I recently had lunch with two good friends. Both expressed their desire to sell LTCi.
My friend Lucy has spent the last two years doing a good job building her business specializing in annuity sales. She confided in me how badly her income has dropped because of recent decreases in her commission rates. She ardently believes in LTCi and also thinks she’s leaving lots of money on the table by not selling it. Of course, she’s right!
The other friend, Hugo, is rebuilding his insurance career after a hiatus. For cash flow, he’s been working with Medigap and medical insurance. He lamented about how much time he spends on each sale and the lack of persistency. He believes in LTCi and that he’s got a vast “warm market” of LTCi prospects.
I want to help both of them penetrate and succeed in the LTCi marketplace. Why? Because from the depth of my soul, based on what I’ve seen and what I know, the world needs more placed LTCi. The American Association for LTCi’s motto puts it succinctly: “Long-Term Care Insurance is Good for America”.
People who feel like my friends Lucy and Hugo often call, enthusiastically – almost urgently – asking me, “What’s the best LTCi policy out there?” This is kind of funny because they don’t already have an interested prospect FOR WHOM to find the “best policy.” They’re putting the cart before the horse, so to speak. There IS no best policy – choosing a policy is complex and depends on many factors about each individual prospect. That’s the way I learned and I’m still learning after 22 years.
Wanabee LTCi advisors often try an alternate route to magically obtain their LTCi learning curve. Evidently, advisors are reluctant to give up on the possibility that there is a quick, easy “Silver Bullet” approach to LTCi sales! Once frustrated with my answer to their first question, they often ask me to teach the minutiae of each LTCi product. Again, they’re asking the wrong question and taking a failure-oriented approach. You have to have an interested, viable prospect first before it makes any sense to learn product details. Furthermore, you will not attract prospects by overwhelming them with details about alternative policies. Advisors taking this approach are not seeing “the forest for the trees.” You’re not going to sell LTCi unless you understand the big picture first – that there is a great need for LTCi in the U.S. – and your clients need you to help them.
Once advisors come to terms with the reality of LTCi’s long learning curve, I can give them pointers on how they can successfully penetrate this wide-open, persistent, lucrative, appreciative marketplace.