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Call today: 720.344.0312 Mike Sena—A Big Apple LTCI Success Story Broker World MAY 2004 By Wilma G. Anderson Mike Sena had never sold an insurance policy in his life until mid-2000. In 2003, the independent Manhattan-based broker ranked number 69 among LTCI producers nationally, according to Long-Term Care Insurance Sales Strategies. Today, he sells about a policy a week, each carrying an average premium of $3,000 to $3,500. The keys to his success: targeted direct mail and getting good sales training at the start. His story began when he bought a long-term care policy several years ago. His New Jersey-based financial advisor suggested that he could represent them in Manhattan and sell LTCI there. “My first reaction was, ‘Sell insurance? What, are you crazy?’” he recalls. But he realized it wasn’t so crazy. He decided to try it, because he wasn’t happy in his job as vice president of sales for a direct mail company specializing in the Medicare segment of the healthcare industry. He had previously owned the firm and had sold it to a large corporation, but didn’t like being an employee and dealing with corporate politics. In his job, he did learn one valuable thing. “I saw that an unplanned disability was the single largest cause of bankruptcy among seniors,” he says. “Long term care insurance was a badly needed product.” Mike got his broker’s license in the spring of 2000 and sold his first policy that August—on his first call. “To say the least, I was stunned that someone would buy from me,” he says. But Mike had training before he went on his first call, so he knew what to say and how to structure his sales call. According to Mike, one effective technique he picked up from his training program is comparing the risks of having a homeowners or auto insurance claim versus the much higher risk of needing long term care. Mike’s sales really took off starting in January 2002, and he’s never looked back. Mike gets most of his lead through direct mail, concentrating on a few zip codes in Manhattan. At first, he used a direct mail piece from his training program, but Mike decided to modify the copy. “We needed a little tougher piece because in New York, people are mostly interested in protecting their assets,” he says. “However, I still use the piece from my training program sometimes for variety. It has a long shelf life.” Mike says it’s fun to sell LTCI. “You have to have some passion for it. I find it rewarding because I’m helping people protect their life savings and educating them. And I meet lots of nice, interesting folks.” While I recommend closing on the first call, Mike rarely tries to do so. He admits, “That may not be the best strategy in other markets. If you’re in a rural area and it takes an hour or two to drive to your appointment, you probably can’t afford to make a second call. In Manhattan, everyone’s close, so coming back isn’t a big deal.” He finds his soft approach works best. “I tell people up front that I don’t care if they don’t buy from me, that I’m there to educate them. In New York, everyone assumes you’ll try to ram a policy down their throat, so my approach is different and disarming.” Remarkably, Mike achieves his high level of success working just 20 to 25 hours a week. He sells only LTCI. Mike turns 70 in May, and his success shows that both newcomers to the industry as well as veteran agents can sell LTCI successfully. You just need to have the right attitude, good training and a sound strategy that you apply consistently.

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