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October 07, 2001 at 08:00 PM
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Long-term care insurance is fast becoming a sought-after worksite product, but we have barely touched the surface: fewer than 3% of all U.S. workers have LTC coverage.
The question for agents trying to sell the product is, how do you get employees to sign up?
One answer is persuading employers to share the cost of the coverage.
Although employers typically offer LTC insurance to employees on a voluntary basis, we are finding that employers are increasingly willing to pay a portion of the premiums. Progressive insurers have recognized this and have designed products and rate structures to encourage employer participation.
Another answer is developing a good worksite sales presentation.
No matter how you approach worksite marketing, you will soon find that there is not a lot of difference between working the individual market and working with companies, municipalities, affinity groups, and associations. You are simply changing your method of prospecting.
Although you will more often have a captive audience at the worksite, you are still going to have to make a presentation and meet one-on-one to close the sale.
Your employee presentation should resemble the one you use for individuals, but it may be shorter, perhaps 45 minutes long, plus a few minutes of extra time for questions and answers.
From our experience, we know that many employees are in denial: they believe that, if long-term care is ever needed, it will be needed by someone else, not by them or their parents.
To overcome this attitude and get things going, ask for a show of hands of those who know someone in need of long-term care. Ask some of the employees who raise their hands to talk about the situation. Also tell the workers that studies have shown that nearly one in two Americans will eventually need long-term care.
You should remind the employees that few of them, and few of their relatives, are covered for the expense of long-term care.
You should warn them that the need for long-term care can strike at any time, without warning, and that those who are not prepared could pay a huge price, financially and emotionally.
