Moved Post

[Arthur Rudnick]

Posted by: Red Blooded American

I had LTC on my father, when he got a 8.5 year long terminal illness...... The product is Phenomenal, now as for the agents needing to know more about the product, ABSOLUTELY!
It is complicated and people don't understand it......

We have all heard people say that they have had auto & homeowners insurance for years and they are very happy with their policy. Yet, in 10 years, they have never had a claim, so how do they know how good their policy is?

Here's an example where someone not only had a LTC policy, but also had the (unfortunate) opportunity to access the benefits. The policyholder and the policyholder's family were pleased that the policy performed as expected.

I have had about 75 of my policyholders go on claim over the years and not one felt their policy underperformed. In fact, if they had to do anything over again, they all would have purchased higher benefits. So, it's nice for the product to get an endorsement.

Is LTCi complex & difficult to understand? Not if it's explained by an agent who understands the product and also understands how to explain it properly.
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Posted "tongue-in-cheek" by al3

Designations are always nice... especially when they represent a rigorous course of study.
I guess a two day course that has been passed by 14,768 people qualifies one to be an expert in LTC.
Why not? No doubt one can learn all one needs to know to do a good job with a client in a two day class. And having those letters after one's name... well that's just icing on the cake.

There are 2 designations available: LTCP (Long Term Care Professional) and CLTC (Certified in Long Term Care). Each course is an intense 2 day class followed by a proctored test (if I remember correctly, 4 hours). But no one at either course are rookies in the business. Most have been in the business for years and just wanted to take their LTC knowledge & sales ability up to the next level.

This post was moved from another Forum. I thank RBA & al3 for their contributions.

 

[JimmyUt]

Posted by: Red Blooded American



We have all heard people say that they have had auto & homeowners insurance for years and they are very happy with their policy. Yet, in 10 years, they have never had a claim, so how do they know how good their policy is?

Here's an example where someone not only had a LTC policy, but also had the (unfortunate) opportunity to access the benefits. The policyholder and the policyholder's family were pleased that the policy performed as expected.

I have had about 75 of my policyholders go on claim over the years and not one felt their policy underperformed. In fact, if they had to do anything over again, they all would have purchased higher benefits. So, it's nice for the product to get an endorsement.

Is LTCi complex & difficult to understand? Not if it's explained by an agent who understands the product and also understands how to explain it properly.
_________________________________________

Posted "tongue-in-cheek" by al3


There are 2 designations available: LTCP (Long Term Care Professional) and CLTC (Certified in Long Term Care). Each course is an intense 2 day class followed by a proctored test (if I remember correctly, 4 hours). But no one at either course are rookies in the business. Most have been in the business for years and just wanted to take their LTC knowledge & sales ability up to the next level.

This post was moved from another Forum. I thank RBA & al3 for their contributions.

Thanks for the post. After reading extensively on this forum about LTC, I decided it was in my best interest as well as my clients that I find an expert and refer out the business. There are a lot of moving parts, and to just go out and try to sell this product without extensive study and mentoring would be foolish IMO.

 

[Arthur Rudnick]

Thanks for the post. After reading extensively on this forum about LTC, I decided it was in my best interest as well as my clients that I find an expert and refer out the business. There are a lot of moving parts, and to just go out and try to sell this product without extensive study and mentoring would be foolish IMO.

Well stated Jimmy, and by doing that you are looking out for the best interests of your clients, which can only come back to help you. If you do not know of a LTC Specialist in your area, here are 2 websites to look at. Look under the Consumer area.

Long Term Care Insurance Information Compare Costs-America's long term care association
Corporation for Long Term Care Certification

I would personally recommend you choosing an independent agent.

 

[GreenSky]

Arthur, I think it takes a committment to knowledge to want to take any educational course, whether they lead to a designation or not.

I wrote some LTC plans in the past but wanted to take it to the next level by enrolling and passing the CLTC course. I found it to be extremely valuable and even more so is being a member of Corporation for Long Term Care Certification.

Am I an expert? Not compared to someone like yourself. Can I feel comfortable talking about and helping people reduce the financial risk of LTC - absolutely.

My education has not stopped just because I have a designation. You and I have had conversations and as a CLTC graduate, I participate in their forum and watch their webinars on various subjects. I also work with a GA that I trust - not to have him write business for me, but to be sure I understand the options for my clients.

Or I could just remain an "outsider" and refer all my clients to another agent.

Rick

 

[Arthur Rudnick]

Rick,
In spite of what many think, this stuff is really not that complicated. IMO, someone like yourself, with a CLTC designation is pretty well prepared to handle the subject on your own rather than refer it out.

If you have a GA that you're comfortable with who can update you on product, you should have enough in your arsenal.

The toughest part of the LTCi business is finding qualified prospects. Selling it to a qualified prospect is the easy part.

As with any career choice, in order to be successful, it's important that a person constantly educate themselves in order to stay on top of their profession.

 

[Guest]

I decided it was in my best interest as well as my clients that I find an expert and refer out the business. There are a lot of moving parts, and to just go out and try to sell this product without extensive study and mentoring would be foolish IMO.

That's what I do. I don't prospect for LTC. I deal moslty with small biz owners on life coverage and group health (which is a good "door-opener.") I qualify the client's interest in LTC, ability to pay, and, of course, some medical history. I refer the client to one of two agents in my area I work with who are specialists in LTC... that is all they do... I don't compete with them nor they with me. When the agent calls, the client is open to taking the meeting. From there on, I'm out of the picture. I'm written in as a sub-agent so I get a split via the carrier not the writing agent, but I'm not the AOR for my client's LTC, which is fine... I don't want to be.

It works out OK. Last year I referred maybe one a month so it's not a big part of my income. A third got written... cost is a huge factor here as LTC is usually the last dollar spent for insurance (health is the first, life is the second.) I'm sure LTC is more popular in areas where the economy has picked up more than it has here.

One big issue I find is that one spouse can get covered but the other can't and that seems to kill a number of deals. Like I say, I keep my beak out of it and let the other agent handle all of the LTC stuff... I don't meddle. If it sells it sells, if not, we try again next time.

It's hard to find agents who specialize in LTC in my area. Lots of people go into the sector but not that many remain. YMMV.

Al

 

[Arthur Rudnick]

It's hard to find agents who specialize in LTC in my area.

Richard S. Bronstein, CLTC

I'm not sure, but I think this guy is in CA and I note he has one of those LTC Designations after his name. If you want, I can probably get his phone # for you.

 

[GreenSky]

Richard S. Bronstein, CLTC

I'm not sure, but I think this guy is in CA and I note he has one of those LTC Designations after his name. If you want, I can probably get his phone # for you.

No, I'm not an expert. After all, this is a 2 day course with 14K graduates.

Probably doesn't say much about the commitment of those who pay $1,000 and complete the intensive curriculum.

Rick

 

[JimmyUt]

Richard S. Bronstein, CLTC

I'm not sure, but I think this guy is in CA and I note he has one of those LTC Designations after his name. If you want, I can probably get his phone # for you.

Careful, you might have to move this post back to where it came from.

 

[Arthur Rudnick]

Tell me........
Where can one laugh like this on a Sunday morning?