LTC Possible Addition to Current Sales?

[Arthur Rudnick]

Vic,
I guess if you ask 20 people, you'll get 20 different answers. It seems that you'll keeping asking questions until you get the answers that you want to hear.

A few points............

Mr_Ed posted:

1) Today most insurance agents who specialize in LTCi sell it over the phone.

I'm not sure what he's talking about, I know hundreds of LTCi specialists and there's only 2 that I'm aware of who sells LTCi 100% on the phone. (Mr_Ed & Ltcadviser)

2) Most people who buy LTCi are in their fifties. The health issues of people between 62 and 70 can make it difficult to get for them to qualify for coverage, but not impossible.

If most people that purchase LTCi are in their 50s, why would you target those 62-70? Aside from medical issues which would make them uninsurable, premiums in that age bracket for many are unaffordable.

3) Don't waste any money buying leads. Just start with your own client base.

The average age of a LTCi purchaser is 55. You will not succeed in soliciting prospects 65+

Another issue that you'll be facing is that internet leads are viewed country-wide. Not sure where you live but you must be licensed and appointed in every state that you solicit. Mr_Ed is licensed in all 57 states. Do you want the expense of being licensed in every state that you get an inquiry from? Are you willing to follow-up on training in every state? Are you willing to become appointed with every available carrier? You would need to learn dozens of products, understand dozens of policies and learn about underwriting with every carrier that you're appointed with.

At the end of the day, if you want to sell LTCi, it's a full time job. One cannot dabble in this product. It's way too complicated, too expensive and time consuming to do this part time.

If your goal is to sell a few LTCi policies a year, you should find an agent to network with and split the case.

Just my 2 cents.

 

[vic120]

Vic,
I guess if you ask 20 people, you'll get 20 different answers. It seems that you'll keeping asking questions until you get the answers that you want to hear.

That is an unfair statement,

I have already accepted that 65 will be too old I stated that in an earlier post and agreed 50- 60 will be my target.

I have already agreed with you guys that this will be a lot more involved and stated that It will be a year longer then anticipated because of that

Yes I am lic in 12 states, Yes I already do yearly certification with many carriers in each of these states, this does not scare me

If fact I cant think of anything said other then the F2F thing I have not already accepted

So I don't understand this statement

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Also you can purchases internet leads in individual states, I already do so with medicare. Internet leads are my bread and butter

 

[Arthur Rudnick]

Vic,
No one here is trying to be augmentative. It so happens that the answers & comments that you're receiving are coming from LTCi specialists, who have been in the business for many years, some as long as 20.

What you're receiving is years of insight. At the end of the day, you'll do what you feel is best for you and that's fine.

Most of us started this in the mid 90s doing only F2F. (There were no internet leads back then).

Ideally, you should find a mentor for proper training. You cannot train yourself and learn about all of the nuances of this business by reading a book or going online.

Whatever you decide to do, good luck.

 

[vic120]

Vic,
No one here is trying to be augmentative. It so happens that the answers & comments that you're receiving are coming from LTCi specialists, who have been in the business for many years, some as long as 20.

What you're receiving is years of insight. At the end of the day, you'll do what you feel is best for you and that's fine.

Most of us started this in the mid 90s doing only F2F. (There were no internet leads back then).

Ideally, you should find a mentor for proper training. You cannot train yourself and learn about all of the nuances of this business by reading a book or going online.

Whatever you decide to do, good luck.

This makes sense

 

[wc2624]

I sell LTCi almost exclusively over the phone and started that way 7 years ago. I've been successful. Of course I had a fair amount of training with other agents in the same boat.

In short, I think it would be tough selling LTCi to MedSupp clients or leads but slightly easier doing it the other way around. I know this to be true because I've done it.

 

[ltcadviser]

Vic, I think you will be fine. Becoming familiar with the nuances of underwriting guidelines is the greatest challenge, and it will take some time to get used to. Otherwise, you simply need to have conversations with your clients about what their concerns are and build the plans for your clients around their concerns. If you need help, call me.

 

[CALTCAgent]

Also maybe I am wrong about this Buis but I have been under the impression that LTC would be an education/information type sale verses the pressure type sale, This is one of the things that is attracting me to this industry.

I am not sure exactly what you mean by a pressure type sale or education/information type sale ?

I think there are elements of both, possibly importance instead of pressure.

Ultimately you need a certain level of motivation from the prospect, IMO.

 

[ltcadviser]

I am not sure exactly what you mean by a pressure type sale or education/information type sale ?

I think there are elements of both, possibly importance instead of pressure.

Ultimately you need a certain level of motivation from the prospect, IMO.

Desperate agents utilize pressure or sales techniques.

Successful agents convey information and wait for the client to inform them of the desire to move forward.

 

[CALTCAgent]

Desperate agents utilize pressure or sales techniques.

Successful agents convey information and wait for the client to inform them of the desire to move forward.

I remember when I first started and I was captive and the guy training me kept saying I "must create the need". I still don't know what he meant exactly.

I like that idea of conveying information and wait for the client to inform of the desire to move forward.

 

[Mr_Ed]

Desperate agents utilize pressure or sales techniques.

Successful agents convey information and wait for the client to inform them of the desire to move forward.

100% agree with you, Jack. There's no need for pressure.

unfortunately, most of the agents selling LTCi use high pressure tactics. It's a shame. They try to do a "one call close" presentation via desktop sharing software.

And that's why most of them place less than 50% of the apps they submit.