Although this article is directed toward life insurance agents or financial advisors who sell long term care insurance, it is very important to you as an individual who may be interested in purchasing this type of insurance, to be familiar with this information.
The rapid growth of the senior population, combined with a steep drop in the family caregiver ratio and crisis in the home care industry, means that talking with your older clients (and adult children) about their future lifestyle and long-term care needs will become increasingly important. Not only will your guidance be invaluable to your clients, it can also lead to more planning opportunities and a stronger connection to the next generation, i.e. the heirs. If you don’t bring up this topic with your clients it is possible that no one else will, until it’s too late.
Yet, knowing how to start the conversation is awkward and difficult for some advisors. To help, here are three easy questions you can ask to help you prompt better discussion on this important topic.
- What concerns do you have about your future as it relates to your lifestyle, health, and finances?”2. At this point in your life what does peace of mind truly mean to you?”
- You’ve been in your home for a long-time and probably have fond plans. Is it your plan to stay in your home (as long as possible)?”
With these questions the goal is to get your clients talking about their real and underlying concerns. Notice that the questions do not use phrases like “nursing home” or “long-term care,” which are not exactly inviting. Rather, you want to learn whether your client is concerned about things like being lonely, not having a purpose, or being a burden on their children later in life. Some of these issues can arise even before a person requires long-term care services.
Keep in mind that your client may not open up immediately. You may have to ask follow up questions such as, “Are these things you have considered before? Why or why not?” or “Can you tell me more about why you say that?”
Asking these questions can be a good catalyst for a more meaningful discussion but they also show that you are not simply interested in selling a long-term care insurance policy; that you a have an interest in helping them plan for their long-term well-being. Once you have broken the ice, the next steps may involve a detailed discussion of various living options, i.e. staying in the home versus moving to some type of community setting, and if they live nearby, possibly inviting the adult children to join you in a follow-up meeting.
Although LTC insurance does pay benefits that can be used for the cost of home modification, HomeFree Home Modification is neither involved in, nor does it have an interest in the promotion of the sales of LTC insurance. We do however have an interest in helping individuals to remain in their homes for a longer period of time, and keeping them there with more safety & independence. We provide a NO COST home evaluation to help you determine what types of home modification solutions can help you to achieve this. You can reach us at 770-939-0747, or firstname.lastname@example.org .