Beating the high cost of waiting

First, because the premium is based on your age at time of application. Since you are older, it will be higher. And, second, you will need to take a higher daily benefit to keep pace with inflation.

In my client presentation binder, I have a page summarizing this concept. It has two columns — one is titled "NOW" and the other column is titled "WAITING."

A significant portion of my book of business was written on 49-year-olds soon to turn 50. When I received an invitation to a 50th birthday party, I called the friend to RSVP and mention this was the best time to apply for an LTC policy. Not only did she buy a policy, she told her husband and friends — so it was a great way to get referrals.

What about prospects who are in their 30s and early 40s? Although from a "now versus waiting" perspective it makes sense, from a lifecycle vantage point they are probably more concerned about purchasing other types of insurance. For example, they are starting families and purchasing homes, so they will be buying life insurance, etc. Although it could make sense to mention LTC to them — and asking if their parents have purchased this coverage — they would not be as profitable for prospecting as other ages, such as those in their late 40s and 50s.