Q: When working with prospects to sell them long term care insurance, I know that often women are the decision makers. What advice can you provide to take the female perspective into account?
A: LTC is an issue of particular importance for women. This market isn’t just about selling to more women; it is about women-driven sales and the importance of planning and protection.
In a conversation with Colleen Goldhammer, senior vice president of Genworth Financial, she shared that women can be impacted on two sides of the LTC issue–as caregivers and ultimately as more frequent recipients.
Genworth research reveals that over 21 percent of women surveyed plan to buy LTC insurance in the next three years, and protecting themselves against unforeseen circumstances is one of the top four financial concerns for women.
Other research shows that the typical family caregiver is a 46-year-old woman who has at least some college education and provides more than 20 hours of care a week. And today’s woman will spend more years caring for her aging parents and in-laws than she spent raising her own children.
To address this market, Colleen offers these suggestions:
- Present LTC as a family issue first and then how it can help protect their assets and lifestyle in the event of an LTC situation. Ask your client or prospect, “If you experience an LTC situation, what is your written plan and how do you plan to pay for it?”
- The general buying practice of women is to speak about their needs in story form–possibly relating an incident that happened to someone they know and care about. Listen to uncover her biggest concern–for example, is it asset protection or longevity?
- Include her in the conversation. Women may not have typically been part of an insurance/financial discussion, particularly if the advisor relationship has always been with the husband.
- Be cognizant of the message your body language is sending. Are you interested in her concerns? Bored? Impatient with her stories?
- Women research prior to purchase and want to be educated. They are very brand loyal, and that means loyalty to you ultimately. Reinforce your role as a trusted advisor who will help them through the process.