• Mary Sizemore

Requesting a long-term care insurance quote

Your client has requested a long-term care insurance quote – what are your next steps? We are so excited that your clients are interested in long-term care insurance! We are eager to help you – help them! But…selling long-term care insurance is not just about running a quote.


Here are a few fact-finder questions to ask your client, before requesting a quote:


What countable assets (not including the client’s home) are at risk? LTCi may not be right for everyone. If they have countable assets between $200,000 and $2,000,000 – that is your target range of wealth.


Where is the money coming from to pay the premium? Do they may have an older life insurance or annuity policy that has gained value? It is possible that they can use it as a 1035 exchange, and in some cases not have to pay income tax on that gain.


Does your client have a budget in mind for a long-term care insurance policy? Our LTCi specialists are averaging premium of $2500/year for a single female or $4500/year for a couple. Is this affordable to them?


How is your client’s health? LTCi is medically underwritten. This means that your client’s health is an important part of the process. If they already have a diagnosis of MS, Parkinson’s or similar chronic illness, they are uninsurable. Even the “healthiest looking” person can have a chronic illness that may not seem symptomatic. It’s best to complete an intake form (please request one from our marketing team). We can assist with prequalification and steer you towards the company that is best suited to your client.


Does your client have a family history of dementia or Alzheimer’s? Some of our carriers are basing their underwriting on family history. It’s important to know this information up front so that we can advise on the best carrier.


What benefits should you quote? Most claims are received in the home and trying to insure for a nursing home stay may not be feasible or in the client’s budget. Start with a lower benefit, less inflation, you can always add on benefits as the client’s budget allows.


Long-term care insurance is the most affordable solution to the risk of dependency. It’s important that we continue to raise awareness and start the conversation with our clients. A long-term care crisis affects the entire family, having a strategy to protect this probability is an essential part of any retirement plan. For assistance with a pre-qualification or quote, please contact our marketing team at 1-800-945-1953.

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