When looking for long-term care insurance, who is the best person to seek out for this emotional and somewhat complex product? You should buy it through an independent agent. That's what most experts advise. But there's the problem. How do you find the right agent?
It can be very confusing and frustrating for consumers. Where do you find a reputable Long-Term Care Insurance Specialist? The best choices are not always looking in the Yellow pages or doing an internet search. A great recommendation from a financial advisor who refers business to a long-term care specialist is great. Some financial advisors know so little about long-term care planning that they do not approach the subject with their clients. If the client ask for it, maybe they will sell one product without fully researching what plan would be best.
It is important to look for a Long-Term Care Specialist that has additional education and training in long-term care planning. The designations for these are the LTCP (Long-Term Care Professional) and CLTC (Corporation for Long-Term Care Certification).
To help consumers determine if an agent is solid and right for them you can ask the following five questions:
1. What insurance products do you offer besides LTC insurance? The aim of this question is to find out if the person's a specialist, selling only or mainly long term care insurance. You don't want someone who divides their attention between LTC, auto and life.
2. What insurance carriers do you represent? You want someone who offers a choice of A-rated companies that offer a range of solid, affordable policies.
3. About how many LTC clients do you have? A seasoned specialist will have dozens to hundreds of satisfied clients.
4. I understand there are tax breaks and other financial ramifications to long term care insurance. Can you advise me on such things? A yes is the best answer here. Well-informed agents know about the relevant regulations, but don't stray into tax law or estate planning details. Instead, they work with knowledgeable financial advisors, accountants, estate planners, and attorneys.
5. How can I learn more about you? The aim of this question is to find evidence of recognized authority. Do they have any professional designations? Can they name local professionals who recommend them? Are they scheduled to speak at an upcoming event? Do they give talks to groups or companies on request? Can they be found on the Internet?