Long Term Care Annuities: A “Low Friction” LTC Product
May 3, 2022 by Charlie Gipple
As I discuss this particular product type as being a “low friction” long term care sale, I do not want the reader to gather that the main reason to sell it is because it’s a “layup” sale whereas the client will give up value versus a better/higher friction product. After all, I will always work to educate my clients on the right product, whether that sale is “high friction” or not. And although I think that many clients’ best product choice should be a fully loaded, long term care Partnership approved, $8,000 a month benefit with a five percent inflation rider, that does not always fly for consumers because of price, misconceptions about the various long term care insurance options, etc. Let’s face it, getting the client to pay $2k to $10k a year ongoing premium—depending on the client—can be met with a good amount of negativity from the consumer.