FIG Marketing
  • Product R + D
  • Marketing + Branding
  • Business Development
  • FIG News
    • Press
    • Community Relations
    • Events

FIG Marketing

  • Product R + D
  • Marketing + Branding
  • Business Development
  • FIG News
    • Press
    • Community Relations
    • Events
Product R + D

Long-Term Care for Younger Clients

written by Alecia Barnette November 5, 2020
Long-Term Care for Younger Clients

Updated September 6, 2023, at 9:23 PM

Have you heard the old saying, “You’ve never been younger and healthier than you are now?” It’s true!

When it comes to long-term care (LTC), the younger you are, typically the healthier you are. The cost of insurance is less for younger ages as well. And it’s why LTC for younger clients can make so much sense.

Don’t wait until your clients are older to bring up the care planning conversation. Because by having coverage early on, your clients may benefit due to any unforeseen events that take place in earlier years.

Layering Care Planning Coverage

Generally, financial professionals often think younger clients can’t afford LTC insurance or LTC insurance alternatives.

Check out this concept called layering: Your younger clients don’t necessarily need to purchase a policy covering 100% of the risk because it could leave them insurance-poor or spending over budget. Instead, start small to cover more of the risk in later years.

Related: 12 Long-Term Car Statistics That Can Spur Client Action [Infographic]

Take a 45-year-old couple, for example. Below you’ll see an example of a policy that they can start with by layering LTC. Then in their later years, they could continue adding on more policies. In the long run, it’ll save them money.

long-term care for younger clients recurring cash premium payments example

As you can see from the diagram, they buy a $1,500 per person, per month benefit, a lifetime benefit period, and a $50,000 death benefit if they don’t use it. The main idea is to purchase additional coverage every five years.

By age 60, they have a $6,000 monthly benefit per person, and a $200,000 death benefit for a total of $7,931. But here’s the kicker: had they waited until age 60, it would’ve cost them $10,384 instead. That comes out to an annual savings of $2,453. Plus, if something happens before age 60, such as an unforeseen health issue, they’ll have some level of protection at least.

long-term care for younger clients policy comparison example

Bottom Line on Layering LTC

Layering for LTC insurance is an excellent alternative to waiting until your clients are older when they’re usually more exposed to expensive health issues.

Please don’t wait until it’s too expensive.

Now is the time to talk about care planning. Reach out to your FIG Care Planning Division for more information on how you can implement care planning today.

Keep Reading: What to Know About Hybrid Long-Term Care Annuity Opportunities


long-term care for younger clients blog CTA
financial independence group logo

Disclosure: The content within this article is for educational purposes only and does not constitute legal, tax, or investment advice. Customers should consult a legal or tax professional regarding their own situation. This article is not an offer to purchase, sell, replace, or exchange any product. Insurance company products (inclusive of Long-Term Care) and any related guarantees, features and/or benefits are backed by the claims-paying ability of the issuing insurance company. Long-Term Care applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Some of the information displayed within this article may be illustrative in nature, but may not be reflective of the outcomes you may experience. Your results will vary.

Long-Term Care for Younger Clients was last modified: September 6th, 2023 by Alecia Barnette
Case studyLong term careLong Term Care InsuranceLTC
10
LinkedIn Facebook Twitter

You May Also Like

Social Security: How to Grow Your Practice Around...

August 17, 2023

Next-Gen Wealth: 7 Things You Should Be Doing...

July 10, 2023

5 Reasons to Use a Wealth Management Fintech...

June 27, 2023

How Annuities Can Address Client Issues

June 19, 2023

Finding the Right Annuity for Your Clients

June 12, 2023

Fostering Loyalty with Your Top Employees [Three “Gravy...

May 16, 2023

How to Retain and Reward Top Employees [Three...

May 9, 2023

AG 49-B & Life Insurance Illustrations: What You...

April 20, 2023

How Are Social Security Benefits Calculated?

February 15, 2023

SECURE 2.0 Act: 15 Key Provision Changes That...

January 25, 2023

Connect With Us

Facebook Twitter Instagram Linkedin Youtube Spotify

Subscribe To Stay Updated

Enter your email to get notified of new posts.


Thank you for subscribing!

advertisement for free product playbooks for life insurance business owner insurance and annuities

retirement inside out podcast side ad - click to listen to episodes

GIFT philanthropic endeavor - click to learn more about FIG GIFT

Popular Posts

  • A Look at IUL Fees, Costs, & Illustration Manipulation
  • IUL vs. Whole Life Insurance: What Are the Differences?
  • What are the Charges Deducted from Indexed Universal Life Policies? [Infographic]
  • AG 49-B & Life Insurance Illustrations: What You Need to Know
  • The Psychology of Financial Decision-Making: Understanding Behavioral Biases and Improving Client Outcomes
  • Dinner Seminar Best Practices for Financial Advisors
  • How to Write a Good Life Insurance Cover Letter
  • Attracting & Managing High Net Worth Clients [Infographic]

Post Topics

advisor marketing annuities Annuity Annuity Awareness Month branding business consulting Business Development business management business tips Care Planning Case study client communication client events Client Relations client relationships compliance Digital marketing DOL financial advisors Financial Independence Group fintech Fixed indexed Annuities Indexed Universal Life infographic IUL life insurance Life Insurance Awareness Month Life Insurance Policy review Long term care Long Term Care Insurance LTC LTC Awareness Month marketing strategies marketing tips Press Release prospecting recruiting Retirement sales idea social media surge Surge Business Consulting talent solutions Technology website
  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Youtube
  • Spotify
Footer Logo

(800) 527-1155
FIGMarketing.com
Empowering Financial Professionals™

Privacy Policy | Terms of Use | Mobile App Privacy Statement

© 2023 Financial Independence Group, LLC. All Rights Reserved.


Back To Top