in my experience, when someone looks at LTCi emotionally, they do not buy it. it's only those who look at it logically, that see the value and buy it.
What Stats Resonate with Prospects?
- Thread starter Brian Anderson
- Start date
in my experience, when someone looks at LTCi emotionally, they do not buy it. it's only those who look at it logically, that see the value and buy it.
we agree to disagree then...most definitelyin my experience, when someone looks at LTCi emotionally, they do not buy it. it's only those who look at it logically, that see the value and buy it.
I believe this is both an emotional and logical decision that consumers need to make. I completely agree with jmhalvo that the emotion has to be there or the sale will be over before it even starts. The reason is consumers will put themselves in the other 30% of people over the age of 65 that won't need care and how can you stop them from doing that without asking them for their story about a family member or friend that went through this.
You have to start with the emotional story, preferably their story, and move to the logic of the decision. I usually like to run through the different options that are out there like what Medicare and Medicaid will pay for and get down to identifying what the consumer believes they want to insure. Once I am done with the first presentation I like to leave with how much monthly benefit they want to insure; a general agreement of a target premium that might be acceptable; and a work up of their general health. This way I know I can come back to for the second meeting prepared with a quote that matches their health, budget and the requested amount of insurance.
Overall, the best approach is a combination of emotion and logic and leave the stats to the competition.
Best Regards,
Paul Daugs
You have to start with the emotional story, preferably their story, and move to the logic of the decision. I usually like to run through the different options that are out there like what Medicare and Medicaid will pay for and get down to identifying what the consumer believes they want to insure. Once I am done with the first presentation I like to leave with how much monthly benefit they want to insure; a general agreement of a target premium that might be acceptable; and a work up of their general health. This way I know I can come back to for the second meeting prepared with a quote that matches their health, budget and the requested amount of insurance.
Overall, the best approach is a combination of emotion and logic and leave the stats to the competition.
Best Regards,
Paul Daugs
Arthur Rudnick
Guru
- 1,652
Statistics vs Emotions.................
I had an appointment this morning with a 67 & 62 year old couple. I first spoke with them in April, 2013 about LTCi and sent them some information. When I followed up a week later he told me not to call him, when he's ready, he will call me.
Heard that at least once before in my career and his card immediately went into my "near dead" file.
Surprisingly, he called last week and said he wanted to meet with me.
So, of course one of the first questions that I had for him today was "What's happened over the past 15 months that you want to revisit LTCi?"
His classic answer was:
"It's been on my mind for over a year but I've been dealing with my 90 year old mother who needs care and that's been my priority.
So, I follow up with "So, why at this time are you looking into this again?" I expected his answer to be that his mother died and now he had the time to address it.
But................
Here's what he said: (I'm not making this up)
"My mother has been receiving home care for the past year. Her Genworth LTC policy has been WONDERFUL and I now fully understand what LTCi is all about.
Walked away with 2 Genworth apps.
The statistic that he was aware of was that there was a 100% chance that his mother would need LTC services.
Proves the point that this product is sold on emotion. Except for those guys who have a pocket protector with 4 pens & pencils in their shirt pocket as mentioned by Yankee466.
I had an appointment this morning with a 67 & 62 year old couple. I first spoke with them in April, 2013 about LTCi and sent them some information. When I followed up a week later he told me not to call him, when he's ready, he will call me.
Heard that at least once before in my career and his card immediately went into my "near dead" file.
Surprisingly, he called last week and said he wanted to meet with me.
So, of course one of the first questions that I had for him today was "What's happened over the past 15 months that you want to revisit LTCi?"
His classic answer was:
"It's been on my mind for over a year but I've been dealing with my 90 year old mother who needs care and that's been my priority.
So, I follow up with "So, why at this time are you looking into this again?" I expected his answer to be that his mother died and now he had the time to address it.
But................
Here's what he said: (I'm not making this up)
"My mother has been receiving home care for the past year. Her Genworth LTC policy has been WONDERFUL and I now fully understand what LTCi is all about.
Walked away with 2 Genworth apps.
The statistic that he was aware of was that there was a 100% chance that his mother would need LTC services.
Proves the point that this product is sold on emotion. Except for those guys who have a pocket protector with 4 pens & pencils in their shirt pocket as mentioned by Yankee466.
having a personal experience is NOT "selling on emotion".
he was being very logical in his approach.
he UNDERSTANDS it now, is what he said.
He has a better understanding of it because of the personal experience.
Arthur Rudnick
Guru
- 1,652
previously posted by Mr_Ed
Seems to be a little contradiction there, doesn't it?
Seems to be a little contradiction there, doesn't it?
The motivation to buy LTCi is often emotional. Not wanting to burden one's children is an emotional catalyst.
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God bless you, Paul, that is a lot of work to write a policy.
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God bless you, Paul, that is a lot of work to write a policy.
- 2,584
The emotion is often already felt by the person, not driven by the agent.
Arthur Rudnick
Guru
- 1,652
previously posted by CALTCAgent
Agreed....
You can't sell emotion to a prospect. I don't care how good an agent you are.
Most of my sales (just like many other agents) are to baby boomers, late 50's & early 60's. They buy because they are now dealing with LTC issues with their parents. They experience the financial & emotional results of a LTC event.
Pain is what we need. If a prospect is in pain due to dealing with their parent's
LTC experience, they're buying a policy (as long as it's affordable). And, pain also happens to be an emotion.
That's why a 25 year old doesn't buy. There's no skin in the game and no pain to deal with.
Agreed....
You can't sell emotion to a prospect. I don't care how good an agent you are.
Most of my sales (just like many other agents) are to baby boomers, late 50's & early 60's. They buy because they are now dealing with LTC issues with their parents. They experience the financial & emotional results of a LTC event.
Pain is what we need. If a prospect is in pain due to dealing with their parent's
LTC experience, they're buying a policy (as long as it's affordable). And, pain also happens to be an emotion.
That's why a 25 year old doesn't buy. There's no skin in the game and no pain to deal with.
- 2,584
Well said. I know I have tried many times, with poor results.
Sometimes even having the LTC experience is not enough too. I had a person the other day tell me her mom spent 1 million dollars on her care. She still wasn't ready to have the LTC discussion.
No statistic in the world will convince this person, or great sales ability. I often wonder why a person like this will not buy or buy ASAP.
Maybe she will buy, but she wasn't ready. They decide when they are ready.
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