If you've never sold long-term care insurance before or if you're new to the market, you may think it's a bit overwhelming. But the LTCi sale really isn't all that complicated. You just need to know the basics.
What is long-term care?
Long-term care is a term used to describe a variety of services people need when they’re no longer able to care for themselves. This can be due to a prolonged illness, accident or the simple process of aging.
Most people prefer to get the care they need in their own homes, and there are many different types of long-term care services available. Some people simply need help with household tasks like housekeeping, shopping and meal preparation. Others require the services of a visiting nurse or therapist. If a greater level of care is needed, long-term care also is provided in assisted living facilities and nursing homes.
Why do people need long-term care insurance?
No matter where long-term care services are received, the cost can be high. The national average for home care services is approaching $40,000 per year (based on $19 per hour, eight hours per day, five days per week, 52 weeks per year). People who need nursing home care can expect to pay nearly $65,000 per year, and that’s for a semi-private room.
Unfortunately, when most people make plans for retirement, they fail to consider how they’ll pay for these expenses. And that’s where long-term care insurance comes in.
Why should you be selling it?
Your role as an insurance agent is to help people plan for the future and protect the things they hold dear. And that includes protecting their retirement nest eggs. Like other forms of insurance, long-term care is an essential part of a sound financial plan. Just as life insurance protects a family if the insured dies too soon and disability insurance protects the income of someone who is unable to work, long-term care insurance protects retirement savings from being depleted if the need for long-term care services arises.
Pre-packaged plans are the perfect place to start
If the thought of learning multiple plans and benefits seems overwhelming, consider the simplicity of Mutual of Omaha’s pre-packaged long-term care policies. Mutual Care 3 and Mutual Care 5 contain our most popular (and most frequently purchased) benefits and features. They even have inflation protection built in. And there’s a handy rate card that allows you to provide a quote without the use of software. Selling long-term care insurance doesn’t get much easier than that.
Once you’re comfortable selling these simple pre-packaged policies, you can move on to policies that can be customized for a client’s unique situation. Mutual of Omaha offers a complete portfolio of long-term care products that allow you to meet the needs of any client. Learn more at mutualcareplus.com. You can even order a starter kit so you can start selling right away.
We provide tips, tools and training you need
We also offer all the sales tips, tools and training you need to sell long-term care insurance. You’ll find our online resource center – LTC Connection – at mutualcareplus.com/ltcconnection. It’s filled with sales tips, training links and other tools to help you connect with customers.
So, if you’re just getting started in the long-term care market, you can count on Mutual of Omaha to help you every step of the way. From simplified products to training teleconferences, sales tips to our monthly e-newsletter, we make selling long-term care insurance easier than you think.