If you aren’t selling long-term care, you know you’re missing out on business.
BUT you don’t want to worry about being LTC certified. (And getting recertified later on.)
It can be a huge stumbling block in your business, but there is another option, and your clients may actually prefer it over traditional long-term care insurance.
What’s the solution?
You do not have to be LTC certified to sell a life insurance policy with an LTC rider.
This is a huge deal for your business growth potential. Why?
- Clients want life insurance.
- Clients want long-term care coverage.
- Clients don’t want to pay in and never get benefits.
- Clients don’t want to worry about huge rate increases.
In a nutshell, your clients want life insurance with a LTC rider — they just don’t know it yet.
What’s the next step?
The obvious next step is to start selling this product to your clients, making sure to point out the major highlights above. They’re simple and easy to understand.
We recommend looking at a product that clients are loving — the American General Life Chronic Illness Protection Rider. This Accelerated Access Solution (AAS) gives your clients access to their death benefits while they’re still alive.
Unlike other long-term care policies, the AIG Chronic Illness Rider allows your client to pay for almost any expense, such as the following:
- Adult daycare
- Assisted living; nursing home
- Massage therapy
- Prescription drugs
- Home maintenance
- Home improvements
- Gas for transportation
- Cash for friends or loved ones who take time off work to assist you
To activate the benefits, your client must be unable to perform two of the six Activities of Daily Living, or must be suffering from cognitive impairment (memory loss and other similar issues) for at least 90 days.
Here is an example of benefits for a $250,000 policy.
You can go here to get contracted with this American General Life (AIG) product.
Before you head there, here are the cliff notes of the product:
- This policy is written with a GUL (a guaranteed benefit; premium to age 105).
- The premium is waived when on claim. (I haven’t seen any other product like this.)
- There is a 90-day elimination period.
- You can choose between three monthly payout options: 2%, 4%, or per diem.
- This is an indemnity model, so you can control how the funds are used, which is huge!
- There is no additional agent licensing needed.
- The issue ages are 18-80.
- This is available through Table D.
- This is NOT a “use it or lose it” policy. Benefits will be paid (either to the insured in form of the rider acceleration or to the beneficiaries at death… or both).