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November 17, 2002 at 07:00 PM
How This Rookie Got Started Selling LTC Insurance
This time of year represents my one-year anniversary as both an insurance agent and long-term care insurance specialist.
Those of you who have attempted to sell LTC insurance products, whether successful or not, may question why anyone in their right mind would consider entering an industry with the sale of such a complicated product.
Truth be told, over the past year, there have been many times when Ive asked myself that same question. Now, as I look back at what I have accomplished over the last year and as I consider the modest goals I have set for myself in the near future, I truly believe that I am in the right position at the right time.
My LTC insurance career began when I accepted a great opportunity to work as a marketing/sales representative for a nationally known brokerage agency. Although I had interest in becoming a producer, the president of our firm assured me that the marketing experience would prove very useful for my career.
Trusting his opinion, I began to prepare myself for the demanding task of servicing the many independent brokers appointed through our firm. As a recent college graduate, my mind was conditioned for the challenge of educating myself on the concepts of LTC insurance as well as the technical differences between the 25 different products offered within our firms portfolio.
After two months of listening to my associates patiently assist brokers with every possible question concerning underwriting, policy design and product selection, I decided I was ready to field my own broker calls. I soon began to understand the needs of the consumer through the requests and actions of the brokers I was servicing.
I also acquired a very clear understanding of what to do and what not to do in a LTC insurance sale. But of all the lessons I learned, three have been the most useful to me.
Commit yourself to the sale of LTC insurance. Successful producers do not “wing it.” They take the time to educate themselves thoroughly on the concept of LTC insurance and the products available to them. They do this by continuously reading specimen contracts and industry-related material in their spare time. Doing so allows them to identify the right product for their client and communicate the need for it in simple terms that neither confuses nor misleads the client.
