2. Managing Longevity & Financial Wellness Risks
Panel Discussion with Nationwide, AXA, Prudential, AIG
Set-up (quickly describe the issue of longevity & healthcare risks)
What are these companies doing about it?
– Company philosophy
-- Riders, solutions, thought leadership and tools
-- Nuances to riders, decision matrix (when to offer it and target clients)
Best practices – how should producers present these solutions, sales ideas, case studies, etc.?
Steve Cain, CLTC®
National Sales Leader | LTC Insurance Solutions
Highland Capital Brokerage
M: (818) | E:

3. Panelists Chad Dahlke Vice President Strategic Relationship Management
Prudential
John R. Knier, CLU®, ChFC®, MSFS
Business Development Vice President
Nationwide Financial
Douglas Lawson, J.D.
Assistant Vice President, Advanced Markets,
AXA Equitable
Lori J. Payne, CLU®, ChFC®, FLMI®
VP, Senior Strategic Account Manager
AIG Life Brokerage

6. Consumer Attitudes & Behavior
My business partners and I have always considered LTC Insurance or planning an ”event-triggered sale”.
Meaning, there’s something in a client’s life that triggers his/her interest in securing coverage.
It could be a birthday, a personal experience or medical issue…but something triggers our desire to plan.
So how do we get consumers with no personal experience or in their late 40’s and 50’s to secure coverage? To plan earlier vs. later…before Long-Term Care is a serious concern or they’re in “panic-mode”.
I strongly believe that we need to adopt some of these techniques or strategies recommended by these professors or neuro-scientists vs. using the same-old sales techniques that we’ve been using over the years.

7. Why Have “The Talk”?

8. 45% of financial advisers surveyed said they don’t factor healthcare and medical planning into their clients’ overall retirement
plans.
Source: Nationwide Retirement Institute (2018)

9. Source: Nationwide Retirement Institute (2018)

10. We’ve all seen this 100’s of times, right?
These figures don’t include Long-Term Care expenses!

11. Questions for our Panel
What’s your philosophy and approach to providing Long-Term Care solutions?
How much of your business includes riders that pay for Long-Term Care?
Why should producers consider your products for their clients?
Why does or doesn’t it matter that it’s a Qualified Long-Term Care Rider (7702b)?
Indemnity claims model vs. Reimbursement – is there really an advantage or disadvantage? Does it matter?
What other product design features make your product attractive?
Do you provide producers any tools or thought leadership pieces on this subject?
How do you help producers determine the right type of LTC planning solution?
Do you think the recently passed Tax Cuts & Job Acts Bill will reduce the per diem limits for LTC/CI riders?
What’s the best way to present your product or compare vs. others?
Annuities with LTC Insurance riders – your thoughts?
Can you share any best practices for client conversations?
Is there a sales concept or idea that you can share with us?

12. Now What? Tips for Discussions
Keeping choices as simple as possible
Focus on the possible gain vs. possible loss
Use stories, not statistics! 
Focus on now benefits, not the future
Help Guide Heuristics (“rules of thumb”)
Force a choice
Keeping choices as simple as possible.  As an advisor, you may think your job is to give a possible buyer multiple options for planning for care, such as spread sheeting several insurance carriers or comparing standalone and linked products.  However, the reality is consumers don't want this - they want a recommendation with just a few choices.  Limit the options they can consider.
Focus on the possible gain LTC will provide instead of the possible loss.  Gamblers fell worse about losses than good about wins. Likewise, people who are considering LTC Insurance don't want to think about loss when planning for care, such as how their retirement savings may be depleted.  Instead, try and focus on the fact that a small LTC Insurance premium gives the policyholder the possibility of a BIG payoff in benefits.  For example, a $2,000 annual premium could result in $300,000 to pay for high-quality care ah at home.
Use stories, not statistics!   Statistics are important for discovering trends and insights, but they are awful when used for discussing LTC planning.  Statistics destroy empathy and emotion.  People are way too optimistic about their future and think they will be on the winning side of a statistic.  Focus on stories and experience when talking about planning for LTC.
Focus on now benefits, not the future.  It's incredibly hard for people to imagine aging and needing help.  Only something like an aging suit can really give people a glimpse of how needing care will affect them and their families.  Instead, focus on the "now" benefits  of LTC Insurance.  The now benefits for LTC Insurance are harder to quantify, but they can include peace of mind, good health underwriting, and locking into a lower premium before a birthday.
Help Guide Heuristics (rules of thumb). For analytical advisors, it's tempting to use tools such as cost of care surveys that project the cost of care 40 years in the future when designing plans.  A better approach is to "follow the crowd" and recommend benefits similar to what policyholders are actually buying.  You may think that people want customized solutions, but most would feel more comfortable picking options similar to other buyers.  Recommend they do what most people are doing.
Force a choice.  When people have to make a decision, such as actively signing off the fact they have been offered LTC insurance but declined, they will be more likely to buy.  LTC planning is easy to delay, and people don't want to be told they can't delay that decision forever

13. Highland LTC Sales Desk Inquiry@HighlandLTC.com (877) 422-5822