Just about all insurance products protect purchasers against catastrophes of one kind or another.
Sellers of long-term care insurance (LTC) and other long-term care (LTC) planning products and services can protect entire families against epic, gut-wrenching, multi-generational tragedies.
Of course, it’s hard to know whether your clients will keep paying the premiums, if they will have protected themselves against exactly the right kind of risk, or whether the products and services they bought will work exactly as hoped.
See also: The dreaded LTCI premium increase notice
But, when you sell the right LTC planning products to the right people at the right time, you increase the odds that those people will have real, decent choices about how they spend the last years of their lives.
You increase the odds that the spouses of the insureds will get the adult day care services, the home care assistance and respite care services they need to preserve their own health and their own independence as long as possible.
You increase the odds that the insureds’ children will get enough help with caregiving to stay in the careers of their choice, instead of giving up on their dreams to stay home with their parents, and then scrambling to return to the world of paid work any way they can.
And, of course, there’s really no such thing as the “10 best ways to close LTC planning sales.” There are ways that click for you and your prospects. You may have to weed through dozens of ideas that are completely wrong, or just not quite right, to find one that works for you.
For a collection of interesting ideas from financial professional readers, drawn from a recent call for tips and from past LifeHealthPro.com LTC product sales and marketing articles, read on.
1. Update your business cards.
Have a memorable, even humorous, business card.
Many agents are using a parody of the Monopoly “chance” card: The Mr. Moneybags character has been modified, and the card reads: “Don’t Take a Chance; STAY OUT OF NURSING HOME (must be accompanied by long-term care insurance).”
Years ago, I laughed myself silly when a lawyer showed me the business card his dad, also a lawyer, used.
The card was half the size of a normal business card. On it was printed his name, phone, and the statement, “The size of my card is necessitated by the fact you’re not a client.”
— Marilee Driscoll, Boston area
2. Take public relations seriously.
Establish yourself as an issue expert by publishing articles, speaking at events, and looking to create opportunities to educate people about the benefits of insurance to address their needs for income replacement and protection or for long-term care funding needs.
Anyone can run an ad, but by positioning yourself as a “subject matter authority” people will seek you out to answer questions and help them solve problems.
— Chris Orestis, Portland, Maine
See also: 50 best ways to generate leads: 21-30
3. Contact three local health benefits advisors.
Today, every small business seeks the counsel of insurance brokers who can help them secure the least expensive health insurance for themselves and employees.
Most of these brokers specialize and have no interest in expanding their practice to include long-term care insurance; frankly, they don’t have the time.
That creates a partnering opportunity.
— Jesse Slome, Westlake Village, Calif.
Image: GI illustration/Alex Kalmbach
4. Visit drug stores.
A simple way to secure new referrals is to get to know your local pharmacist on a personal level.
Tell the pharmacist what you do regarding long-term care insurance (LTCI), Medicare, etc.
Many seniors share personal information and issues with this trusted person. I have had numerous referrals from this source. You have nothing to lose.
— Rick Lehrer, New York