Margie Barrie, a veteran long-term care insurance (LTCI) agent, marketer and educator, has been writing articles about long-term care (LTC) planning and related issues for decades.
Here she addresses the nuts and bolts of LTC planning communication.
Q. I want to improve my client presentation by adding some new key phrases. What can you suggest?
A. Here’s the lingo I heard recently, while attending a workshop hosted by OneAmerica. During the two days there, I compiled a list of phrases that I plan to use myself. Plus, I have added some other phrases based on suggestions from several agents.
This list is divided into three categories: phrases for use during a client presentation, phrases for use when you’re talking about an asset-based long-term care planning product, and phrases for use in other situations.
1. Phrases to Use During Any Long-Term Care Planning Client Presentation
- What’s your plan for when you get a little older and a little sicker and you need help to put on your shoes and pants and get breakfast?
- One day you are not going to be as healthy and good looking as you are today. (Suggested by Gene Cutler).
- 70-70-70: 70 million people are turning 70, and 70% will need long-term care.
- What have you allocated in your retirement portfolio for long-term care? The answer: Unless you have planned for long-term care expenses, you have allocated everything for long-term care expenses.
- If one of you has an extended health care need, which of your assets would you liquidate first?
- It’s good to have a plan other than impoverishment.
- This plan is not designed to make you rich. It is designed to keep you from being poor.
- Put a wall of protection around your portfolio.
- Is your portfolio sustainable?
- Wealth protection tool.
- Portfolio insurance.
- Having a plan in place gives you a map to follow.
- How are you going to fund this?
- When do you purchase a long-term care policy? Answer: You do it when you can comfortably afford it.
- Say when your health changes, instead of if. (Suggested by Linda Jobin).
- Recognize the devastating consequences of facing long-term care expenses without planning on the people you love. (Suggested by Harley Gordon).
2. Phrases to Use When Talking About the Asset-Based Product
- You are repositioning your assets by moving money from the left pocket to the right pocket.
- Stable, predictable and guaranteed.
- Live, die or quit.
- Provides greater leverage.
- Wash the taxation out of otherwise taxable investments.
- Harvest the gain in a more tax efficient way.
3. Phrases for Other Uses
- Reframe your thinking.
- Profitable new revenue stream for you (for working with referral sources).
- Growth is always on your mind.
- Long-term focus.
- Long-term view.
- Are you a business owner? (Suggested by Janine Tate.)
- Any condition or disease that is named after a person is a bad condition to have.
- The Aunt Milly rule: If you would not sell this to your Aunt Milly, then don’t do it.
Here’s a final suggestion from Gabriele Gelo: Review this list. Each month, select one or two key phrases to start using.
Highlight the list and put it in a place where you can easily view the terms. Make working new terms into your presentations a new habit.
— Read Long-Distance Caregiving, Up Close: LTCI Insider, on ThinkAdvisor.
Margie Barrie, an agent with ACSIA, has been writing the LTC Insider column since 2000. She is also the author of Selling LTCI Today: 46 ways to find more clients and close more sales, the national marketing coordinator for the LTCP Designation provided by the Washington-based America’s Health Insurance Plans, and national vice president of the 3in4 Need More Association.