It's Easy Working With LTC Planning Partners

Purchasing long term care insurance is a process which starts with reviewing quotes and selecting the right product and features for the client’s needs. An application is then submitted to the insurance company and it underwrites the case. Finally a formal offer is made by the company and communicated to the client.

Our process at LTC Planning Partners is very straightforward and intended to make it easy and convenient for our clients to obtain the long term care insurance (LTCI) that’s right for them. Communication is key…keeping our clients informed at each stage of the process.

Our typical “start to finish” process involves 7 easy steps:

1. When we receive an inquiry about obtaining LTCI, we have an initial short conversation with our clients to review health status and other pertinent information to make an informed quote. This is generally done by phone.

2. We first prepare quotes from a number of the top LTCI insurance companies to show our clients how various companies compare. In most cases the benefits quoted will be the same (some variations may occur but when that happens we will explain why). The goal is to show our clients not just one company, but show multiple companies so they can review a variety of quotes. We do not represent any one company, but are completely independent. This is done by email or online screen sharing.

3. Based on a comparison of the various products which may be suitable for our clients as shown in #2, we will chose one company that we feel is best suited for our clients based on a number of factors, including: price, financial strength of the company, product features, underwriting (this can be very important as each company underwrites a little differently), just to name a few considerations.  

4. We then share various preliminary quotes based on the selected insurance company’s product so our clients can see an initial range of possible product designs. Keep in mind, there generally is a lot of flexibility in “designing” the right product and features for our clients. This is done by email or online screen sharing.

5. Once an agreement has been reached on the appropriate product and features (all client questions need to be addressed first), we will then complete and submit an application. There is no cost or obligation to purchase when submitting an application. The purpose is secure a firm offer from the insurance company. This can be done online or via email.

6. We help prepare our clients for what to expect during the underwriting of their applications. For example, some companies only require a phone interview with the applicant and the insurance company will order needed medical records and a pharmaceutical check (verifies any prescription meds.); others may have an additional requirement of a “paramed” (think in terms of a “mini” medical exam generally done at the applicant’s home at a time/date convenient for the applicant).

7. When underwriting is completed and an offer is made by the insurance company, we will communicate and review the offer with our clients. The client then instructs us on how to proceed.

As an independent LTCi Advisor, my goal is to provide unbiased advice and help educate you on the various options available to you when planning for Long Term Care.
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Scott F. Coomes, J.D., CFP®, CLU®, ChFC®

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