Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Health Insurance

Five ways to get the most from your affluent clientele

Your article was successfully shared with the contacts you provided.

It’s been said that selling long term care to rich people is actually quite easy — it’s finding them that’s tough. Here are tips on building a wealthy clientele and what to do once you’ve got their attention.

  1. Network, network, network. Take an active role in local business, civic and social organizations. Hold continuing-education seminars about LTCI for financial- and health-related professionals who in turn may recommend your services to their clients.
  2. Position yourself as an LTCI authority. Become confident enough in your communications skills and product knowledge that you can address groups and write articles about LTCI. Also, work to forge partnerships with trusted advisors. Wealthy clients appreciate having multiple needs addressed at once.
  3. Blow your own horn. The goal is to build a bio that’s impressive enough to get your foot in the door of wealthy potential clients and their centers of influence. If you’re quoted in the media, appear on television, write an article or win an award, don’t be shy about letting contacts and potential clients know about it.
  4. Emphasize risks. Explain to prospects that long term care is a very real risk that can be offset with LTCI. Stress the value of buying a policy early before the need arises.
  5. Appeal to the sensibilities. A person who pays LTCI premiums for decades can recoup that out-of-pocket expense after collecting on benefits for as little as three months. Also don’t forget to mention tax-deductibility and estate protection.

Sign up for The Lead and get a new tip in your inbox every day!