Why Long Term Care Insurance is So Important to a Happy Retirement
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This week:
On this special episode of The Insurance Experts, I had the pleasure of hosting a recent webinar starring the one and only, Tom Hegna. Tom is a renowned retirement expert, best selling author, and international speaker.
In the video below, Tom shares tips on the role of annuities, life insurance, and especially long term care insurance in fulfilling a happy retirement.
The audience for this webinar is agents and advisors, so please consult with a licensed agent should you need assistance with an insurance solution.
Thanks to NGL (National Guardian Life) for supporting this webinar series!
Don't live a "just in case" retirement
Many people are worried about outliving their income, so they are frugal during their retirement years.
Why not live the retirement that your clients have saved all their lives for by providing or protecting income:
- Annuities can produce a guaranteed income, so clients get a paycheck for living expenses and a "playcheck" to enjoy retirement years
- Life insurance can provide a legacy to kids or charities, so excess income can be spent more freely
- Long term care insurance can protect income, if extended care is needed, because long term care expenses can devastate even the best-laid retirement income plans
Why questions are so important to help clients uncover their needs
Tom and I discuss how to use a consultative approach to help clients understand their needs and for the agent or advisor to uncover the best solutions.
Long term care questions to ask include:
- Tell me about your understanding of long term care?
- Have you had a friend or relative who needed long term care?
- What is your philosophy about long term care insurance?
- Is home care important to you?
- What percentage of income would you be comfortable spending on insurance?
- Do you own an asset that can be repositioned to provide long term care protection longer and better than you are currently doing?
Common objections about long term care insurance and how to answer them
It is important to understand the most common misconceptions about long term care planning before they come up in the conversation with your clients. The key being that having a LTC plan is important with or without insurance being used as the solution. Tom and I delve into the most common objections and how to answer them:
- I won't need it
- It's too expensive
- My spouse will take care of me
- Life wouldn't be worth living
- If I don't use it, I lose all of that money
- The government will take care of me
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