LTCi Information, Please!

[Mr_Ed]

If I'm not mistaken, State Life stopped selling LTCi about a year ago.

LTC underwriting is very complex. That's a given. There's a very interesting website that talks about this:

www.declinesintocash.com

 

[insuranceexec]

State Life is still selling LTC here in Arkansas. That is interesting to know if they are dropping it in other states. I will check.

 

[Mr_Ed]

They only sell asset-based products now (e.g. whole life insurance with a long term care rider.)

 

[Crazy Rick]

Yeah, Life Secure is pretty cool too but if they're not authorized to sell in your state, you'll have to get an out of state license to sell their product in whatever state you want. Three question app, simple questions, nothing to confuse the client, thereby making it easier for them. I'm in the process of getting appointed with MetLife and John Hancock. They have very little minimums. Genworth is good too, but they want $100k out of you the first year and unless you have a crystal ball, don't bust your own balls, get appointed with Metlife and Hancock firstly. Get in touch with Life Secure as Mr. King said and work with them. When you get good and you're selling one product a day, then if you choose, you can go to Genworth. Capice?
CR

 

[Finale]

Really appreciate the insight posted here. You guys ROCK! from my limited knowledge and those few guys i've spoke with individually it would seem Hancock, Life Secure, Met are the best bet for a guy like me whose not looking to sell LTC alone, but as an offering when talking FE. Thanks again.

 

[Crazy Rick]

Yeah, see, Hancock, and MetLife and Life Secure are really good companies to be appointed with and if you have a good MGA, they should be paying the appointment fees if there are any. This isn't an easy product to sell by any means. I began my LTC career back in July of '08 and it hasn't been easy, but that's just me. One thing you have to remember is the prospects are first concerned with the cost. 80% of prospects KNOW they need it, it's the cost and how to pay the premiums is why they resolve to: "Oh, I don't need it."

Getting the prospect on the phone won't be easy either. Some will answer your first time calling, a lot, a lot, a lot won't due to caller i.d. and most people are only interested in the cost and they're shopping: which they're allowed to do. Don't get frustrated, it's going to happen. You're going to get a lot of bad phone numbers and bad addresses and some folks that simply don't qualify. If they don't qualify (after asking them the insurability questions), get Penn Treaty on the phone if you wish because they take "hard to qualify" cases see?

If you can get the prospects to understand that the proposals you've generated for them are worthless because you need a lot of other information than just name, height, weight, age, medications, then, you're 1/2 way to closing.

See, people today think obtaining LTC insurance is like getting auto insurance. Answer three questions over the internet and boom, done. Wrong. Sell the need! Sell the need! Get them to understand their hypothetical illustration is worthless! There's a 16 page app. to go through yet! And if they self-insure, most prospects will be penniless within that insuring year, unless they have a high net worth.

Don't give away the store like I did. They take all the info I generated and paid for (mail delivery) and they bring those numbers and packet to their own insurance guy and then you and I as the producers are out of the picture. Capice?

Good luck and DON'T give up no matter what they say. It's not an easy product to sell do to its expense, but dammit the commissions are up there due to that fact. The carriers know it's not easy, so they pay you well.

CR

 

[Mr_Ed]

call Penn Treaty???

Penn Treaty won't pick up the phone. The PA DOI will pick up the phone.

I bring all my "hard to place" cases to:

We turn your LTCi declines into cash

 

[Crazy Rick]

Yeah, I just found that out last week myself man. Penn Treaty ain't takin hard cases anymore. Maybe the new guy should go to your guy instead.

 

[susanca]

Yeah, I just found that out last week myself man. Penn Treaty ain't takin hard cases anymore. Maybe the new guy should go to your guy instead.

Is the "Turn Declines into Cash" a GA? What carriers do they use?

 

[Crazy Rick]

Yes I think they are. Call them up, ask them questions. They may not tell you what carriers they use over the phone but they may want your business. I have them on standby when my first hard to place comes in.