Closing Leads for LTCi

[ProsperWings]

I have had my license for over a year now and have not had any success at targeting a Long Term Care Market. I have talked to seasoned Agents and they have advised LTCi is the most difficult product to sell.
I am very discouraged and need some direction....please help

 

[medx]

Re: Leads

Maybe try to sell Final Expense plans as well .

 

[BNTRS]

Re: Leads

Switch to an insurance product that doesn't rank first in biggest decline in sales over the past decade.

Or...

If you want an easy job, go work for the Red Cross.

 

[Frank Stastny]

Re: Leads

I have sold tons of LTCi in the past but have never prospected for it. Every sale was made to a Med Supp client. Med Supps are the easiest to prospect for, to get appointments for and the easiest to sell of any kind of insurance.

 

[Alhambra]

Re: Leads

Med Supps are the easiest to prospect for, to get appointments for and the easiest to sell of any kind of insurance.

Hi Frank:

How do you prospect for Med Supps?

 

[Frank Stastny]

Re: Leads

Hi Frank:

How do you prospect for Med Supps?

I buy a list and pick up the phone and call them.

My telephone presentation is designed to within the first sixty seconds of the call to get the name of the insurance company they currently have, how much they are paying each month, I tell them exactly how much it is to take a policy with me and I ask some general health questions to find out if they qualify.

I don't set appointments to do "Medicare Reviews". It is not a productive use of my time. When I set the appointment they know I'm coming to write an app and get a check.

 

[Alhambra]

Re: Leads

Based on what you're saying, I gather a lot of your Medicare Supplement business is replacing another supplement.

Is there a vast amount of improvements from one supplemental policy offered from one carrier compared to another? What is the motivation to make a change for the client?

Is it only cheaper prices? If so, who has the best prices?

I buy a list and pick up the phone and call them.

My telephone presentation is designed to within the first sixty seconds of the call to get the name of the insurance company they currently have, how much they are paying each month, I tell them exactly how much it is to take a policy with me and I ask some general health questions to find out if they qualify.

I don't set appointments to do "Medicare Reviews". It is not a productive use of my time. When I set the appointment they know I'm coming to write an app and get a check.

 

[Frank Stastny]

Re: Leads

Based on what you're saying, I gather a lot of your Medicare Supplement business is replacing another supplement.

Is there a vast amount of improvements from one supplemental policy offered from one carrier compared to another? What is the motivation to make a change for the client?

Is it only cheaper prices? If so, who has the best prices?

Almost all the business I write it to people who already have a Med Supp or want to get away from their MA plan. The only T65 business I write is to referrals.

The plans are standardized and must be the same from company to company and state to state.

Basically, the only reason a senior will change is if you can save them money. Hardly anything else matters.

Med Supps are the only kind of insurance I know of that when I walk out the door my new client has more disposal income than they did when I walked in, with no loss of benefits. I leave them with more money to spend!

 

[Rollem]

LTC is a tough sell. Although there is a ton of opportunity (93% don't have LTC), the market segment most of us work usually only think about purchasing when it may be too late (too old, too much $, or poor health). I have recently had success with a couple of the "linked-benefit" products.

I think you will continue to see a rise in these types of sales - traditional LTC, however, will probably not see upward trends any time soon. I think my number one objection to traditional LTC even though some folks didn't come right out and say it was the "what if I don't need it?" - and not too many people today can truly afford ROP versions. Something you may want to consider having under your belt. I can point you in the right direction.

 

[Mr_Ed]

LTC is a tough sell. Although there is a ton of opportunity (93% don't have LTC), the market segment most of us work usually only think about purchasing when it may be too late (too old, too much $, or poor health). I have recently had success with a couple of the "linked-benefit" products.

I think you will continue to see a rise in these types of sales - traditional LTC, however, will probably not see upward trends any time soon. I think my number one objection to traditional LTC even though some folks didn't come right out and say it was the "what if I don't need it?" - and not too many people today can truly afford ROP versions. Something you may want to consider having under your belt. I can point you in the right direction.

it's a lot cheaper to buy a single-pay LTCi policy with a refund of premium rider than it is to buy a life/ltc combo product.

Plus, the benefits of the LTCi policy are a lot stronger and partnership-qualified.