Underwriting for Long Term Care Insurance is based on morbidity rather than mortality (think of what puts your clients on claim) and has become more thorough over their years. Rather than the Advisor, clients are asking about LTCi and unfortunately, there often is a reason. Therefore, the industry has seen a dramatic increase in declines.
Always let your clients know we must find out if LTCi is even an “option” before you continue the conversation. Some of the questions you can ask are:
1. What medications do your currently take and why? (Please make sure to ask why as many medications are taken for multiple reasons).
2. Are there any medications that have been prescribed by your physician that you currently do not take.
3. When did you last see your personal physical and had a full physical and lab work done? (Some carriers require the applicant have seen their physical within the past 2 years)
4. What was your height and weight when you last visited your physician?
5. Do you have any outstanding tests or medical procedures? (Insurance will not move forward with an application if the applicant has anything outstanding.
6. Do you have any medical diagnosis and when where they diagnosed? (Carriers often have waiting periods for certain diagnosis)
7. Do you see any Specialists?
By obtaining this information up-front and submitting to IPG, we can help guide you on whether or not traditional LTCI is an option for this client and what carrier we should lead with.