How should I raise the subject of long term care insurance (LTCI) with my client?
This is usually best done as part of your fact find and not left as a separate subject. There are routine questions you can use in the sales process to your advantage.
For example, when it comes to the section on dependents, I suggest you ask: 'Do your children live locally?' Later on, you can develop this further by asking: 'If you become unable to look after yourself, would any of your children be in a position to help?'
When you discuss wills as part of the fact find, it is best to not just ask who the beneficiaries are, but also to gently explore why the client wishes to leave an inheritance.
The reasons your client gives for wanting to leave money to somebody will provide you with reasons why they would benefit from an LTCI plan.
Asking why is often overlooked when fact finding, but it can be applied to almost any statement your client makes. The answers you get will help you justify your reasons for raising LTCI later in the discussion.
Asking the right questions at the appropriate time will enable you to build up a picture of the family situation, for example, why they do not want to be a burden to their children and why it is important for them to pass on something worthwhile to the next generation.
This means that when you arrive at the recommendations section, the consequences of needing care at some point in the future have already been discussed.
You will be able to fully explore with your clients how and why an LTCI policy might work for them and tailor a policy to fit their needs. You will not have forced the subject of LTCI ' it will have arisen naturally out of your discussions.
