Perfecting the LTC sales interview

Q. I am looking for a solid approach for face-to-face presentations to prospects. How can I make sure that I cover all the key points and increase my chances of closing the sale? A.One of the keys to my successful career as a personal producer is using a systematic sales track for client appointments. I go into an appointment knowing how to educate my prospects about this product and lead them to a close. Phillip DesRosiers, Northeast LTC regional sales manager of Prudential Insurance, has gathered together his 20-plus years of shared experience and created a “LTC Sales Interview,” which he is willing to share with you. At its core, the interview is about asking key questions and then listening. During the sales interview, if prospects do not agree with a question, he rephrases it. If there still is no agreement, he politely stops the interview. He then explains, “If you feel at some point that you are ready to continue, please call me so we can continue this discussion.” Here are the steps and questions DesRosiers uses with his clients: 1. Experience – Find out what the prospect knows. Ask, “Do you know someone who needed help to get through his or her day? What happened? How did things turn out? How much did it cost?” 2. Options – Discuss the types of LTC services available today – nursing home, assisted living, hospice, adult day care and home health care. 3. Concerns – Let clients know that no one ever expects to need LTC. But then ask, “Do you think it could happen to you? Why?” 4. Health (Pre-qualification) – Unfortunately, some people wait too long before looking into LTC insurance and they discover they’re not eligible due to their health. Ask your clients, “How’s your health been for the past five years? What medications are you taking?” 5. Consequences – Once clients believe it could happen, ask, “If it did happen to you today, what would you be concerned about?” This includes not being a burden on their spouse or family, protecting their family’s assets, as well as maintaining control and independence. 6. Awareness (1) – “Knowing what you now know about Medicaid, Medicare and private health insurance, do you believe relying on them is THE solution to your LTC needs?” 7. Awareness (2) – Once the client has agreed it could happen, and if it did they would have to pay for it out-of-pocket at a rate of $100,000 each year, ask, “How long would your money last without selling your home? Which accounts would you invade or spend down first?” 8. Risk – Ask clients if there is anything – other than their need for LTC – that can involuntarily take away retirement income and assets and put such a burden on their spouse and children? 9. Close (2) – “If I can show you a solution that makes sense to you and is affordable, would you transfer the risk?” 10. Show policy information and quote – Phillip shows two quotes and suggests only changing one feature when presenting the quotes (ie. daily benefit amount). All the other features stay the same. Don’t miss Margie Barrie at Senior Market Advisor Expo, Aug. 20-22. Visit www.seniormarketexpo.com for more information.