Tacoma, WA - Heartwarming Care
Long Term Care Insurance Specialist
Increasingly we see insurance agents or financial advisers that are specializing solely in the sale of long term care insurance. Not only is long term care insurance a complicated product but companies are constantly coming out with new products as well. A person selling long term care insurance also needs to have an understanding of what long term care is in order to make suitable recommendations to people buying the insurance.
Most insurance agents and financial planners simply don't have the time to keep up with these issues and that is why some practitioners have specialized exclusively in long term care. Here are the advantages of using a specialist.
- The specialist often represents more than one long term care insurance company and can find the company with the best benefits and the best price.
- The specialist often has experience with a number of companies and can recommend those that are good at paying claims, are expected to continue selling long term care insurance or are prone to rate increases.
- The specialist has experience with medical problems involved in the issue and underwriting of long term care insurance and he or she can find the right company for underwriting or help to get the insurance through the underwriting in a chosen company.
- Specialists are generally experts in understanding long term care issues, especially those specialists certified to sell partnership policies. Because of this knowledge, the specialist can recommend the best coverage to dovetail with the insured's assets, income and desires for care settings and services.
- Many specialists work with a team of eldercare advisers such as care managers, pre-need funeral planners, elder law attorneys, home health providers, retirement financial planners and reverse mortgage specialists. This allows them to help the pre-retirement generation with long term care insurance and retirement planning and also help the parents of those people with elder care needs.
Elder Financial Advisor
A financial planner or advisor who works with the elderly is going to understand how to invest assets for that age group. This person will also understand how to use assets and income when there is a need for long-term care.This person will work closely with an estate planning or elder law attorney to make sure all arrangements for the estate, for disability, for loss of capacity, for medical treatment and for long-term care are covered.An elder financial advisor is also likely to work with a team of eldercare advisers such as care managers, pre-need funeral planners, long-term care insurance specialists, reverse mortgage specialists and home health providers.
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2 comments:
Very well stated.
LTCi is actually one of the simpler insurance products in terms of how it works; but the underwriting is very different from life insurance and medical insurance. Since the underwriting is so different many insurance agents avoid it.
Industry wide, about 1 in 4 long term care insurance applications are declined. However, LTCi specialists usually have much better results because of their experience and their understanding of each company's unique underwriting guidelines.
In my own practice, less than 12% of my clients have been declined for coverage.
Scott A. Olson, CLTC
Great information! Looking at the Outline of Coverage for any long-term care insurance policy can make anyone want to "stick their head in the sand" and put off an important part of their retirement planning. The easiest way to get all the answers about multiple plans and carriers is to consult with a Long-Term Care specialist, an independent agent with no bias toward any one company. You will save hours and hours of struggling with sorting out all of the information about long-term care insurance. www.LongTermCareInsurancePros.com are experts and will provide you with multiple quotes based on your needs from all the top carriers and help you compare all the plans.
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