Unlock More Retirement Business with Long-Term Care Insurance

As a financial advisor, you are always looking for ways to provide more value to your clients while expanding your business. One of the biggest opportunities in retirement planning is long-term care insurance (LTCi). Not only does it address a critical need for clients, but it also opens doors for deeper financial planning conversations.

Many clients don’t think about their future long-term care needs until it’s too late. Your role is to help them understand why planning now is essential. Here’s how you can recognize potential prospects, ask the right questions, and position LTCi effectively to grow your retirement business.

Identifying Ideal LTCi Prospects

Your best prospects for LTCi are those who:

• Are between the ages of 50 and 70 and still in relatively good health (easier to qualify and lock in lower rates)

• Have accumulated assets they want to protect

• Have family members who could be impacted emotionally, physically, and financially by their potential long-term care needs

• Understand the importance of risk management in retirement planning

Prospects often include:

• Pre-retirees planning for their future

• Individuals with a family history of chronic illness or extended care needs

• Business owners who want to protect their assets from long-term care expenses

3 Key Questions to Ask Clients

A great way to initiate the LTCi conversation is by asking these three key questions:

1. What’s Your Plan?

Most clients haven’t thought through what they would do if they needed help with daily activities. Ask:

• Where do you see yourself living if you need help with daily activities?

• Have you considered how your care needs will impact your spouse or children?

• What’s your strategy for maintaining independence as you age?

Many will realize they don’t have a clear plan, making this the perfect opportunity to introduce LTCi as a solution.

2. Who Do You Know?

Personal experiences are powerful. Encourage clients to reflect on their own experiences:

• Have you ever had a parent, grandparent, or friend need long-term care?

• What impact did it have on their family, finances, and lifestyle?

• How did their experience influence your views on preparing for care?

If they’ve witnessed the financial and emotional toll of long-term care, they’ll likely see the importance of planning ahead.

3. How Will You Pay?

Many clients assume their health insurance, Medicare, or savings will cover long-term care expenses. Challenge this assumption:

• Do you know that Medicare only covers short-term rehab, not long-term care?

• If you needed care for several years, how would that affect your retirement savings and estate?

• Would you prefer to use your own money or leverage an insurance solution to fund your care?

LTCi ensures they have funds available when they need them, so they won’t have to drain their retirement savings or liquidate assets.

Turning Conversations into Solutions

Now that you’ve planted the seed, guide your clients toward action:

• Illustrate the costs: Show them the rising costs of home care, assisted living, and nursing facilities.

• Present tailored solutions: Not all LTCi policies are the same. Some offer hybrid options that include life insurance benefits.

• Leverage tax advantages: Highlight potential tax benefits of LTCi, especially for business owners.

By helping clients see the real-life impact of long-term care planning, you position yourself as a trusted advisor who goes beyond basic retirement planning.

The Bottom Line

LTCi is not just another product—it’s a game-changer in retirement planning. By identifying the right prospects, asking the right questions, and positioning LTCi effectively, you can help clients secure their future while expanding your business.

Start having these conversations today, and watch your retirement planning business grow!