ailments in place.
Jeff
What in the hell are you talking about?
You are saying that people over 50 are incapable of understanding "the clauses stated and the premium payment system"? What are all of these "physical ailments" that you are talking about. If they have so many "physical ailments" that they can't understand paying a premium they are not going to qualify for LTCi anyway.
Are you selling, or trying to sell LTCi in a mental ward?
I suggest you get a towel and dry behind your ears.
------------------------------------
"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
I feel selling LTC to a 59 year old (senior citizens) could be a real challenge. It is actually different than when a person is applying for a health insurance plan in his/her 30s. It becomes increasingly important to show them the reason to get them covered through a LTC (again thats a challenge since its difficult for them to follow the clauses stated). Again, its difficult for them to understand the premium payment system. They can't just continue to follow your words & weigh the value for money with all their physical ailments in place. So, ultimately its about you guiding them & carrying a fair share of the responsibilities upon your shoulder, in case the person concerned is a close relative!
Thanks for pulling up this topic
Regards,
Jeff
You assume that if they can't follow your words that there is something wrong with them. I don't know what the heck you are talking about either. Just for giggles, consider the possibility that some of those 59 year olds are sharper than you are and are able to see that you are not competent in the field. Your language and thought processes are all scrambled up so you are assuming that it must be even worse for a 59 year old because you are already struggling. It's called projection. If I am in the business and can't understand you, think of how difficult it must be for clients.
Just another way of looking at it while you are tyring to figure out why you are not successful with them.
Winter
------------------------------------ Spending Our Way to Prosperity
LTC is pricey and hard to qualify for health wise, however, the demographic you should be aiming for is 45 to 65. Even people older than that can qualify and afford it but it becomes increasingly dicey. I write LTC with John Hancock and harder to place cases with Penn Treaty.
Selling LTC...
Linear Mode
