Long Term CarePlanning Course

Lesson #3Complete Money Management, Inc.

Colin Meeks, Certified Financial Planner®

Who Likes That Insurance

Guy?• Nobody likes to meet with the insurance guy

• Have you ever gone to a long term care insurance seminar or met with an agent one-on-one

• All you really wanted were the facts, but you had to sit through the sales pitch to get there

Colin’s Guarantee

•No sales pitch or scare tactics

•So, here are “Just The Facts, Maam”

Is Long Term Care Insurance Suitable

For You?• Review assets, income, ask

questions• Many agents do not do this and

wind up jumping the gun to try to make a sale (believe me, I know)

• Not a good way to do business

4 Core Benefits

• Daily Benefit -how much will the policy pay if you go on claim (can also be monthly benefit, depends on company)

You choose from $50 - $350 per day (depends on company)

Policy will then pay that amount when you go on claim

4 Core Benefits

• Benefit Period - how long will the policy pay the daily (or monthly) benefit

You choose from 2, 3, 4, 5, 6, 8, 10 years

Policy will then pay your daily benefit for this period of time when you go on claim

(some companies offer lifetime period)

4 Core Benefits

• Waiting Period - how long until the policy kicks in (like a deductible)

You choose from 0-180 days

Example - you choose a 100 day waiting period, you need care, your policy starts to pay in 100 days

4 Core Benefits

• Inflation Increase Option

No IncreaseTied to the CPIAutomatic Increase - 5% simple, 5%

compound, others available

Sample Policy

• Daily Benefit - $200 per day• Benefit Period - 3 years• Inflation Increase - 5% compound• Waiting Period - 100 daysIf you need care, your policy would start

benefits on day 101, pay $200 per day for 3 years. If you went on claim in 10

years, your daily benefit would be $325 ($200@5% for 10 years)

Just An Overview

• Every Company is slightly different• Always changing• There are other benefits• You must compare the top

companies before picking one• Running a quote takes 10-15

minutes

Summary• Watch the video of me running a

quote• Extra Credit Resources - Shopper’s

Guide, 10 Considerations, Own Your Future, AHIP Guide

• Take the quiz and send me your answers

• Schedule a Discovery Meeting to get your personalized quote

Class Dismissed

• See you next week• We’ll talk about the Maryland

Partnership Plan for LTC

4 Core Benefits

• Inflation Protection - your policy must keep up with rising costs of care

CPI - pay as you goCPI - automatic5% Simple5% Compound

MetLife market survey estimates that care will cost $114,975 per year in 10 years and

$186,880 per year in 20 years.