(Pre-approach Marketing Letter Below)
"No matter what your client's age or health status, the WA Cares Fund provides affordable long-term care coverage at a predictable cost of 0.58% of their earnings."
In contrast to private long-term care insurance, your client pays WA Cares Fund premiums only when they are working (not when taking time off for caregiving or after retirement).
Once they've met the 10-year vesting period, the benefit will be available when they need it, even if it’s 20 or more years after they retire.
If they need help and have paid in 3 out of the last 6 years, they may also be eligible for benefits.
When they are participating in the WA Cares Fund, they can add additional coverage through private long-term care insurance at any time.
The WA Cares Fund may allow for the reimbursement to a family member for providing care.
WA Cares Fund (LTSS Trust) on track for Jan. 1, 2022
Ok, so you don't live in Washington State or have clients in the state...
You Still Need To Bring Your Clients Into The LTC Conversation
Remember this famous saying?
Rosalynn Carter said it first and she said it best: "There are only four kinds of people in the world: those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers."
One of the leading Long-Term Care Insurance professionals in the industry starts her conversations, after the warm-up, with this powerful question.
"Mr/Mrs. [Client]. If you are like most of my clients, before we scheduled our meeting today, you've obviously been thinking about the issues of aging and caregiving. So, let me ask you a very personal question. What are the financial and emotional consequences to not only you but to your family when it comes time for you to rely on someone else to provide for your long-term health care?"
When it comes to the subject of long-term care, having the right conversation is everything.
Let's face it. Your clients and/or prospects don't want to think about long-term care or the fact at some point in time either their mortality or their morbidity will win the day.
"Crystal Ball Factor".
Most inexperienced insurance agents have a very difficult time selling long-term care insurance. Why? Mostly, because they mistakenly believe:
...their clients will never need long-term care-
Aging of America and the fact Nursing Home occupancy rates across the US are at all time high. And, both assisted living and home health care services are among fastest growing segments in the health care industry invalidates this assumption.
... their life insurance benefits will pay for their long-term care costs.
Let's start with the fact, only 54% of American's own any form of life insurance. However, let's assume their life insurance will pay for LTC costs. The average face amount for life insurance benefits is less than $200,000 and 40% of life insurance owners indicate they are under insured. LIMRA RESEARCH
With the average cost of care in a facility more then $100,000 annually, it won't take long before any life insurance benefits will be exhausted. Source.
Most agents unfortunately don't fully recognize the difference between life insurance policies with defined 101g benefits verses those with 7702b benefit definitions.
...the Long Term Care insurance industry has mis-represented the consumers with rate increases and not paying the client's claims.
According to the American Association for Long-Term Care Insurance, the nation's long-term care insurers paid out $11 Billion in claim benefits in 2019 and $11.6 in 2020.
Yes, insurance premiums have increased over time. So too has the costs for other forms of insurance. The reason rates increase is because the carriers are paying their claims.
The number one reason insurance agents don't do a good job selling long-term care insurance is because they don't UNDERSTAND how to have "the conversation."
Every conversation starts with understanding and listening to the client and prospect.
They will buy the coverage provided you...
Give them the information they need and want. On their Terms.
Let us help you.
See our Pre-approach client and prospecting letters available for your use.
Adaptive Marketing Group, LLC
A Digital Marketing Company