Selling LTC...

Discussion in 'Long Term Care Insurance Forum' started by James, Sep 5, 2006.

  1. James
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    James Guru

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    This is one emotional baby when selling this monster. My newest story to tell when selling LTC is this. I ask my mother in law (MIL), for the past year to get LTC, even last week it would of been tough to get her through underwriting. Yet two weeks ago her father had a TI - stroke, seeing the problems she decides to go ahead and bite the bullet and join my family plan. She thought it to be too expensive even though its not really once you take into account the tax deduction plus a family or association discount. Yet though she comes over and says she is ready and is 59 years old. Bad thing, one day later she has a stroke! More then likely due to the pressures of her father's health problems such as the stroke he had a week earlier!

    Outside of the pressures these strokes had on my wife and my household I now understand that her my MIL is now basically in my hands totally, financially speaking. Just don't see getting her through underwriting for some time now with the stroke. Esp. since she has as soon as leaving the hospital continues to be active in her fathers care, I just can't believe this!

    Moral of the story, don't be like my MIL and end up being one big burden upon your child and their family. Basically, her other children do not have the ability to financially support or the the emotion/character to be to be of any assistance. Needless to say this is adding a bit of a burden in my household. As I work on our Plans for the house we'll be building next year my wife is insisting on a full apartment for her mother, this was not a part of the plan well at least not a part of mine. Its not just the apartment but the constant care it'll take to take care of her.

    Now a solid LTC Policy would of greatly of aided her retirement. She has enough years at UTMC to retire but if this stroke and obvious future strokes or Heart Attacks can demolish her retirement funding plans greatly and basically make her a ward of my family or the State.
     
  2. Sam
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    Sam Founder Administrator

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    I recommend that you look into some of the annuities that have LTC riders. Of course, it won't be comprehensive coverage, but since they make a lot of money on the annuities, they can afford to be more liberal with the underwriting. Also, if she has a pension with the school, there may be a way to assign it to her after the lookback is over. With a 403B or a 401K, I know of no way to do that.
     
  3. aufan
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    aufan Super Genius

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    Who are some good companies who offer the LTC annuity products? Arent's these new? I'm about to contract with a GA to sell some senior products like med supps and LTC, but i've been very interested in the LTC annuity products since I first heard of them.
     
  4. insurebob
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    insurebob Expert

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    Asset Based Solutions

    I know that Golden Rule has an Asset Based product, whereby you deposit a certain amount, and it can be used either as Life Insurance, or Long Term Care insurance.

    Genworth is coming out with their version of the same thing.

    That might be an option.
     
  5. James
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    James Guru

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    In all honesty this had more to do with the way you have to sell LTC. As in personal connection of cause and effect and the ability to sell. It is a good story, all true and very recent as in two weeks ago! I am already using it, and out of the 5 I used it on 3 had similiar circumstances. Its a matter of opening their eyes and building the need of LTC which I find critical in selling it.
     
  6. midwestbroker
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    midwestbroker Guru

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    Lincoln Benefit has a life policy with LTC options.

    From what I understand, it is a single premium life policy. You have access to the benefit amount for LTC related expenses.

    Example
    Premium $100,000
    Benefit $160,000
    Amount avail for LTC $160,000
    Any left over money will be passed on to the beneficiary

    Since it is a life policy, it is passed on tax and probate free.

    I like it as it takes the "what if I never use it" objection.

    I have never sold one (just learned about it last month).

    I think that Genworth has one like it.

    Any thoughts?
     
  7. srfchsr
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    srfchsr New Member

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    The LB product is called the MoneyGuard. I too haven't written it yet but it looks like a good niche product - 1035 or rollover for people who can't or won't pay monthly for LTC.
     
  8. elliottmarks
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    elliottmarks New Member

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    Actually, MoneyGuard is a Lincoln National, not Lincoln Benefit product and it is a life insurance/long term care product and there is underwriting involved.
     
  9. bluemarlin08
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    bluemarlin08 Guru

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    That is a tough thing, was her husband a veteran? I have several real life family stories just like this that I use talking with prospects. You do what you have to do, we took care of my wife;s aunt and uncle for awhile, very hard and draining. Sell your clients on the concept in their 50's, premiums are more affordable, I sell it by telling them they currently have a hole in their health insurance, no provision for custodial care.
     
  10. James
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    James Guru

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    Yea, Papaw for five years, grandma is now displaying Alzheimers in full but, physically fine for a 88 yr old. MIL, she is now on the pump for her Diabeties, that would of really prevented her in underwriting but, even with the pump she is having troubles with her levels. She just had another minor TI with some other issues, yet she went to Puerto Rico two days after leaving the hospital! Just do not see it stopping for some years.
     
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