We Need To See The Numbers/Premiums First......

Discussion in 'Long Term Care Insurance Forum' started by CALTCAgent, May 30, 2017.

  1. CALTCAgent
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    CALTCAgent Well-Known Member

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    First off, be easy, just because I have offered LTC for 20 years does not mean I have sales skills.:D

    Curious how you guys handle when the prospect says to you......

    "We have to see the numbers first, then we will decide if it is worth it".

    I mean if we don't address this statement then we often spend our time putting together quotes and underwriting pre-qualifications, plus going over them all to see if they "like" the numbers. Some people have unrealistic expectations too.

    In this case all I had was a STC plan for the wife. They were not initially interested in a hybrid plan or so it seemed. Working with a Financial Planner and everything invested.

    PM welcome if you prefer.



    Thanks!
     
    Last edited: May 30, 2017
  2. Justin Bilyj
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    Justin Bilyj Well-Known Member

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    Just give them the rates imo. It would be different if you were mailing them something physical, at which you may want to do an upfront contract if you feel you might be wasting your money on the mailing. Be, and tell them you're a resource for them..
     
  3. ltcadviser
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    ltcadviser Well-Known Member

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    The numbers are the numbers. Send them!

    Your clients should always be communicating to you the benefits they want to own. The premiums are simply what it costs for your clients to buy the benefits they want to own.

    If your clients value the benefits they want to buy, they will write the check.
     
  4. yankee466
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    yankee466 Well-Known Member

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    When someone starts the conversation with the infamous "just send me quotes"...I will generally turn it around by saying things like "the numbers are anything they want the numbers to be. Its like asking a real estate agent how much a house costs without specifying how many bedroom they want....we can look at traditional options, or the "plans that cost you nothing"...aka hybrids"

    Generally it gives them cause for pause to have a dialogue about what they are looking to accomplish. I can also say that I can send thousands of quotes, but without discussing what they want to accomplish, anything I could create will likely be useless. And...oh by the way, without a discussion of any health issues, you may not even be eligible for coverage....so even more to discuss.

    Just a thought....but then again, some people are simply A**holes.
     
  5. CALTCAgent
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    CALTCAgent Well-Known Member

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    I like this. I prefer to hear the "I just need quotes" early on. This way I can cut my losses early. Hearing it after investing a bit of time I wished I had flushed this out earlier in some way.

    I feel being more straightforward and to the point early on in the conversation can flush this out. When it does sometimes I wonder if I was too blunt.

    In some cases, after talking health and fact finding and time invested looking at options I call to go over options and they hit me with the old "we are needing the numbers to decide". So now the ball is in my court so to speak to have numbers they like.

    It is a great way for them to keep shopping.
     
    Last edited: May 31, 2017
  6. ltcadviser
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    ltcadviser Well-Known Member

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    I never heard that one before! Did you run that line past a compliance officer lol
     
  7. yankee466
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    yankee466 Well-Known Member

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    I call it asset transfer, not a potentially wasted insurance premium.......and with money back if you change your mind....more benefit than you paid in....you can make an argument that it "costs" you nothing when comparing to traditional plans.

    You are free to choose your own language of course.
     
  8. Mr_Ed
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    Mr_Ed Well-Known Member

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    The opportunity cost of a hybrid is much greater than the cost of a comparable traditional LTCi policy.
     
  9. bluemarlin08
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    bluemarlin08 Well-Known Member

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    Perhaps, but many of the prospects for these policies are using safe money earning a before tax rate of less than 2%. Small cost compared to a potential long tail claim don't you think?
     
  10. Mr_Ed
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    Mr_Ed Well-Known Member

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    having a hybrid policy is better than having no policy.
    having a traditional policy is better (usually) than having a hybrid policy.

    The actual cost of the single premium hybrid policy is the opportunity cost PLUS the entire single premium (because if they need care, their single premium is used to pay for their care).

    A hybrid is like having a two-year or a three-year elimination period on a traditional LTCi policy.
     
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