As an insurance agent or financial advisor, you’ve likely encountered clients who hesitate when it comes to purchasing long-term care insurance (LTCI). Wanting time to think is natural. After all, planning for long-term care isn’t an easy or comfortable conversation. In fact, some clients take years before moving forward.
That said, having clear, confident responses to common objections can make a meaningful difference. Below are the most frequent concerns we hear about long-term care insurance and practical ways to reframe the conversation.
“Long-term care insurance is too expensive.”
Cost is always relative. While long-term care services themselves are expensive, LTCI typically costs a fraction of what care would cost out of pocket. The key is designing a solution that aligns with your client’s budget and priorities.
Not every client needs a policy with every bell and whistle. Even a modest policy can provide critical benefits, including coverage for care services, care coordination, respite care, and home modifications. These benefits don’t just help the client; they also provide meaningful support to their family.
On average, LTCI premiums are around $200 per month, which amounts to less than $7 per day. When viewed through the lens of protecting retirement assets and preserving independence, LTCI remains one of the most cost-effective planning tools available.
Read More: How Much Does Long-Term Care Insurance Really Cost?
“What if I never need long-term care?”
More than half of individuals turning 65 today will require some form of long-term care during their lifetime. Increased longevity alone raises the likelihood of needing assistance, even for those who are healthy today.
Insurance is designed to protect against significant financial risks and long-term care is one of the largest risks retirees face. For clients concerned about the “use it or lose it” aspect, asset-based long-term care policies offer an excellent alternative. These policies often include a death benefit or return of premium feature, ensuring that if long-term care is never needed, a benefit is still paid to beneficiaries.
“What if my premiums go up?”
Rate increases on early LTCI products were driven by inaccurate assumptions. Carriers underestimated longevity, overestimated lapse rates, and did not fully anticipate the long-term impact of cognitive conditions such as Alzheimer’s disease. A prolonged low-interest-rate environment also reduced investment returns, further straining early policy pricing.
Today’s products are built on decades of historical claims data, improved actuarial modeling, and more conservative interest-rate assumptions. Combined with tighter regulation, these changes have resulted in more stable pricing than ever before. While no insurance product can guarantee zero changes, modern LTCI is far more sustainably priced than policies issued decades ago.
“I don’t want to go to a nursing home.”
Neither do most people! Plus, that’s not the goal of long-term care insurance. The majority of LTCI claims are paid for care received at home or in assisted living communities.
Skilled nursing facilities are often a last resort. The majority of patients in a skilled nursing facility (62%) are in Medicaid-paid beds, meaning they have spent down their assets to qualify for Medicaid. LTCI provides choice: where care is received, who provides it, and how it’s delivered. Most policyholders never receive care in a traditional nursing home.
“My spouse or children will take care of me.”
Family members almost always play a role in caregiving, whether or not a policy is in place. Some LTCI policies even offer cash benefits that allow clients to compensate a spouse or child for providing care.
However, caregiving can be physically, emotionally, and financially taxing. It often results in lost wages, stalled careers, and out-of-pocket expenses. Many adult children are also uncomfortable assisting with personal care tasks.
LTCI allows loved ones to act as care advocates and managers rather than full-time caregivers, helping preserve family relationships while ensuring professional support is available when needed.
Read More: Top 5 Responsibilities of a Family Caregiver and How LTCI Eases the Burden
“I’ll self-insure.”
Some clients may have sufficient assets to self-insure but it’s important to explore the risks. On average, women require care for 3.7 years, while men need care for about 2.2 years. What happens if both spouses need care at the same time?
Ask practical questions: Where will the funds come from? Will assets need to be liquidated? Are there tax consequences? Beyond the cost of care, LTCI also provides access to professional care managers who guide families through a complex and often overwhelming system. Without that support, families are frequently left navigating care decisions on their own.
“I’ll wait until next year.”
Procrastination is understandable. No one enjoys planning for a potential care crisis. But waiting comes at a cost. LTCI premiums are based on both age and health. Each year a client delays, premiums typically increase by 7–10%, and new health issues may eliminate discounts or result in a decline altogether.
The risk isn’t just higher premiums; it’s losing insurability entirely.
Final Thoughts
Everyone wants a comfortable, dignified retirement. Planning for long-term care may be uncomfortable, but it provides peace of mind for clients and their families. If a client needs more time, keep the conversation open and follow up periodically.
If a client ultimately decides not to move forward, we can provide you with a voluntary waiver of long-term care insurance coverage for them to sign and for you to retain in their file. This ensures full disclosure that coverage was declined against professional recommendation.
If you’re looking for guidance on long-term care insurance, whether in general or for a specific client, our team is here to help. Book a call with us today!