12 Questions for 1 Successful LTCI Agent: Joe Imparato

Joe Imparato is a long term care insurance broker at Tucker & Shepley Benefits and Insurance Ltd. in downtown Boston. He also writes group medical, dental, and disability insurance for groups of 200 to 1,000 employees. He places his LTC through EM-Power Services Inc.

Q: How many phone calls do you make each week to set appointments?

Joe Imparato: For employer appointments to get an employer sponsored case, I don’t make many – maybe five a week. My partner, Anne Farrington, does the majority of the calling. My guess is that she places around 20 to 40 calls week. She does them on Fridays. She has a large contact database that she has accumulated. She has incredible connections, and she is always keeping her antenna up; even when she’s driving by businesses, she’ll write down the name. We’ve been a team for a couple of years now. She’s great at opening up cases, and I enjoy helping her close them. My calls for individual appointments vary during each enrollment.

Q: How old were you when you bought your own LTCI policy?

JI: My guess is approximately 40 years old.

Q: What’s your personal plan for long term care?

JI: I have two plans. One is a $1 million cash plan with no inflation at $6,000 per month, with MedAmerica. The second is $90 per day, 5 percent inflation, five-year benefit. I have a lot of kids, and if I needed this today, I would need the $6,000 more than the $90 per day. I also have a DI policy with a catastrophic care rider of $8,000 per month. The first plan gives me a big chunk of money up front; the second plan is an inflation hedge. The catastrophic rider is gravy. That’s $16,000 plus a month from all three sources. If I need long term care, I plan to stay at home as long as possible, then go to assisted living. Keep me out of a nursing home; the insurance will give my wife the money to take care of me where she wants.

Q: Which LTCI policy do you sell the most these days, and why?

JI: We sell MetLife and Prudential because of the underwriting questions and participation rules. Plans are around $100 per day, three-year benefit with inflation.

Q: How many claims have you seen?

JI: Two or three. Our average age is pretty low.

Q: Think back to when you graduated; what did you plan to be back then?

JI: Investment banker on Wall Street.