By Paul A. Dyer
Lots of clients are frozen mentally where long term care insurance is concerned. Like deer caught in headlights, they do not seem to want to complete or even talk about the financial moves they desperately need to make; they are scared or uncertain.
LTC, annuity and life insurance combination products, along with good old fashion needs-based selling, are the perfect tools to use to get these clients out of their headlight frozen positions.
Combination products have not been out very long in the grander scope of insurance products but they offer plenty of potential opportunity.
Older professional agents understand the products and never get away from needs based selling. But the newer, inexperienced agents need to learn the products and behaviors now.
The way to make clients and prospects take action is to help clients recognize a need that’s not based on the fear-mongering so often seen on television. Agents who focus on fear-based selling only put the deer in the headlights.
Instead, talk about other needs or problems besides the obvious problem of the loss of more capital. This can be done in many ways. Put one such issue in the room with the big one–losing capital–and many clients will be ready to do business. Following is one of 100 examples that exist all around.
This example involves LTC insurance. Asset-based agents having a hard time motivating clients to use the new hybrid tools to solve 2 problems at one time. After properly fact-finding, though, it may become apparent that the client has the need for a pot of safer capital as well as the need to avoid losing capital.
LTC/annuity combination products or LTC/life combination products, if properly discussed, can take the focus off the “woe” alone (losing capital) and put the mind of the client in the proper perspective.
Here is a suggested way of making this point, presented, in dialogue format:
“Mr. Jones, you’re worried about loosing another 20% of your capital, but also you are equally worried about moving capital to safety only to miss a comeback. Is that a fair assessment of how you feel?