Practical Advice from Top Selling CLTC Designees

November 25th, 2020

You’ve got questions. We’ve got answers.

We’re happy to share answers to your most common long term care planning questions. 


What's the best way to engage the "self-insurer" or high net worth client? 

  • 1st, a wealthy client is likely to expect above-average care – e.g., around the clock home care.  That means planning for the average costs of care could be misleading.  Acknowledge none of us can predict the length or intensity of care, though we do know eldercare gets more demanding and expensive over time. 
  • 2nd, self-funding will not reduce the emotional and financial stress common in family caregivers.  Having a loved one who needs long term care requires more than money; it demands a personal commitment to being present and engaged. 
  • 3rd, consider asset liquidity – could enough funds be accessed when needed and could market conditions impact the process?

It’s easy to assume self-funding is the best option, but when thoroughly vetted, findings may say otherwise.



Plan design or premium – what really leads to the sale? 


The answer is “yes” to both!  You really can’t know what to lead with; it depends on the client’s unique situation and concerns.  It is true wealthier clients tend to want richer plan designs, but you shouldn’t make that assumption.  For other clients, don’t make the mistake of assuming a plan needs to be inexpensive.



Is there still a Group market?

Yes!  The size of the employer and funding strategy -  voluntary or employer-paid – will dictate the best solution.  There is carrier interest and we know most people buy their insurance at work.  You will generate interest if you talk about it.  Consult the CLTC Tax Guide for insights into the tax treatment of employer plans.


Can you tell us more about Best Interests, suitability and fiduciary duty as it relates to LTC insurance products and planning?

Advisors are required to talk to clients about extended health care planning - regardless of age – and ensure there is a plan.  That means educating the client about what it means to need long term care and options to plan for that care. The common response of “I will self-fund” should only come after a thorough evaluation of the client’s financial and health situations.  Ideally, your discussions and the outcome should be documented for family members (or a trustee) that may be managing the client’s care in the future.  

Interested in getting full access to the webinar, Your LTC FAQs Answered? CLTC's on-demand webinar and Powerpoint presentation may be downloaded here.