Agent looking for advice on carriers/states to canvas

[Joemonkey]

Hold health licenses in all 50 states plus DC (whoooo). Been doing mostly medicare advantage business via telephone obviously haha.

Have had more than a few folks ask about LTC and had to refer them out. Soooo....going to fix that next month and looking for suggestions on 1) carriers contact with; 2) lower cost premium states.

Not sure if LTC has state rates like Medicare supplements do, but if they do would love to know the lower cost states

Thanks

 

[kpbdy99]

Well, you've been selling a commodity, and now you're switching to something that requires a much different approach. I'd suggest finding a mentor who can help you get into this, or at the very least a good managing general agent, and then signing up to earn your CLTC designation.

 

[ltcadviser]

Hold health licenses in all 50 states plus DC (whoooo). Been doing mostly medicare advantage business via telephone obviously haha.

Have had more than a few folks ask about LTC and had to refer them out. Soooo....going to fix that next month and looking for suggestions on 1) carriers contact with; 2) lower cost premium states.

Not sure if LTC has state rates like Medicare supplements do, but if they do would love to know the lower cost states

Thanks

Contract with Omaha, NGL, Nationwide, Lincoln, Minnesota Life, State Life, Transamerica. No lower cost states with LTC. Rates are basically the same in all states, except Florida has higher rates for traditional policies; NY has restrictions on hybrids. Certain policies are unavailable in California and NY. Montana has unisex rates which hurts men for traditional policies, but no one lives in Montana. Certain states have additional LTC CE to complete, Minnesota, Virginia, Wisconsin, et al. Best of luck.

 

[somarco]

Well, you've been selling a commodity, and now you're switching to something that requires a much different approach. I'd suggest finding a mentor who can help you get into this, or at the very least a good managing general agent, and then signing up to earn your CLTC designation.

Very sound advice. LTC insurance is not a see it, buy it product.

Some agents don't have the patience or desire to massage a prospect for months or longer until they get the application. After that is underwriting which is not instantaneous.

 

[Northeast Agent]

Why not start off with something like Newman Long Term Care's LTCI's Specialist Program? (Create a strategic partnership through our LTCI Specialist program, and leave the LTCI sales to us!). They split new and renewal commissions 50/50.

This way, you can earn your CLTC designation as suggested above while learning the business then move on your own someday once you're ready to fly.

 

[vic120]

Very sound advice. LTC insurance is not a see it, buy it product.

Some agents don't have the patience or desire to massage a prospect for months or longer until they get the application. After that is underwriting which is not instantaneous.

Also expensive for Medicare Aged Clients

Many that ask have no idea it will cost that much and conversation will not go past the price

Besides that many medicare aged, that ask could never qualify

 

[ltcadviser]

Lot of negative nellies here. LTCi is not that complicated. I am sure I could help the OP become good at writing LTC insurance over the phone in 7 minutes.

 

[Marc Glickman]

Joe - I agree with Kerry. There are a lot of landmines to avoid and partnering with an LTCi expert for 5-10 cases will accelerate your learning curve.

Also, think about how you plan to digitally outreach to your Medicare clients. You will want to attract those in good health with an affordable value proposition.

Average age of your Medicare clients is 10 years older than average age of LTC clients overall. So, be cognizant of the underwriting challenges.

LTC CE is easy to take online. Great information on the state variations, Jack!

Best of luck, Joe. Helping clients with LTC can be very fulfilling!

- Marc Glickman, FSA, CLTC
www.buddyins.com