Sometimes it seems there are only two kinds of prospects for long-term care insurance (LTCI): Those who can’t afford it and more affluent candidates who can ? but resist spending the money thinking, “I’ll just self-insure it.”
Next time you hear such a response, ask this: “Would you like to know mathematically whether self-insuring is a valid option?”
Most affluent people will want to hear what you have to say.
In the four-minute video below, Steve Savant and Don Prehn do a great job of explaining the mistake many clients make by self-insuring this risk.?The results of the analysis may surprise you as the logic of insuring is virtually a slam-dunk.
If you’d like more details on this concept as well as a look at the detailed reports from Wealthy and Wise?, see my Blog #6: How To Prove Which Of Your Clients Should Purchase Long Term Care Insurance.
Conclusion
Most clients make their best decisions in a comparative environment, and the logic of comparing the mathematical impact of the following options on net worth and wealth to heirs is formidable:
- Strategy 1: No claims and no LTCI premiums;
- Strategy 2: Self-insure potential claims;
- Strategy 3: Purchase LTCI to insure potential claims.
This approach will impress affluent clients with your analytical ability, and I believe that many of them will be receptive to learning what else you know that they don't.
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