Long-Term Care Webinar
As we ring in the new year, Enrique Torres Life Product Specialist, shares Long Term Care information, how to cross-sell it, and how the product works. If you missed Enrique’s webinar on LTC in 2021, click here.
Individuals who have Long Term Care (LTC) policies can file a claim if a medical professional deems that the insured cannot perform two of the six daily living activities at an adequate level. These include bathing, eating, dressing, using the restroom, continence, and the ability to get from point a to point b. Anyone between the ages of 30 and 79 can apply for Long Term Care coverage. Depending on the policy, there may be some age limitations. However, once a policy is in place, that price is locked-in for the length of the benefit period. As one gets older, LTC becomes more expensive.
Once a claim is filed and approved, the carrier waives the monthly premium as the benefit gets paid out. Every LTC policy is subject to underwriting by the insurance company.
Underwriting
If a person does not meet the underwriting criteria, they are ineligible to purchase LTC from any carrier. These include the six daily living activities and any other medical conditions that may affect their eligibility for coverage, in addition to financial reliability. Carriers consider all of these factors when determining if LTC is right for someone. Based on an individual’s qualifications, approval for LTC falls under different classes: Preferred, Select, Class I, and Class II. Acceptability for Class II is subject to underwriting approval. If LTC is not right for you, there may be some alternative coverage options.
Peace of Mind
The most significant benefit of Long Term Care is peace of mind. People often need long-term care when they have a severe, ongoing health condition or disability. The need for long-term care can occur suddenly, such as after a heart attack or stroke. Especially now amidst COVID-19, people want to prepare for future circumstances. Even if the benefits are never needed, knowing that they will not be a burden to their family is invaluable to your clients.
AGENTS
If you missed Life Specialist Enrique Torres’ webinar on LTC in 2021, click here.
We hope this information on Long Term Care Webinar is helpful to you.
Empower Brokerage is dedicated to helping you educate your clients on the insurance they need and staying on top of their health. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans. We want you to be successful. Give us a call if you have any questions at 888-539-1633.
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