• Mary Sizemore

Common Objections

Common Objections to Long-Term Care Insurance

I have been in this industry for nearly 25 years. Many carriers have come and gone. Premiums have increased, and benefits have changed. With all the conflicting press out there – it’s a wonder that our sales are so strong right now. Long-term care insurance remains the most affordable solution for your clients that are wanting to protect against the risk of needing assistance with personal care such as dressing and bathing.

  1. It’s too expensive. Clients may have a pre-conceived idea that LTCi is expensive. Depending on how much of a benefit you are quoting, it can be affordable. The average premium being sold from our LTCi specialists is $200/month. Your clients look to you to help them determine the correct protection for them, it is important to create a plan that is affordable and also meets their need regarding long-term care.

  1. What if I don’t use it? We all hope we are not going to need care, but the odds are higher we will. Medical care is getting better, with that we are living and lingering longer. Your clients look to you to help them protect against the risks that will affect them in retirement. Wouldn’t you rather have them use roughly 1% of their gains to cover the risk vs. having to liquidate their assets? Liquidating would cost upwards of $6000 per month.

  1. My premiums will increase. Yes, that chance is there, however, policies today are designed and priced to be more premium stable. My homeowner’s premium went up by 50% this year. It was shocking! In the end, I paid the premium because what if I need the policy?

  1. I don’t think I need it. No one has a crystal ball. If you are healthy today that is fantastic but the chances of you needing care increases as you age. Our top 3 medical conditions for a long-term care claim are Alzheimer’s/Dementia, Musculoskeletal, and Heart Disease.

AALTCI has a few great tips on their website. Find the article here: Common Objections

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