They Don’t Need Another Income
Stream, But They Will Need Long-Term Care

long-term life insurance protection

Many Americans don’t want to discuss the long-term care issue, because they are in denial. They don’t want to imagine themselves in the seventy percent of people 65+ who will require care for at least three years. The thought that they’d be a part of the 20% who will need care for five years is even more disagreeable. Denial is expensive. In 2014, the annual price tag of a semi-private nursing home room was $86,815. Multiply that figure over three years — that’s $260,445, and over five — $434,075. Is this really how your clients want to spend their money during retirement? Definitely not. Let’s help them brave the issue and plan for the life they really want — a life with enough money to enjoy retirement.

Exposing Smokescreens —Counter the most common objections to long-term care insurance in order to move the conversation forward.

  • The Stats Don’t Apply— Although aging is an emotional issue, isn’t spending a half million dollars on care more emotional? That’s what will happen if both clients become ill, not including rising health care and inflation. Remind clients that women need care for a longer period than men, 3.7 versus 2.2 years. Hand them the data. People tend to believe what they read.
  • My Children will Care for Me — Caring for an elderly parent may be considered a high calling, but round the clock cooking, cleaning, changing diapers, and distributing medication can take an emotional toll. Care.com reports that 25% of divorced baby boomers say caregiving is what caused their divorce. Half of caregivers performed medical and nursing tasks and 96% provided activities of daily living. Ask, “Do you really want your child to become an emotionally bankrupt nurse?”
  • Medicare Myth and Social Security Reliance — Make sure clients realize that Medicare does not provide for long-term care benefits. They won’t be able to rely on Social Security either. Government debt is at an all-time high of $16.1 trillion in 2012, and there will be a tsunami of aging baby boomers needing care. Convince clients that a long-term care policy is prudent protection.
  • The Self Insure Option — There’s rarely such thing as being too wealthy to need LTC. Super-affluent people like Oprah Winfrey and Warren Buffet have long-term care. Obviously, either could easily afford several hundred thousand dollars for their own care, but they don’t feel that self insurance is a wise investment. They opt to use someone else’s money.

Hard to Argue Against the Benefits

Asset-based long-term care is the way to go for clients who don’t want to pay premiums for something they think they will never need. Take non-qualified or qualified money and use it to fund an asset-based long-term care policy.

  • Preserve assets — Clients receive long-term care benefits instead of using other income or savings
  • Protect wealth — If long-term care dollars are not used, someone will always get the money.
  • Provide inheritance — Generally a life insurance or annuity payout is made to beneficiaries at the time of death, if the policy has not been exhausted for long-term care expenses
  • Protect both clients – Joint policies may be available

Contact us to set up an appointment with our long-term care specialist. We have all the marketing and sales support you need to counter denial and help your clients plan to live the life they want. Call 844.CFG.PLAN (844.234.7526) to discover the most appropriate Asset-based long-term care policies for your clients.

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