Selling LTC Online: Whats Needed?

[CALTCAgent]

Sometimes you've got to "drill down" to get to the crux of the matter. If it were me...

"I don't know, I'm getting older"
And "getting older" means?

"I was just curious to get some quotes/prices"
I see. Most of the companies that sell this stuff are going to be pretty similar in price. There must be something besides the price that's important?

Keep this in mind: the problem they bring you is never the real problem.

I agree, getting to the heart of the matter is important here.

Maybe something like this?:

As an independent agent I can help you look at your options, based on price, policy structure, etc. , however, besides the price, why do you feel it's important for you to consider LTC?
- - - - - - - - - - - - - - - - - -

fyi... nearly every leading LTCi sales trainer doesn't sell LTCi anymore.

why someone would pay several hundred dollars for someone to "train them how to sell" a product that the trainer hasn't sold in years, is beyond me. What worked 10 years ago, doesn't work anymore. PERIOD.

The next time an "LTCi sales trainer" offers you to buy their training ask them "How much LTCi did you sell last year?"

Then, if you really want to mess with them, ask them:

"When was the last time you bought a lead and tried to sell an LTCi policy to that person?"

mrsed

I agree with this as well. The training was from about 10 years ago. I don't get many solicitations from LTC sales gurus much anymore. A lot has changed since then. I am definitely feeling it.

 

[moonlightandmargaritas]

As an independent agent I can help you look at your options, based on price, policy structure, etc. , however, besides the price, why do you feel it's important for you to consider LTC?

Some may feel that the first part is a little..."salesy". I would focus on not "telling", but asking questions (and lots of 'em!).

Here's another one I learned that can be used when the early part of the conversation starts to go sideways over the "price" thing:

Prospect: I just want to get a quote, to see what it costs.
Agent: You're ready to buy it already?
Prospect: Well no...
Agent: The reason I ask is because most folks that I deal with are concerned about whether it's right for them - before they ask about the price.

 

[Arthur Rudnick]

Posted by Bill Berry

The best question to ask on the phone or in person, then shut up and listen is.....
"Why do you think you might want long term care insurance?"

I learned a long time ago that the one thing you don't want to do is ask a question without knowing the answer.
"Why do you think you might want long term care insurance?"

A typical response may be:
"I'm not sure I do. I'm just looking"

A common question asked by agents is:
"Do you have any experience with family members or friends who needed LTC services"?

Great question, but what if the answer is: "No"?

Questions that could/should be asked are:
"If you needed care Mr. & Mrs. Prospect, wouldn't you prefer to receive it at home, rather than a nursing home?"

Ask that question 1,000 times and the answer will always be the same: "Of course!"

The key is to reinforce the obvious and talk about that. Don't leave yourself open to an answer that doesn't fit into your script.

Just my 2 cents...........

 

[billberry12]

""I'm not sure I do. I'm just looking"

Arthur, I must ask that question differently, because no one has ever answered it with that statement to me.

The key to the question is "you think you might want".

I didn't ask them if they want it, but why they might want it.... Big difference

When I ask the question, I always get the reasons why they are looking into this type coverage.

They always give me the most common reasons people think they might want long term care insurance.........family experiences, independance, don't want to be a burder on the kids, protect assets for surviving spouse or kids or charity etc...

But if they ever do answer my question with ""I'm not sure I do. I'm just looking"

I would simply say. " I totally understand...so why are you looking??" or "What prompted you to look at this type coverage?"

The point is...people buy for THEIR reasons, not mine or yours. I try to find out what their reasons are, then simply tell them how long term care insurance MIGHT solve the problem.

Maybe this is my selling style, and yours is different. Someone might want to try this, and it might work for them.

 

[Arthur Rudnick]

Point taken Bill..........

I think the most important issue in LTCi sales is not to focus on selling a product, but to focus on educating. And, if you can educate by prying pertinent answers, it will only help in the sale.

There are too many "salesmen" in this business and as I've stated many times, you can't "sell" this product.

In reality, most people that we meet knows at the very least what a LTC policy is and knows "roughly" what it does. They don't want to be sold anything until they have a better understanding of the product and........ the pricing.

For many, $3,000, $4,000, $5,000 or more is unaffordable. and in many cases, they will blow smoke at you and say "I want to think about it" That is usually another way of saying it's unaffordable.

If it's unaffordable, the conversation is over! "I can't afford it" is one of the very few legitimate excuses that I can live with.

In thousands of presentations, I've never had a prospect tell me that LTCi is a stupid product and makes no sense.

If they really felt that way, they wouldn't have me over for a discussion, nor would I want to be in front of them in the first place.

It's really a simple sale, just find people who have pain and along with the pain, also have the cash.

There you go, page #1 in Long Term Care for Dummies.

 

[ltcadviser]

I prefer listening to what they have to say instead of forcing them to listen to what I have to say.

So true. As they say, God gave us 2 ears and 1 mouth. Use them in that proportion.

Twice today I had people that called me sense some dead air and say "hello, are you still there?". And I always reply "yes, I am just listening and taking notes."

The key to online selling as Scott says is really customer service. Pick up the phone when they call your office, ask them how you may help them, let them tell you, mail them or email them the information they request, and follow up to see if they have questions. When they are comfortable they will ask you "What's the next step?" When you are asked this question, you have their permission to complete their application. Anyway, that's basically how I do it, for better or worse.

 

[Mr_Ed]

So true. As they say, God gave us 2 ears and 1 mouth. Use them in that proportion.

Twice today I had people that called me sense some dead air and say "hello, are you still there?". And I always reply "yes, I am just listening and taking notes."

The key to online selling as Scott says is really customer service. Pick up the phone when they call your office, ask them how you may help them, let them tell you, mail them or email them the information they request, and follow up to see if they have questions. When they are comfortable they will ask you "What's the next step?" When you are asked this question, you have their permission to complete their application. Anyway, that's basically how I do it, for better or worse.

very well stated.

I love it when they ask, "... what's the next step?"


mrsed

 

[Mr_Ed]

you will need leads. and a system or means to communicate with the client. collect client info and to submit info to the insurance company.

most insightful post of the year.

 

[LostDollar]

You're missing the point, it doesn't matter.

The response is only designed to elicit additional facts from the prospect as to what other issues may be important in their buying decision.

If you are telling me a lie to elicit further information from me, that is a big problem from my point of view.

I have been roundly criticized in another area for not using an agent, not asking all the questions I ask of an agent instead of on the site, and so on.

TRUST is a big issue for me in that process. How do I know when I just go driving down the road or peruse the phone book that I am getting someone I can trust.

And I see this post with an agent telling another agent it is ok to lie to a potential customer in order to get more information from them.

 

[LostDollar]

Geez are you anal or what? The point is that THE QUESTION DOESN'T MATTER - it's the ANSWER that's important.

So, say this: "Mr. Prospect, there can be some differences in prices between companies, but there must be something else that's important too..."

Highly doubtful. I would have gotten any price problems out of the way quickly - near the start. In addition, I would have them moving forward, with not much chance of them having to "see another agent." You don't get the biz then.

What do you mean you would have gotten price problems out of the way?

And if I give you a budget which I have, how do I know you are going to give me information about the most effective use I can make of those dollars in the marketplace?

As a consumer, maybe I should be telling the LTCi salesperson that I have twice as much money available as I really do, and then say this is the problem I need to solve. What are my options? Then when I get the answers, say oops, I have just rechecked my bank statements and social security check-I can only afford half as much as what I said I could. What of those options still hold at a lower premium?