TIP OF THE MONTH
(June 2003) 

Your Key to unlocking more sales

Sales Tip

LTCi Objection: I want to think about it.

Answer: Is 60 days enough time? ... (Client will almost always say yes) It will take 30 days for the company to make a decision to issue a policy or not. Then you have another 30 days to review the policy, so you have a total of 60 days to think about it.

LTCi Objection: It's too expensive..

Answer: If you were to write a check for your total net worth including home equity, cd's, stocks, bonds, and retirement accounts what would be the amount of that check? ... (Client will answer with an amount, say $500,000) The amount of these premiums are insignificant compared to your net worth. It has taken you a lifetime to earn what you have. Since it took a lifetime to earn it, it ought to be worth hanging on to don't you agree.

Product Tip

Making LTCi more affordable for partners with John Hancock’s “Shared Care” rider or Family Care product design.  These concepts allow for premium savings by sharing or joining policy benefits. 

Example:  Instead of each person buying their own four year plan they could each by two year plans that can be shared allowing for access to each other’s benefits if necessary.  Or buy one four year plan that they are jointly insured on as a family. 

Shared Care Highlights

·        Allows partners to access the available benefits under the other’s policy once their own policy is exhausted

·        If either partner dies, survivor’s policy limit is increased by deceased spouses remaining policy limit.  And, cost of shared care rider is removed along with deceased spouse’s premium

·        60 day guarantee purchase offer of a two year benefit plan for policyholder whose benefits are exhausted by partner.  No underwriting, attained age rates (no claim prior two years and up to age 91)

 Family Care Highlights

    ·        Joint policy with benefits for each insured subject to one policy maximum

·        Premiums calculated as a “blended” rate based on each individuals rate class

·        On death of one partner, deceased partners premium ends and survivor pays only their portion 
       of premium.  Remaining policy benefits are available to survivor    

 Premium Sample (62 & 64 / 4 years / 90 EP / $4,500 monthly / 5% Compound)

 1. Two 4 year plans: $359.64 monthly

 2. Two 2 year plans shared: $310.27 monthly

 3. One 4 year joint policy as a family: $259.20 monthly

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