At a recent LTCI conference, I met Susan Blais, president of a California agency, who shared her success with what she calls the “Five-Minute LTCI Sale.” According to Blais, in five minutes she can discuss the critical issues of LTCI with a prospect and determine if they are interested in pursuing the subject further. This system was developed by Barry Fisher and Ron Hagelman, principals of Republic Marketing Group Inc., to help agents present the true value of LTCI simply and quickly.
Here are the key points she discusses:
Point 1: It is very likely that you will live a long life.
Point 2: It is very likely that you will need LTC.
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Point 3: It will be very expensive and the cost today is not your problem. It is the inflated cost sometime in the future – 20 or 30 years from now – that you must plan ahead to provide those needed dollars.
Point 4: You have limited choices as to how to pay these costs. You will pay personally out of your retirement money; you will become a ward of the state; or you can transfer the risk to an insurance company. You take the risk or let the insurance company do it.
Point 5: The real value of this policy is not the dollars it will provide today, but the dollars to pay your claim when you need it down the road. How much money is going to be there when you need it?
Close: Is this a topic that you think we should discuss further?
The Five-Minute LTCI Sale includes a formula that helps prospects see that transferring the risk to an insurance company is the most cost-effective way to go. It shows how much LTC will cost when they need it, and most importantly, it shows the premium in relation to the pool of money that will be available when the client needs care.