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Call today: 720.344.0312 Recent LTC Articles Surefire Techniques to Profit in the Senior Market: Don’t Discount LTC Insurance as a Moneymaker Professional Insurance Agents September, 2002 By Wilma G. Anderson America’s senior citizens control a disproportionate amount of the nation’s wealth, but few use their money as wisely as possible. That spells enormous opportunities for agents who can win their trust and provide the products and services they so truly need. On the one hand, most seniors play it too safe with their investments, investing too heavily in low-yielding bank accounts that provide no possibility for growth and no tax advantages. While this gives them the safety of a Federal Deposit Insurance Corp. guarantee, it exposes them to the danger of inflation eroding their worth. On the other hand, the vast majority of seniors – who are safety-oriented – are risking everything, because only six percent of them have bought long-term care insurance. When you win a senior’s trust, you’re golden. Seniors are loyal. Once you’ve signed up an older person as a client, you’ll probably have a lifetime client who will tell other seniors about you and your services. Reaching seniors isn’t difficult if you follow tested techniques and market consistently. Direct mail, speaking before local clubs and cultivating referrals all work. Using these techniques, I sell more than 400 long-term care policies a year and a large volume of annuities, life insurance and mutual funds. You too can succeed in the senior market with the same methods. Direct Mail: Producing an Unending Stream of Prospects Seniors will respond to well-crafted direct mail solicitations for LTC and annuities because these products address their two biggest financial concerns: protecting their assets and obtaining safe, reliable income. An effective LTC direct mail piece offers seniors a free comparative analysis of LTC policies. It includes a tear-off return postcard that asks for the recipients’ birth dates and phone numbers. You should have the card sent back directly to you instead of a third party. That way, you can respond faster to the inquiry. When the cards come in, call back promptly and ask for an appointment in their home. Going to the prospect’s home helps win his or her trust. When you get there, engage in friendly small talk and get to know your prospects before you get down to business. Don’t rush it. Appearance Counts Don’t show up in an expensive flashy car like a Mercedes or a Lexus. An older person might think you’re a showoff or a smooth operator. Ladies, avoid low-cut or tight-fitting outfits, which can distract Mr. Prospect and make Mrs. Prospect resentful. Once you’ve established rapport – the first step toward trust – you can get down to business. The key is to create the need in the client’s mind. If you can hit his or her emotional hot buttons without using scare tactics and overcome objections, you’ll nail down the sale on the first visit a high percentage of the time. With annuities, I recommend a slightly different approach – and a simpler mailer. I use large 5” x 8” postcards, which really stand out in the mail. With a postcard you don’t even have to get the prospects to open an envelope. Your message is right on the outside – and almost impossible to ignore. Provide a toll-free number so seniors can call you without having to spend a dime. Besides a first-rate lead piece, you’ll need an excellent mail list. Any good list broker can get what you need. I recommend selecting people 65 to 74 years old for LTC mailings. At that age, they’re starting to see their health change or know friends and family members who have become less vigorous. Long-term care is becoming a real issue for them. For annuity mailings, focus on ages 65 to 74, too. This is the same age group you mail LTC leads to, and it’s the group that has the accumulated assets you can help reposition into other investments to help the senior earn a better return. Retirees with $100,000 to $600,000 of liquid assets are usually your best prospects. While more affluent clients are great, they’re scarcer and more likely to have a financial advisor already. The great American middle class is your best bet. To build your response rate, mail repeatedly – at least once every three months to the same people. By taking this approach, you should be able to achieve about a four percent response rate – about four times as high as most direct mail gets. Speaking Before Local Clubs This is another great way to reach many older prospects at once. Local organizations frequented by seniors often look for people to speak on personal finance and LTC. The club does all the organizational work and bears all the costs for putting on the event. You just have to show up and give your talk. A speaking appearance can easily give you ten new prospects eager to talk to you and get your help. Ask your current and new clients about the groups they belong to, and let them know you’re available to speak. Events Can Make Clients Into Your Sales Force It’s not hard to do some little things that show your clients how much you appreciate them. Once a quarter, I have 15 of my best female clients bring a friend to an afternoon tea at a posh hotel in Colorado Springs. It’s an elegant affair and a delightful way to say “thank you for being a client.” Most of the friends who come along for the tea become clients too. I host a regular golf event every autumn for my male retired clients. They love to play golf and give me golfing tips – which I definitely need – as we head down the course. Each one brings along a friend who’s amazed that an agent would actually do this. This too has yielded many good clients. The senior market can be a great market niche. Seniors have accumulated assets, want solid, safe returns and often have not been serviced well by another investment professional. Once you’ve made the first sale and won a senior’s confidence, you’ve opened the doors to more sales: life insurance to fund estate taxes, LTCI, annuities, mutual funds and individual blue-chip stocks. The possibilities are almost endless. Click here to return to list

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