The only difference between selling long term care insurance to a baby boomer and anyone else is that with a boomer a producer can make two sales–one to boomer clients, the other to their parents.
This is how Jim Pittman, agent with Compensation Systems Northwest, Portland, Ore., generally approaches sales to boomers.
Pittman, chair of the media task force for Million Dollar Round Table, Park Ridge, Ill., says, “a boomer is just like anyone else, so we want to go through the same sales process as with anyone else.
“The only unique aspect of this marketplace is that there are two sales to the boomer–them and their parents.”
Celeste Cobb, vice president, Long-Term Care Group, MetLife, Westport, Conn., agrees that boomers bring with them a unique dynamic.
“Theyre at the right age where theyre experiencing long term care for their parents, but they may live far from them, so they struggle with how to stay involved with their long term care.
“It makes them think, when Im in this situation, what will I do, so this creates awareness.”
Pittman suggests discussing with the boomer client why it is advantageous to buy a policy while they are in their 40s or 50s and presumably can afford it.
“And secondly, a producer can ask, what are you going to do about your parents, should we be meeting with them, is this something youre going to finance?”
Pittman also suggests using the dynamic of seeing ones parents struggle with paying for care by asking the client to look at his or her own situation in terms of a cost-benefit analysis.
A producer can ask a client, “Would you rather pay the premium or the cost for care,” he says.