The Hack to Selling Long Term Care Insurance

Expanding your business is an excellent way to grow an insurance business. So looking into ways that can work for both new agents or old agents is an excellent tip. Making lucrative Long Term Care insurance a part of your insurance lead generation strategy is a good start. 

In 2010, the U.S Census Bureau stated that 40 million people aged 65 and above lived in the United States. This was about 13 percent of the total population. This amount is predicted to hit 20 percent of the total population by 2030.

One huge concern for the group that makes up the 20 percent in 2030 is how to pay for Long Term Care at the right time. Some of these people have watched their parents and grandparents struggle with expensive health care and watch home value depreciate.

Many estate planners add LTC insurance to their packages due to the cost of health care being on the high side. The good thing about Long Term Care insurance is that it provides coverage for the assisted living facilities, costs of nursing home care, or even at-home aid for those who are dependent. Owning a policy saves you a lot of stress too.

Below Are Some Tips for Long Term Care Insurance

1. How you open the Long Term Care conversation

Most people consider this option solely a “nursing home,” and many people shy away from this. So when you start the discussion about Long Term Care, be careful with the conversation. 

A good start is by reminding prospects that they cover claims for health care at home. This will help reposition the perspective in a positive light. Clients will see and think about health care from the comfort of their homes.

2. Help your client reach their goals and needs

Remind your clients that Long Term Care policies are also sold as part of a life insurance policy, as part of an annuity, or just sold alone. It is good to choose a life insurance plan if you have hopes of leaving some cash for your beneficiaries. However, the entire pool is usually available and paid as LTCI benefits, and the rest can be given as a death benefit.

3. Analyze every client for LTCI

Long-term care insurance can serve any client regardless of health condition, income level, and age. So never assume things and always ask questions. Younger clients might request a rider on their life insurance policy. These riders add value to the procedure and are usually inexpensive at a younger age.

4. Try storytelling to convince clients

A great insurance agent has their ways with words. Storytelling is an act that encapsulates a lot of factors naturally and straightforwardly. Try presenting them with situations where they lack the LTCI so that they understand its importance.