How to Deal with Only 1 Insurable Spouse LTC Situations?

[Briefcaseboy]

Actually, I just thought of something. Lets say the husband is insurable but the wife isn't. Say, well the man is the bread winner, got to insure him because if he goes into a nursing home, the state will do a spend down on his income which the wife depends on, so he is the one who needs the LTCi......reverse the scenario.......The wife is insurable but the man isn't. Say, well the wife usually lives longer than the husband, when his health fails she will take care of him until he dies, then when her health fails there is no one there to help her, so she is the one who needs the LTCi. Is that kinda like Abbott and Costello...who's on first and who's on second.

 

[STIBROKER]

Actually, I just thought of something. Lets say the husband is insurable but the wife isn't. Say, well the man is the bread winner, got to insure him because if he goes into a nursing home, the state will do a spend down on his income which the wife depends on, so he is the one who needs the LTCi......reverse the scenario.......The wife is insurable but the man isn't. Say, well the wife usually lives longer than the husband, when his health fails she will take care of him until he dies, then when her health fails there is no one there to help her, so she is the one who needs the LTCi. Is that kinda like Abbott and Costello...who's on first and who's on second.

 

[Briefcaseboy]

ha ha...very good

 

[Cornelius]

If one spouse is uninsurable the first thing they should do is speak with an Attorney who understands Elder Law..If you can't plan with LTC they just have to consider other options. Who knows speaking with the Attorney just might convince them that it's a good idea to cover who can get coverage.

 

[CALTCAgent]

If one spouse is uninsurable the first thing they should do is speak with an Attorney who understands Elder Law..If you can't plan with LTC they just have to consider other options. Who knows speaking with the Attorney just might convince them that it's a good idea to cover who can get coverage.

I haven't seen the attorneys helping the LTC sale.

 

[billberry12]

They will take the LTCI premium money and sell the prospect trusts, wills etc. until there is no money for LTCI premium. I stopped working with these professionals several years ago for this reason. They seem to have all the answers and us LTCI folks are just in it for the commission. What a crock!

My 2 cents.

 

[CALTCAgent]

They will take the LTCI premium money and sell the prospect trusts, wills etc. until there is no money for LTCI premium. I stopped working with these professionals several years ago for this reason. They seem to have all the answers and us LTCI folks are just in it for the commission. What a crock!

My 2 cents.

I totally agree. I have also been down this path and have had some bad experiences. There is no incentive for the attorney to recommend LTC insurance.

 

[Full Throttle]

I've only had one experience in this area (LTCi) and the attorney actually made the sale for me. I had been trying for two years to get them to take action, but the couple told me it was too expensive and that it was now too late to buy coverage, they already missed the prime time to buy. They were going to self insure the risk. Anything I had to say on the subject was wasted breath.

Fast forward two years, I recommend an attorney to them to get their business tranisition planning and estate planning completed. I went to the attorney's office with them as we brainstormed how to transition the business. The attorney asked if they had long term care insurance, since a prolonged nursing home stay could force an early sale of the business before transitioning it to the kids.

The result, "FT, why don't you run those numbers again?" Two weeks later, it resulted in a multi-life LTC case. One of the easiest sales I made, only because the attorney suggested it.

In my opinion, you need to work with an attorney that "get's it." You are bringing them a new client, they recommend an area where you can help that is currently deficient. You both win along with the client. This attorney has also helped me make two life sales with other clients I have referred to him.

If your attorney doesn't "get it", I would find a new attorney to send referrals. I also go with my clients to visit the attorney when time permits. I've learned quite a bit this way, the clients appreciate it, and the attorney is more careful about what they recommend. The few sales this attorney has recommended all took place when I went with the client to the initial visit.

Just my .02 cents, take it or leave it.

 

[CALTCAgent]

I've only had one experience in this area (LTCi) and the attorney actually made the sale for me. I had been trying for two years to get them to take action, but the couple told me it was too expensive and that it was now too late to buy coverage, they already missed the prime time to buy. They were going to self insure the risk. Anything I had to say on the subject was wasted breath.

Fast forward two years, I recommend an attorney to them to get their business tranisition planning and estate planning completed. I went to the attorney's office with them as we brainstormed how to transition the business. The attorney asked if they had long term care insurance, since a prolonged nursing home stay could force an early sale of the business before transitioning it to the kids.

The result, "FT, why don't you run those numbers again?" Two weeks later, it resulted in a multi-life LTC case. One of the easiest sales I made, only because the attorney suggested it.

In my opinion, you need to work with an attorney that "get's it." You are bringing them a new client, they recommend an area where you can help that is currently deficient. You both win along with the client. This attorney has also helped me make two life sales with other clients I have referred to him.

If your attorney doesn't "get it", I would find a new attorney to send referrals. I also go with my clients to visit the attorney when time permits. I've learned quite a bit this way, the clients appreciate it, and the attorney is more careful about what they recommend. The few sales this attorney has recommended all took place when I went with the client to the initial visit.

Just my .02 cents, take it or leave it.

I agree if you find one that "gets it".

I have talked to quite a few and wasted many hours. One acted like we were on the same page when I "pre-screened" him. When I brought the client in for a Trust he started asking the client if he was aware of the surrender penalties on the annuity I had written and how annuities have "high" surrender penalties.

I have talked to many, all coming from different angles.

So if you can find the right one, great.

 

[Full Throttle]

I agree if you find one that "gets it".

I have talked to quite a few and wasted many hours. One acted like we were on the same page when I "pre-screened" him. When I brought the client in for a Trust he started asking the client if he was aware of the surrender penalties on the annuity I had written and how annuities have "high" surrender penalties.

I have talked to many, all coming from different angles.

So if you can find the right one, great.

I would find another attorney. I found mine by asking some producers I respect who they use. A number of them came back with the same name.