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Why Can't You Get Quotes Instead of Speaking With an Agent?

Quick Answer

Some consumers get frustrated that they have to speak with an agent to get quotes for Long-Term Care Insurance. However, LTC insurance is medically underwritten and custom-designed. Questions must be asked.
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Detailed Answer

Often consumers get frustrated in not being able to get a quick quote on Long-Term Care Insurance. Consumers want to know, "How much does it cost?" The frustration is evident for anyone researching Long-Term Care Insurance.

There are legitimate reasons why you must speak with a qualified agent to ibtain accurate quotes on Long-Term Care Insurance.

However, a price on what, exactly? 

The goal for most people researching Long-Term Care Insurance is to determine if it fits into their budget. Yes, you might get frustrated that you have to speak with an agent to get quotes for Long-Term Care Insurance, but LTC insurance is medically underwritten and custom-designed. 

There are questions that must be asked to obtain accurate quotes. However, many financial advisors and general insurance agents fail to ask the right questions. When you talk to a specialist, it will save you time. 

Plus, you will get accurate information.

LTC Insurance is Medically Underwritten and Custom Designed

Long-Term Care Insurance is medically underwritten and custom-designed. Every insurance company that offers this product uses different criteria for underwriting, and premiums vary over 100% between insurance companies for the same benefits. While products are similar, they are not all the same. 

Therefore, there is more to it than just getting a price of a policy.

You might start seeing the picture. A licensed insurance agent must obtain details about your age, health, family history, and other factors to determine insurability and select the most appropriate insurance company based on those factors. Otherwise, you could pay substantially more than you should, or you may find yourself declined for coverage altogether.

It is highly recommended you speak to an experienced and qualified Long-Term Care Insurance specialist who works with the top companies to help you in your research. 

Insurance rates are regulated; every insurance company must file their product and premiums with each state's insurance department. That means no insurance agent or advisor can give you special deals, and there is no additional cost when you use the help of a specialist. However, a specialist can save you money and make the process much easier.

How Much Coverage Do You Want or Need?

Policy design is another part of the equation. The cost of care varies depending on where you live. How much do you want the insurance company to pay toward your future care? These questions will be part of a discussion you will have with a specialist.

You will not get accurate quotes or professional recommendations without speaking with a specialist. While very few agents are specialists, some will help you "virtually," so you don't have to meet with them in an office or your home.  

Some consumers want to answer questions by email. Email is not usually recommended for two reasons. First, email is not typically secure, so you don't want to send a lot of private health information via email. Second, there could be many follow-up questions depending on your answers. 

Email would make it more difficult. 

Most specialists work with the major insurance companies, and they will match your age, health, and family history with the right insurance company that would be most favorable to you.

You can find a trusted and qualified Long-Term Care Insurance specialist by clicking here.

Questions to Ask Any Agent or Advisor

The American Association for Long-Term Care Insurance (AALTCI) suggests three questions to ask any agent or advisor when considering long-term health care planning:

  • How long have they been selling Long-Term Care Insurance?

The AALTCI says that any agent or advisor who specializes in long-term care should have a minimum of three years of experience, though five or more will be better.

  • How many Long-Term Care policies have they sold?

Typically a Long-Term Care Insurance specialist will have helped at least 100 individuals get coverage, although many will have helped 500 or more in their career. Some of the nation's top specialists have helped 5000 or more individuals obtain coverage over their careers. 

It is not necessarily how many years a specialist has been working in this area - but how many people they have helped along the way.

  • How many insurance companies does the person represent?

Most important, according to the AALTCI, is determining if the financial advisor or insurance agent represents multiple insurance companies. Any agent or advisor you work with should be able to explain and sell you both traditional Long-Term Care Insurance (and be 'partnership certified') as well as hybrid policies.

Be sure they understand the differences between 7702(b) regulated plans and the less desirable 101(g) plans. The agent or advisor should have a thorough understanding of the underwriting criteria of each insurance company.

Getting a Quote Should Not Take Days or Weeks

In most situations, the agent or advisor should be able to give you accurate quotes right away. Qualified specialists will ask you many questions before doing so; however, a specialist will not have to go to a 'back office' to generate quotes. A specialist will normally be able to show you accurate quotes right away.

There are situations where a person with a complicated health history - or an unusual health condition will require more time since the specialist will have to speak with an underwriter (or underwriters) to confirm insurability.

However, if the agent or advisor must go to someone in the back office to obtain quotes, find someone else.  


Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

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Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
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