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Call today: 720.344.0312 Recent LTC Articles In 2007, Keep Changing to Mirror the LTCI Marketplace & Prospects The Register December, 2006 By Wilma G. Anderson, IAR, RFC If you look around the LTCI landscape, you’ll see many changes have occurred during the past two years. Some insurance companies got out of the market, some companies have had significant premium rate changes, and now your prospects are getting more savvy about how to buy this insurance and will ask key questions about LTCI and the companies which you represent. It’s not possible to stand still. As advisors we have to took to 2007 and welcome these changes in products and how to sell them effectively, because those changes are not going away. You can’t sell LTCI the same way you did 5 or 10 years ago. You can’t promise the client that there won’t be rate increases. And, you can’t promise a client that the cost of healthcare won’t continue to skyrocket. When you’re creating your prospecting plan, scramble your marketing strategy a bit. There isn’t a sure-fire solution for every marketplace or prospect, no matter what the advertisers tell you. Try direct mail; give talks to your local Rotary, Lion’s Club, or women’s investment groups. Put an ad in the paper or take some time on Cable TV to do an Infomercial. Give an afternoon tea and dessert event to ask your clients for feedback. Ask 10 key clients to be on your Advisory Board each year. They’ll certainly tell you about the competitors they see in your marketplace and what they like or don’t like about them. This information is SO valuable to your successful marketing efforts! Clients love to help and will feel very honored that you want their input. Use it to your advantage. Next, when you’re working with clients, don’t assume that every individual needs the same type of LTCI plan. The average person who buys an LTCI policy today is much more informed than they were 5 years ago. Yes, the average person still needs about 3 years of coverage as a minimum, but that’s not the only solution. Every person wants to believe that they’ll never need to use their LTCI plan, and we’re living longer than ever. Denial will always be a factor in the LTCI sale and no matter how good the products are your healthy client does not want to imagine their health changing so much that they would actually have to use the benefits of an LTCI policy. Be prepared to address their fears calmly and proceed through your sales presentation. And, by all means, don’t ignore what the client says to you. Otherwise, you might not be able to close later on. As advisors, we need to look at the client’s complete financial picture, in addition to the questions you’ll always ask about their health and family’s longevity factors. When you prepare some proposals for your client, factor in the client’s guaranteed income factors, inquire about their life insurance and determine whether some of the life plan’s death benefits could be used to pay for any care in the future. Ask your client couple about the preparations they have made for a change in income when the first one passes on. Some advisors even consider LTCI to be a portfolio protection plan. For clients who can’t health-qualify for LTCI coverage, be prepared to offer some alternative solutions. Their family members may need to give input, and those same family members can become your next clients when they watch you prepare and offer solutions to their Mom and Dad. Whatever situation you have with a client and their financial picture, you can find a solution that will fit perfectly for them. It probably won’t be the solution that you’ve been selling on a regular basis though. The days of selling only the stand-alone LTCI policies are just about over. The Advisor who learns the basics of selling LTCI and then fine-tunes their sales presentation to encompass the client’s financial situation will be the Advisor who WINS consistently in 2007. Click here to return to list

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