So, why haven’t your clients purchased long-term care insurance yet?
Some may not realize they need it. In fact, most don’t. That is, until they’ve experienced a parent or grandparent depleting their assets to pay for long-term care services. Perhaps that parent or grandparent even had to rely on family members to provide the care they couldn’t afford.
Others have a hard time making the purchase because they’re still young and can’t imagine themselves in a nursing home or assisted living facility. At this point in their lives, they only see the long-term care insurance premiums as an expense. They may be thinking:
- If I purchase long-term care coverage now, will I be paying for it longer than I need to?
- If I purchase long-term care insurance, will I have spent my money on something I may never end up needing?
This kind of thinking can lead younger clients to postpone their long-term care planning. However, by failing to plan, your clients face a bigger risk: the possibility of developing a condition that prevents them from qualifying for long-term care insurance once they’re ready to purchase it.
The Planning for Long-Term Care Needs sales idea examines the advantages of purchasing a Long-Term Care Rider at a younger age, and includes a case study showing how a client could benefit from the life insurance coverage during the policy’s early years and the long-term care rider during the policy’s later years.
For even more information on our new Long-Term Care Rider, available on Income Advantage IUL and Life Protection Advantage IUL, go to MutualofOmaha.com/ltc-rider.