The American Association for Long-Term Care Insurance created Long-Term Care Awareness Month in 2001 as a grassroots awareness campaign designed to heighten understanding. As an experienced marketer, I know that understanding is the first step toward an ultimate sale.
For insurance professionals, marking the 11th annual occurrence is meaningful, but frankly I’d like to see it be measurably meaningful for you. For that to happen, you need to present a long-term care insurance proposal to two viable prospects. This article is designed to share two tasks that will help you accomplish this very doable goal. Each should take about 2 hours of your time.
Before reading further, I want you to consider the following fact: by the end of 2011, over 500,000 Americans will have applied for long-term care insurance. How many of them will you be able to count as your clients?
Task 1: Find out who your clients work for
Saving money is certainly at the top of everyone’s agenda today. You can (and should) capitalize on the interest and the opportunity. Ask your clients: “Would you be interested in saving 10 percent on your long-term care insurance each and every year?”
Next, explain to your clients that they can save money if they purchase through their employer. The sale of long-term care insurance to small employer groups — even those with 10 or fewer employees — is growing each and every year. This is because employees are discovering that they can be eligible for discounts on their current LTCI protection if it becomes available through their employer.
Your goal is to identify 25 of your existing clients who you know work for small companies or are self-employed. The best prospects will be the ones who work within professional or white-collar entities, such as small law firms, architectural or engineering firms, medical or health care practices and, yes, even insurance agencies — especially those that market auto and homeowner’s policies.
The prospects should ideally be in their mid-50s to early 60s. They should be individuals with whom you have not discussed long-term care planning. They can be the owner or director of the business, or someone in a senior level position.
It should take you no longer than 10 minutes to compile your list. The rest of your two-hour commitment should be spent connecting with these individuals via phone, email or both.
If you aren’t familiar with workable approaches and are not a member of AALTCI, ask your general agency LTC sales support team. They will surely be able to tell you which companies offer discounts and share a variety of materials to help you approach prospects.
The employer discount is rarely promoted or discussed, so expect positive client interest. This is the first step to a small multiple-policy sale.