Clients are often hesitant to purchase life insurance, despite the fact that it is a valuable tool in financial portfolios. However, with the costs of stand-alone LTC coverage increasing each year, LTC/Chronic Illness riders becoming increasingly popular. It is often beneficial to offer your life insurance clients multiple benefits in one sale. Clients can lock-in their future benefit – with guaranteed premium and guaranteed benefits!
By adding a long-term care (LTC)/chronic illness rider onto a potential life insurance policy, a hesitant prospect becomes a much easier sell. Objections tend to fade as clients realize the benefits of having that extra, important safety net. In many instances, it is the added riders that make the sale rather than the life insurance alone.
Most people understand how unexpected chronic illnesses and/or LTC costs can devastate carefully laid retirement plans, creating a heavy financial and emotional burden on family members. Being able to expand the scope of traditional life insurance to include living benefits can provide the financial security and peace of mind many clients are seeking – and provide the needed incentive to close the life insurance purchase.
Each company has different options available – so do not assume a case is too difficult to write or the desired option does not exist. Oftentimes, especially with the help of our on-staff underwriters, we are able to get even the most difficult cases placed with better-than-predicted benefits and premiums. Adding living benefits to your life insurance cases might just be the tool you need to close the sale.