Need help with LTC

[Joerob]

I am big life and health broker and have zero experience with LTC, simply because I am too lazy to learn a new product. Finally, a LTC case fell in my lap and now is the time for me to further my insurance education. If someone can give me a quick rundown on underwriting requirements, (is there a medical exam required) and information I need to gather in order to properly quote this case I would be truly greatful.

In turn, I offer any advice I can give on life and health, particularly group health as I have sold groups of all sizes in about 15 states.

 

[James]

I am big life and health broker and have zero experience with LTC, simply because I am too lazy to learn a new product. Finally, a LTC case fell in my lap and now is the time for me to further my insurance education. If someone can give me a quick rundown on underwriting requirements, (is there a medical exam required) and information I need to gather in order to properly quote this case I would be truly greatful.

In turn, I offer any advice I can give on life and health, particularly group health as I have sold groups of all sizes in about 15 states.

It depends, what company you're working with. Age and Health of client, much like W/L. A physical or phone interview, MVR (maybe), Medical Records just like Life Insurance for the most part. Maybe a Credit Report depending on company and size of case. Yet the application is horrendous for the most part, basically pamplet style books! Choose no on the worksheets unless the client wants to do one, don't know why they would?

 

[insurebob]

My advice. Find an LTC Specialist in your area and split the case. Let them walk the client through the application process. You run the quotes, sit next to them as they make the presentation.

Don't go it alone. You'll be looking for an E&O claim, sure enough.

The best way to learn about LTC Policies is to get a Specimen Contract from a company. Genworth is good about getting one out to you. So is Allianz and John Hancock. If a company won't send you a specimen, don't do business with them.

Read the Specimen contracts over and over. Get a handful of apps and fill them out yourself. There is no shortcut on learning this. The only shortcut on making the sale is to partner up with someone, and split the case. There's not a agent worth their weight who would turn this down.

 

[James]

Find a good Agency offering LTC and more then likely if you produce they'll give you all the support you need without taking a cut. Of course a mentor is always an excellent idea.

If for some reason you can't, I find the LTCi a fairly easy contract to figure out. Yet the ability to sell it does have a learning curve, it took me several tries before I got up to speed with it. Okay maybe more then several tries!