WHO: Your high net worth clients may assume that they don’t need a LTC coverage because they can self-insure. For them, your positioning should be less focused on premiums and more on what they are getting for those premiums. Not all policies are created equal. Carefully listening to your client’s objections can help you position Transamerica LTCi solutions that meet your clients’ needs, both stated and unstated.
WHY: Consider this:
• Peace of mind is probably something that’s especially important to your high net worth clients, including how they care for their family. Should they need long term care, how easy would it be for them or a family member – say a spouse or adult child – to quickly locate and coordinate the long term care services and providers they need? Even for high net worth individuals, having access to a Care Coordinator alone can be reason enough to take a serious look at Transamerica LTCi.
• Being able to receive quality long term care services in one’s home can be a compelling reason for LTCi regardless of one’s net worth. With Transamerica LTCi your clients may not have to selffund the home modifications they need to stay at home longer. And they can have access to caregiver training as well as respite care, both of which are designed to make caregiving easier for the family members who typically provide it.
• Even if someone has a substantial 401K, how might a source of flexible cash help them manage their long term care needs? Looking at the possible effect on home, family, and decision-making may help uncover a real need for Care Coordination and maximizing a monthly source of flexible cash.
HOW : To maximize the Cash Benefit, help them select an appropriate Pool of Money for their needs. Next, select the highest Maximum Daily Benefit offered for that Pool of Money. Doing so will maximize the cash available each month in their Cash Benefit, since the Cash Benefit for TransCare® II and TransCare® III is 10x the Maximum Daily Benefit for a calendar month. They would have that Cash Benefit and Care Coordination from the first day they qualified for care. And if their only need is the Cash Benefit, it could extend their coverage up to three times longer than if they used the Maximum Daily Benefit every day.
Listening and responding to needs is called consultative positioning. To learn more about it, sign up for our free 15-Minute Power Crunch webinar next week: Consultative Positioning.