Reasons to Sell Long Term Care Insurance
A 20 year client of your agency recently suffered a debilitating stroke. Even though his wife tried hard, she was unable to provide the care required to allow him to remain in his home. Reluctantly your client entered a managed care facility of his own choosing. Because he and his wife had some assets, they were required to pay for the care themselves until they qualified for Medicaid. After a number of weeks, (A Harvard study proposes that 34% of married couples exhaust their retirement savings within 13 weeks of admission to a care facility) the managed care facility explains that their finance options does not include Medicaid payment and your client of so many years is placed on a waiting list for the next bed open in a facility that will, hopefully close to the wife’s home.
The family of your client is upset! Their parent’s assets are gone. The father is being transferred to a facility in a town 60 miles from his former home. One of the sons notes that you are a licensed insurance agent, able to place Property, Casualty, Life, and Health Insurance. He also states that you belong to a group of Professional Insurance Agents. The family wants to know why their father, who had kept his Auto, Home, Health, and Life Insurance policies with your agency for 20 years, did not have a Long Term Care Insurance Policy in his portfolio of protection.
Apparently for any insurance agent this is a nightmare! You are at a loss to explain to the family of your client, that long-term care insurance is a complicated sale and you prefer not to deal with it. Worse yet, life companies in your agency offer many types of solutions to this particular need, but you did not bother to offer them to your client. You realize that the business cards you proudly hand out to everyone prominently display your motto, “Full Coverage Solution to Your Insurance Needs”.
There are many reasons for selling Long-Term Care Insurance; protection of a client’s assets, his dignity, and his peace of mind to name a few. Some agents find that it is financially rewarding for their agency. But the main reason to sell the coverages is because you are a professional and you are uniquely qualified to explain to your clients the risks and rewards involved in having or not having that type of insurance.