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April 06, 2005 at 08:00 PM
If you sell worksite long term care insurance, you’re undoubtedly looking for ways to sell more of it.
One way to do this is to look beyond the obvious to “think outside the spouse.” Remember, one of the neat things about LTC insurance is its broad eligibility. Voluntary LTC insurance can be offered not just to employees and spouses, but to their parents and in-laws. It’s a great, big target. The trick, of course, is hitting it.
So, how do you convince employers faced with spiraling costs and limited resources to offer LTC insurance? Assuming you succeed, how do you then persuade employees to buy it, not just for themselves but for their parents?
Selling the Employer
If you’re already marketing worksite LTC insurance, you undoubtedly know how to tout its advantages: it’s a no-cost voluntary enhancement, it can be offered as a carve-out, it’s tax deductible, etc.
But are you telling employers that LTC insurance can actually improve productivity? That it offers a solution to the growing problem of eldercare? Next time you make such a presentation, consider incorporating these compelling points:
? You might ask your HR contact if any employees have acted as family caregivers, and how it affected their work. (There’s a good chance you’ll strike a chord, because 1 in 4 families today is caring for a family member.)
? Familiarize yourself with the Society for Human Resource Management’s 2003 caregiver survey and quote it. In it, employers reported that caregiving workers are prone to excessive absenteeism, too-frequent phone calls, mental distractions, stress-related health problems, and high turnover.
? What if the employer objects on the basis of cost? I use this simple analogy: Buying LTC insurance is like buying a car. Not everyone needs a Mercedes; an economy sedan still gets you around. Promise to work closely with employees, helping them choose plans they can afford.
? What if your contact says she’s too busy? Promise turnkey installation. Be willing to provide roll-out notices and posters, conduct enrollment meetings, and follow up personally with employees.
? Finally, remind the employer that LTC insurance may be offered to retirees. Employers are increasingly forced to discontinue retiree benefits for economic reasons. LTC insurance gives employers the rare chance to offer a benefit, not take it away.
Selling The Employees
