If You Can Spare 30 Minutes...

[ltcadviser]

Thanks for all input. This forum is such a good resource.

billberry: You're right, I didn't realize this walking into it. I was actually under the impression that leads would be sent to us, but they have some secret distribution method of their leads.

Jack: I've spoken with you prior to attempting to sell our LTC as I wanted a neutral party to give me an opinion to make certain I wasn't misleading the consumer.

That talked helped ease my mind about the quality of our LTC and maybe added a little fuel to the fire to make me wonder if staying captive and pursuing this market would be feasible.

I was hoping you would chime in as this is a bit of an extension to that conversation. However, I was trying to be vague about who I was / company worked for in the post in case I decided to stick with them but Scott called me out on the company right away

You are young, and training is invaluable. Use this time to educate yourself as much as possible; find a good mentor within your agency who you trust to help you learn and to grow; join your local chapter of NAIFA if you have not joined already. You may find a mentor there too. Do not be so quick to leave your agency. I had a contract similar to yours. I stayed for 4 1/2 years and then left to become independent.

 

[Mr_Ed]

Nyl has a very good policy for a lot of circumstances. I just referred a nyl agent 2 applicants today after I sourced all policies for them and found NYL to meet their objectives the best. The policy has no claims offset language; unisex rates --for another month or two; 10 year benefit periods, and 5% compound is reasonably priced. If you need help understanding its strengths give me a call.

the product is competitive in a handful of states, but not Louisiana.
And it will be even less competitive in a few months.

you could sell a better product and get just as good training with MOO or MM.

 

[CALTCAgent]

However, I'm losing an enormous amount of potential business with life because either I don't offer the product (No term over 20 yrs or under 100k) or they find it significantly cheaper elsewhere.

If you are losing a tremendous amount of business because you don't have the products. It seems doing whatever it takes to get those products would solve your problem. I guess that means not being captive ?

I want to focus primarily on long term care. I like educating people on it, I find it invaluable, and I see opportunity there

Just curious, why do you see opportunity there ? Just being honest here, the LTC sale is tougher now than ever. I always think it must be hard for a new guy to get started now. I know some guys make it work, but they are unique in my opinion.

 

[ltcadviser]

the product is competitive in a handful of states, but not Louisiana.
And it will be even less competitive in a few months.

you could sell a better product and get just as good training with MOO or MM.

Right now the product is competitive in Louisiana for female applicants. Ship is sailing soon though as gender based pricing is coming. Either way, NY Life has a lot of cache in certain markets that MOO does not.

 

[EdmondDantes]

If you are losing a tremendous amount of business because you don't have the products. It seems doing whatever it takes to get those products would solve your problem. I guess that means not being captive ?

If it wasn't for the benefits, pension, inexpensive e&o, brick and mortar office space (though I rarely use it), clerical/office support, and various other perks I would have been gone. But these are things that I must weigh and wanted a few independent agent responses just to maybe help nudge me one way or the other. I'm going to put some serious thought into everything mentioned here and make a decision after the holidays.

Just curious, why do you see opportunity there ? Just being honest here, the LTC sale is tougher now than ever. I always think it must be hard for a new guy to get started now. I know some guys make it work, but they are unique in my opinion.

Other than being an optimist ? Rising costs and extended lifespans aside,I think lack of funding on the medicaid side will lead them to add more extensive tax incentives, improve partnerships, and possibly get stricter on look backs. I also think it's just growing out of its adolescent phase so confidence will improve. And with the marketing methods I use - this is far less expensive than my other options. But this is assumptions, I'd love to hear what you think about it.

the LTC sale is tougher now than ever

This of course is an opinion of a newbie who doesn't know anything but it's my train of thought.... It started getting kind of popular mid-late 80's? Then probably got easier to sale in throughout a good portion of the 90's because awareness had rose and lack of internet, trust in agents, face to face sales were dominant. Then people started using benefits and all hell broke loose which would lead to several years of insurers trying to "fix' the problem. Which brings us to now - problems are getting worked out and government will run out of money. So I'm sure it is a tough time but I'm hoping it will improve and I want to be there for later with the knowledge and experience to help people when it does.

the product is competitive in a handful of states, but not Louisiana.
And it will be even less competitive in a few months.

Jack had mentioned this when I called him. It is probably my biggest concern as a new agent who lacks the relationships to overcome such a hurdle. Has this been stated anywhere officially yet?

 

[CALTCAgent]

Other than being an optimist ? Rising costs and extended lifespans aside,I think lack of funding on the medicaid side will lead them to add more extensive tax incentives, improve partnerships, and possibly get stricter on look backs. I also think it's just growing out of its adolescent phase so confidence will improve. And with the marketing methods I use - this is far less expensive than my other options. But this is assumptions, I'd love to hear what you think about it.

I am waiting for those things too. I don't know of anything on the horizon though.

 

[ltci4sure]

If it wasn't for the benefits, pension, inexpensive e&o, brick and mortar office space

Just curious soul here, with an alias like "Edmond Dantes" ... ?