Your clients' health, marital status, age, and willingness to explore options to protect against the potential need for long term care can help them save significant dollars when buying long term care insurance (LTCI).
"Many consumers have the incorrect impression that long term care insurance is expensive," says Jesse Slome, executive director of the national professional association American Association for Long-Term Care Insurance. "They are clearly unaware of the many considerable discounts now available that can reduce the cost of insurance from 10 to 60 percent each year." The association has published a consumer guide that provides details regarding the more common discounts offered by top insurers.
"Your good health today can save you from 10 to 20 percent each year," Slome explains. "Married couples and even unmarried adults living together may be able to save an additional 15 to 40 percent annually." The percentage and the rules applying to discounts vary from one insurer to another.
The eight-page guide also reports that choosing a 90-day deductible period instead of a 30-day period can save between 10 and 20 percent annually. "Right-sizing a policy by choosing a shorter-duration plan of coverage provides the potential to reduce the cost by a third or more," Slome adds. "A shorter-term policy with newer shared care options can be a prudent approach for many. When it comes to long term care planning, something is definitely better than nothing."
Source: American Association for Long-Term Care Insurance. For information on generic LTCI marketing and sales tools, contact AALTCI at 818-597-3227 or www.aaltci.org.
