Many Product Choices for Chronic Care/LTC Benefits...

Population wise, the market for individuals to acquire some level of Chronic Care/LTC Benefits has probably never been larger. Individuals, especially those who have retired or are near retirement, are increasingly concerned with what they know to be very high costs for this care. Additionally, there is concern of possibly spending down assets in order to qualify for Medicaid leaving little or no assets to pass to heirs.

In previous years, the stand-a-lone LTC policy was all that was available. The downside for many prospects were the high premiums, the potential for rate hikes and the “use it or lose it” stigma should a claim never be filed.

In today’s life insurance industry, there have never been more product choices to discuss with your existing clients or prospects:

• Universal Life products with Chronic Care/LTC Riders

• Universal Life product with Accelerated Benefit Endorsement built-in

• Single premium or flex pay life products primarily focused on LTC funds

• Single Premium Life with Chronic Care benefits

• Benefits that are either indemnity or reimbursement

What Prospects understand, appreciate and are buying is the simple fact that if Chronic Care/LTC benefits are either never needed or only some benefits were paid out, the beneficiaries receive any balance of the death benefit income tax free.

If you work with individuals ages 50 to 75 then you have should have many sales opportunities. And, you don’t need to be an expert. We are glad to help you with questions to ask, identifying a prospect and designing the appropriate plan. Plus, we represent all the right carriers.

For more information, contact Great Plains Annuity & Life Marketing at 800.710.1115 or email info@gpam.biz.

About the Author

Dick Reynolds, CLU is Senior Vice President - Life Division at GPALM. With over 30 years industry experience, Dick draws on his vast industry knowledge to provide insurance advisors with product, medical underwriting and advanced sales expertise to close their life insurance cases. He assists agents in finding the right solutions for their clients' particular circumstances by thinking outside the box. He and his wife Debbie have two grown children and reside in Overland Park, KS.

Dick can be reached at 800.710.1115 or by emailing dick@gpam.biz.