I’m no journalist, but I can tell you one thing about news: Bad news is almost always front-page news. I’m not even going to touch fake news – that’s beyond my professional expertise. But I do know a thing or two about long-term care … and our industry was hit by some pretty bad headlines in the past.
If your clients ask about the stories they heard a few years ago, you don’t have to beat around the bush. Yes, carriers had trouble paying claims. Many of them are no longer in the business for that reason alone.
Since those stories broke, the insurance industry stepped up and fixed many of its problems in the long-term care market. Today’s carriers want to help clients pay claims – they even offer concierge service to make sure it happens. The government also stepped in and added a layer of accountability with regulations and standards.
Address the issue head-on. Ask your clients:
Today’s long-term care insurance is better than ever. If you want to know more about the best carriers and products available, call your team at Ash Brokerage. We’re ready to help you and your clients asses the options.
The hardest part of the long-term care conversation isn’t the products. Or prices. It’s getting started. Face it: If you’ve put off having the talk with your clients, it’s because you’re not sure how to break the ice.
It doesn’t have to be hard. I personally use three simple questions to start things off. These aren’t something I made up – they came from my studies for the CLTC® designation. And they’re proven to work.
You don’t have to talk about funding. Or insurance plans, for that matter. All you need to do is make them see the importance of planning so you can head down that path – together.
Q1: Do you feel you’re going to live a long life?
Most clients will say yes. That’s good, but keep going.
Q2: Do you agree that the longer you live, the greater the likelihood that your health could become compromised and you may need extended care?
You might think this is blunt, but it’s the truth. No one thinks it’s going to happen to them. But statistics say otherwise.
Q3: If you needed care, how would that impact the people you love?
This question might be the most important. In my experience, clients don’t care what will happen to them. But they do care about what will happen with their loved ones. Whether it’s physical, emotional or financial, the impact of a long-term care event will have a ripple effect. This is what makes most clients think differently about long-term care planning.
In the next few weeks, I’m going to dive into the long-term care conversation. We’ll discuss the six most common client objections and how you can approach your responses – financially, emotionally or logistically.
© 2018 Ash Brokerage LLC.