Agents do not know how to sell Long-Term Care.Julie Brooks
Agents do not know how to sell Long-Term Care.
Now, you are probably thinking that was a bold claim to make. Is it really?
Far too often we find agents taking the back burner when it comes to LTC. Now there are many factors that can play into this: fear, uncomfortable with the value proposition, or a misunderstanding of how the benefit works to help clients most efficiently. The result is not enough agents talking about Long Term Care insurance, which perpetuates the issues our nation has today with caring for our senior population. With this approach, the obstacle is agent’s mindset.
The population of Americans at age 65 and older is rising at an exceptional rate. Take a look at your book of business. How many individuals are in their 50s with no Long-Term Care plan in place?
It is time to become a confident LTC leader in your community. Learning how to approach a prospect, execute a proposal and seal a sale relies heavily on client education and emotion. There is no getting around the fact that the topic of Long-Term Care, qualifying for it, how to receive it and how to pay for it, are touchy subjects. This does mean it is any less important than other types of coverage. It is one of the most important.
It is best to take a personal approach by sharing your own experiences and stories to build rapport and trust. Discuss what their idea of Long-Term Care is, what it may really look like, and the personal impacts it can have. Once they know what they truly need LTCi for, you can address funding care and the benefit options available. Giving up personal information does not come naturally to most. Use the highlights from your stories to help explain the need for factfinders and questionnaires.
Additionally, emphasizing the need for honest and thorough answers cannot be pressed upon enough. An incomplete or faulty application can lead to more harm the good in most situations. In effort to avoid any complications with the carrier, missing out on discounted rates or even denial, further neglecting the client’s chance for receiving a policy in the future, accurate information is mandatory. An incorrect or partial application should never be submitted by an agent in the first place. Explained with experience and purpose, asking the hard questions should prove effective and will ultimately add to value of your services. If the client has some pre-existing issues that they manage, carefully explain these situations in a cover letter attached to the application so the underwriter is not caught off guard.
When determining the options best suited for your client, do you need to take income protection or an asset-based approach? What are they trying to protect and what type of LTCi policy is the solution?
Being familiar with the different forms of LTCi out there is of course of high importance. Take the time to stay up to date with your CE credits, Sales Trainings, and the current products available.
Insurance Advisors has a LTC program in place to help you approach LTC sales with confident execution while educating clients about the choices they have and the risks they take by not planning. For any assistance with LTC sales, do not hesitate to ask for our expertise. We are here to help you succeed.
To sign up for our upcoming LTC Sales Training, click here.