Long-term care insurance is no joke. Many covet the benefits of long-term care insurance, but not all are too keen on the risks involved. A big factor in this hesitance is the notion that these insurance policies can empty their bank accounts. Yes, insurance policies cost money, but you do not have to be a millionaire to afford this type of coverage.
Often, this stems from the lack of information. It is quite hard to trust something that you do not understand. Admittedly, it can be an overwhelming industry to understand on your own.
This is why individuals rely on their agents to walk them through the intricacies of the policies and risks involved. However, it can be a daunting experience to rely on a complete stranger for something as big as your future care needs. After all, we are talking about the coverage we are essentially constrained by circumstance and possible illness.
As much as we want to believe that the whole world is perfect, it is not the case, and we must equip ourselves with the knowledge to keep ourselves covered. This also applies to the world of long-term care insurance. While the main priority of long-term care insurance agents is to help individuals find suitable coverage, some might take advantage of the situation for personal gain.
To safeguard your future, here are nine steps you can take to find the find the best long term care insurance agent in the market.
1. Do your own research
Like all things, we begin with research. Learn about the business and how it works. Read about the laws and policies under which this industry operates. Essentially, knowledge is power, and it is up to you to equip yourself with the right tools.
Get a grasp of what the world is about, and go from there. No industry is easy to understand, and it is okay to take your time in learning. If you have any questions or clarifications, then write them down one in a notebook. If you find that writing concepts down helps you organize your thoughts, then do so as well.
Consult websites and other sources about senior care planning. However, many people easily get overwhelmed by the amount of information available. To keep this from happening, it is always helpful to divide the material into portions. Once you have read enough, then it is time to meet up with agents.
2. Listen to your gut
First impressions do not always last, but they still matter. These gut feelings — although not always right — can be telltale signs of the situation. Pay attention to the person you are dealing with and see how your concerns are being received.
Watch out for signs that the person is just trying to push the product on you. You would want a person who genuinely listens to your inquiries and strives to make a policy that matches your needs.
3. Discuss your options with an independent financial planner
Long term care insurance premiums can be quite the burden to carry if we and our finances are not prepared. Yes, coverage is necessary, but how well can you adapt to the expenses? And how much can you carry?
Underestimating the costs can lead to huge blows to your nest egg. This is why consulting with a financial planner can significantly make a difference. With their knowledge and experience, they can guide you in making the right decisions with no risk of bias.
4. Always check with other companies and agents
Different perspectives on one matter can immensely help a person in making a decision. Before settling on a long-term care insurance policy, make sure to consult with different companies and agents. See what the other industry players have to offer because it is highly possible that they can offer something better.
Compare the benefits, limitations, types of coverage, exclusions, and premiums. Take into consideration these suggestions and policies before picking one.
5. Respectfully ask about their stories—good and bad
A great way to get to know your long-term care agent is by listening to his or her stories. Ask them to share with you not just their success stories but their mishaps, as well.
Agents have come across so many individuals with various problems, so listen to how they dealt with these instances. This way, you get to see if they will be able to manage any difficulties that might come your way.
6. Credentials and Credibility
Learn more about your agent’s professional career. A person’s credentials can show the training and education he or she has as preparation for the task. It can also show how invested the person is in the product, and how knowledgeable he or she is.
Additionally, from learning about his or her experiences (as stated above), you can determine his or her credibility. How well is that person able to manage challenges? And how many people trust him or her with their policies?
State departments of insurance can be a good source of information. One great example of this is the California Department of Insurance. These state departments can assist you in finding out more about your agent and if they have the necessary credentials for the job.
7. Ask him or her to explain the benefits of long-term care insurance in your situation
As trivial as this may sound, you can also take a lot from how a person explains the product he or she represents. By asking your agent to explain what long term care insurance covers and how it can help you, you will be able to tell how he or she understands your situation and how he or she aims to help you.
Take the time to get to know long-term care agents before deciding on the policy he or she represents. After all, we all just want the best care, right?