New sets of LTCI data reveal continued resistance to perceived expense

[ltcadviser]

I wasn't talking about people who have a 7-figure net worth.

I was talking about people with a net worth below 7 figures.

LTC Partnership policies are perfect for them.

And people with the 7-figure net worth are better off with traditional LTCi than hybrids.

Well, I do not receive many inquiries from people with assets less than 1 million. Most people that call me have $2-5M.

And who says a traditional ltc policy is better for a client than a hybrid? You? I would hope you would let your client decide.

I have been telling you for 4 years the market was changing. Get on the bus and grab a seat.

 

[Mr_Ed]

Well, I do not receive many inquiries from people with assets less than 1 million. Most people that call me have $2-5M.

And who says a traditional ltc policy is beter for a client than a hybrid? You? I would hope you would let your client decide.

I have been telling you for 4 years the market was changing. Get on the bus and grab a seat.

Hybrids are not a good solution for most Baby Boomers. Hybrids are beyond the means of most Baby Boomers. The market is not defined by your experience.

 

[ltcadviser]

Hybrids are not a good solution for most Baby Boomers. Hybrids are beyond the means of most Baby Boomers. The market is not defined by your experience.

The market is defined by my experience.
LTCi is a high net worth product. The buyers of LTCi have 2-3-4 Million. These are the people calling me every day. And they are buying hybrids and traditional LTCi. If you are not speaking regularly to households with assets in the millions you are speaking to the wrong households. We are not in the final expense market!

 

[LostDollar]

The market is defined by my experience.
LTCi is a high net worth product. The buyers of LTCi have 2-3-4 Million. These are the people calling me every day. And they are buying hybrids and traditional LTCi. If you are not speaking regularly to households with assets in the millions you are speaking to the wrong households. We are not in the final expense market!

You are spending an awful lot of time beating up on another agent because he chooses to work a different market than you do. It is almost like you can't be confident of your own market assessment unless he agrees with you.

 

[Mr_Ed]

You are spending an awful lot of time beating up on another agent because he chooses to work a different market than you do. It is almost like you can't be confident of your own market assessment unless he agrees with you.

The market is defined by my experience.
LTCi is a high net worth product. The buyers of LTCi have 2-3-4 Million. These are the people calling me every day. And they are buying hybrids and traditional LTCi. If you are not speaking regularly to households with assets in the millions you are speaking to the wrong households. We are not in the final expense market!

Jack,
you're dreaming.
Most people who buy LTCi have less than $2M in net worth.

 

[ltcadviser]

You are spending an awful lot of time beating up on another agent because he chooses to work a different market than you do. It is almost like you can't be confident of your own market assessment unless he agrees with you.

I am not beating up on Scott. For the record, I respect Scott more than any agent in our industry and Scott knows this. We are having friendly discourse. And Scott and I are working the exact same market. The United States. Internet inquiries are the same for both of us. We just apply different processes and viewpoints to the same market.

 

[LostDollar]

I am not beating up on Scott. For the record, I respect Scott more than any agent in our industry and Scott knows this. We are having friendly discourse. And Scott and I are working the exact same market. The United States. Internet inquiries are the same for both of us. We just apply different processes and viewpoints to the same market.

While the discussion presents as civil, it does not present as friendly. And your comments suggest there are millions of people in the US market whom you would not respect as customers. It appears that MrEd has developed a successful business model which can include and assist insurance consumers that are beneath your notice, and I think it is inappropriate for you to continue criticizing him for doing so.

 

[ltcadviser]

While the discussion presents as civil, it does not present as friendly. And your comments suggest there are millions of people in the US market whom you would not respect as customers. It appears that MrEd has developed a successful business model which can include and assist insurance consumers that are beneath your notice, and I think it is inappropriate for you to continue criticizing him for doing so.

I think you missed the entire point of the duscussion.

 

[LostDollar]

I think you missed the entire point of the duscussion.

Maybe. But these were your first two posts in the thread:

Better yet Scott, just target the $2 million - $5 million net worth households.

Families with $2-5 million want to avoid burdening children and family just as much as the people that have no money. They derive just as much benefit as the households with modest assets. Work with the families that have the money.

In both of those, it seems to me that you are telling Mr Ed to abandon his business model which includes customers with lower asset accumulations. It appears to me that Mr Ed has found a way to use modern electronic technology to expand the range of viable potential customers for long term care products, in a cost effective way. And that would suggest that the market is NOT defined by your experience.

 

[ltcadviser]

Maybe. But these were your first two posts in the thread:

In both of those, it seems to me that you are telling Mr Ed to abandon his business model which includes customers with lower asset accumulations. It appears to me that Mr Ed has found a way to use modern electronic technology to expand the range of viable potential customers for long term care products, in a cost effective way. And that would suggest that the market is NOT defined by your experience.

Business model > write policies efficiently
OP article > Sweet Spot buyers 2-3 Million net worth

“Expanding range of viable potential customers?” Not sure what your point is?

The point of the article is that people do not buy long term care insurance primarily because of the expense.

I will try to help everyone that calls me.
But make no mistake, the LTCi buyer today has money.