How to Build LTC BusinessJulie Brooks
So, you are looking into how to build your Long-Term Care business but are not sure what an ideal candidate for LTC might look like. Chances are you can start with your own book of business.
Many current LTCi policyholders share these similarities:
- Females, age 50 to 65
- Household income of $50,000 to $250,000
- Married, with adult children
- Working in a metropolitan area with a population of at least 250,000
- A homeowner with 11 or more years in the current residence
- A “planner” who is interested in financial issues; owns life insurance and other conservative investment products
- Exposed to LTC issues; knows someone (a family member or friend) who has needed LTC services
- Research-oriented; an online use; self-educated about LTCi
Look through your book of business – do any of your clients fit the profile?
Now, finding reasons why your clients need LTCi can appear to be a challenge. Your clients often think they will not be among the 75% of people who need Long-Term Care sometime in their life. They put it off thinking they do not need to purchase protection until it happens to them. Unfortunately, waiting to purchase coverage could mean they pay higher premiums, or they could even be denied coverage. You want them to understand the importance and need for the product, and how it can impact them and their family. You can start out by asking a few key questions that will help them identify their own need for LTC.
- Who do you know that has experienced a LTC event?
- What is your plan for receiving care when you cannot perform activities of daily living?
- How will you fund this plan?
These questions are just the beginning on how to demonstrate to your clients the need for LTCi. When discussing cost, emphasize the difference in premium if they were to purchase a policy now versus 5-10 years down the road.
While other funding vehicles may be good options for some people, a traditional LTCi policy continues to be the best option for many of your clients. Consumers today have more choices than ever before when it comes to funding traditional long-term care services.
If you need support building your LTC business, Insurance Advisors is here to help you design a plan that is both affordable and the best solution for each of your clients’ needs. We value your success and have built our LTC Program to support you in just that, succeeding. Contact us today for more information.