To Sell Through Banks, LTC Agents Must Build Trust

Perhaps most importantly, an LTC policy helps prevent the need to withdraw enormous sums of money to pay for long term care. That cost adds up to be anywhere from $40,000 to $100,000 per year to live in a nursing home, according to the National Advisory Council for Long Term Care Insurance.

With so much at stake, financial institutions should be a resource for members and customers to guide them in the best direction for their future.

LTC insurance is different for every single customer. It takes an expert who can sit down with a customer to determine the need for a policy, discuss quality-of-care issues, assess the buyers expectations and then make the proper recommendation.

Agents must convince banks not only of their comprehensive knowledge of the LTC insurance market, but also of their understanding of the sensitive relationships between the banks and their customers.

For high net-worth customers, this may mean specially tailoring a policy to fit their specific needs, such as one with a high deductible or return of premium. For small business owners, this can simply mean handling those customers with special care, meeting their needs and requests with a consultative attitude.

The first step to building trust between LTC agents and financial institutions is knowledge.

As an agent, once youve succeeded in winning over the bank, the battle is just beginning. You then must take whatever time is needed to share with the customer your knowledge of the different kinds of LTC policies and the nuances unique to each.

This sale cant be handled with a cookie-cutter approach. Rather, it is accomplished by intently listening to the needs and desires of each customer. That can be anything from protecting their independence to protecting their assets to protecting their family members.

It is not until agents build trust with customers that they earn the complete trust of banks. Long term care specialists capture this synergy daily by focusing an experienced and trained eye on the complex interdependence of banks and their customers–and delivering results.

In a very real sense, LTC insurance creates a win-win situation for financial institutions and customers. While protecting core deposits, LTC insurance helps customers tap into and afford facilities and services that may allow them to “age in place,” either at home or in an assisted-living facility instead of a nursing home.

is director of affinity sales for Long Term Preferred Care Inc., Nashville. He is a 14-year veteran of the long term care industry. LTPC is a subsidiary of Progeny Marketing Innovations, whose parent is Cendant Corporation, New York.

Reproduced from National Underwriter Edition, March 10, 2003. Copyright 2003 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.