I don't do business with "family"

[Renee Gibbs]

It seems to me most of the answers on here are either telling you to walk away, which is quitting, or back your prospect into a corner. I would tell him that you would love the opportunity to help him with this decision by offering advice, but in return you would like the opportunity to see if you can do business with him. At least give him the option that he doesn't "have" to buy from you, just consider it. If he responds by confirming that he doesn't do business with family I would ask him why then does he want advice from family?

 

[DecisionMan]

Plain LTC is pretty expensive these days. If your competitor is showing him LTC only ask your relative 'so what happens to your money if you don't need LTC? Did you ask my competitor that question, or re you hoping I'll answer it for free?"

LTC as a rider to a hybrid-life policy is much more common for plenty of reasons.

 

[ltcadviser]

Plain LTC is pretty expensive these days. If your competitor is showing him LTC only ask your relative 'so what happens to your money if you don't need LTC? Did you ask my competitor that question, or re you hoping I'll answer it for free?"

LTC as a rider to a hybrid-life policy is much more common for plenty of reasons.

I promise you the "financial advisor" is NOT showing them plain LTC insurance. There is no revenue in traditional LTC insurance for advisors to recommend it. They never do. More common in the wirehouses is the sale of linked benefit policies such as Lincoln Moneyguard (which is no longer a competitive solution in the hybrid LTC arena)

The OP needs to find out what his family is looking at. And the OP needs to either educate himself on long term care planning. Or do joint work with an adviser that does.

The OP needs to understand that it is very common for financial advisors to pitch policies with premiums of $75,000 to $200,000 and it is natural for the clients to get 2nd and 3rd opinions when $200000 is the cost. The stress test comes when you illustrate to them that the "financial advisor " is pitching required product and not analyzing and finding their best options.

 

[Life Hawk]

Word of caution on sales to family... if anything goes south, YOU are on the hook. Not the product, not the company, and definitely not the insured.

Not a place you want to be.

 

[Markthebroker]

Word of caution on sales to family... if anything goes south, YOU are on the hook. Not the product, not the company, and definitely not the insured.

Not a place you want to be.

Yeah, that's a good point. For the most part I now avoid doing business with friends or family. When I first started and needed the bizz though, I was going after anything with a heartbeat.

 

[DHK]

 

[DHK]

 

[ltcadviser]

Well, for a 63 second video titled "I don't sell," this sure feels like 63 seconds of a pure salesman.

 

[Life Hawk]

Well, for a 63 second video titled "I don't sell," this sure feels like 63 seconds of a pure salesman.

Amazing how often we try to duck the "I am a salesman" classification when that is what we are. We are in the profession that seeks to entice others to purchase our products and wares.

 

[Cornelius]

What does he do? Ask him for free service.