How do I Choose a

Long Term Care Agent? 5 key questions to ask when evaluating a long term care agent.

Introduction

After you have done some initial research, you will have to choose a long term care insurance (LTCI) agent; someone to assist and advocate for you, from application to claims.

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Introduction

The 5 Key Questions

?   Is the agent a specialist?

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Introduction

The 5 Key Questions

?   Is the agent a specialist?

?   Is the agent a “captive” or a broker?

Photo  Credits:  en.relysubjec.ve  

Introduction

The 5 Key Questions

?   Is the agent a specialist?

?  ?  

Is the agent a “captive” or a broker?

Does the plan design include unnecessary, costly, “bells and whistles”?  

Photo  Credits:  en.relysubjec.ve  

Introduction

The 5 Key Questions

?   Is the agent a specialist?

?  ?  

?  Is the agent a “captive” or a broker?

Does the plan design include unnecessary, costly, “bells and whistles”?  

Is the agent responsive & accessible?

Photo  Credits:  en.relysubjec.ve  

Introduction

The 5 Key Questions

?   Is the agent a specialist?

?  ?  

?  ?  

Is the agent a “captive” or a broker?

Does the plan design include unnecessary, costly, “bells and whistles”?  

Is the agent responsive & accessible?

How much experience does the agent have?  

Photo  Credits:  en.relysubjec.ve  

Question One Is the individual a specialist?

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LTCI is more complicated than other types of insurance—you want an agent that knows the ins and outs to ensure you are getting a policy that fits your needs.

Choose an agent that specializes in Long Term Care Insurance (LTCI)

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LTCI is more complicated than other types of insurance—you want an agent that knows the ins and outs to ensure you are getting a policy that fits your needs.

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General agents or Financial Planners typically don’t have the expertise in plan design that someone who spends 100% of their time on LTCI does.

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Choose an agent that specializes in Long Term Care Insurance (LTCI)

LTCI is more complicated than other types of insurance—you want an agent that knows the ins and outs to ensure you are getting a policy that fits your needs.

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General agents or Financial Planners typically don’t have the expertise in plan design that someone who spends 100% of their time on LTCI does.

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✔ Get the best advice and work with an LTCI specialist.

Choose an agent that specializes in Long Term Care Insurance (LTCI)

Question Two Is the agent “captive” or a broker?

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A “captive” agent works for a specific carrier and will be obligated to sell you a policy from that company.

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For whom does the agent work?

A “captive” agent works for a specific carrier and will be obligated to sell you a policy from that.

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A broker will have a portfolio of all the major carriers available in your state—More options to design the best policy for you.

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For whom does the agent work?

A “captive” agent works for a specific carrier and will be obligated to sell you a policy from that

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A broker will have a portfolio of all the major carriers available in your state—More options to design the best policy for you.

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✔ A broker works for YOU.

For whom does the agent work?

Question Three Does the agent guide you through your LTCI plan design without pushing costly “bells and whistles”?

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Over-insuring is a big mistake and can price you out of the market—you need to be comfortable with, and able to pay, the premium.

Stay within your budget

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Over-insuring is a big mistake and can price you out of the market—you need to be comfortable with, and able to pay, the premium.

Stay within your budget

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The broker should put the priority on you and your unique situation (both financially and in terms of benefits).

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Over-insuring is a big mistake and can price you out of the market—you need to be comfortable with, and able to pay, the premium.

Stay within your budget

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The broker should put the priority on you and your unique situation (both financially and in terms of benefits).

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✔ One size does not fit all when it comes to LTCI.

Question Four Is the broker responsive and accessible? Question Four Is the broker responsive and accessible?

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Is the agent responsive to your email or phone calls? ✔

Is your agent there for you?

Is the agent responsive to your email or phone calls? ✔

Did the agent listen to your requirements and build a plan with which you are comfortable?

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Is your agent there for you?

Question Five How much experience does the agent have?

Agent should have 250+ policy holders

Ø  The experience you want

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Agent should have 250+ policy holders

Ø  The experience you want Ø  The expertise you’ll need come claim time

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Who should you call?

5 Questions to ask the agent: What happens come claim time?

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Who should you call? ✔

How long does it take for a claim to be approved? ✔

5 Questions to ask the agent: What happens come claim time?

Who should you call? ✔

How long does it take for a claim to be approved? What is the claim experience of the company they’re recommending?

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5 Questions to ask the agent: What happens come claim time?

Who should you call? ✔

How long does it take for a claim to be approved? What is the claim experience of the company they’re recommending?

Will they be there come claim time?

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5 Questions to ask the agent: What happens come claim time?

Who should you call? ✔

How long does it take for a claim to be approved? What is the claim experience of the company they’re recommending

Will they be there come claim time?

If they pass away/retire is there an alternate contact for help?

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5 Questions to ask the agent: What happens come claim time?

Once you have chosen your agent

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There is no need to “shop” the policy around

Once you find an agent you trust, stick with them

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There is no need to “shop” the policy around

Once you find someone you trust, stick with them

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LTCI is tightly regulated, and the same policy will cost you the same regardless of from whom you buy

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There is no need to “shop” the policy around

Once you find someone you trust, stick with them

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LTCI is tightly regulated, and the same policy will cost you the same regardless of from whom you buy

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✔ Once you evaluate the agent and you trust them, stick with them. This is a long term partnership.

   

Conclusion One of the most important steps in your initial LTCI research involves finding an agent you trust.

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Conclusion One of the most important steps in your initial LTCI research involves finding an agent you trust. Take your time in and beware of anyone that pressures you to buy on the first appointment.

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Conclusion One of the most important steps in your initial LTCI research involves finding an agent you trust. Take your time in and beware of anyone that pressures you to buy on the first appointment. Purchasing LTCI might be the most important financial decision you make in the second half of your life, so you want a partner that will guide you to the right policy, and be there for questions and help at claim time.

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