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HOW TO INSURE LONG-TERM CARE
National Edition
But that's not really the question. The better question is: “IF YOU NEED CARE SOMEDAY, WHO WILL PROVIDE IT—AND HOW WILL YOU PAY FOR IT?”
It's a conversation about:
DON'T SELL THE NURSING HOME One of the fastest ways to lose a prospect is to begin with: “What happens if you end up in a nursing home?” That's not where I would start. Start with what people actually care about. “IF YOU EVER NEED HELP TAKING CARE OF YOURSELF, HOW WOULD YOU LIKE THAT CARE TO BE PROVIDED?” Now you're talking about the client's wishes.
WHAT YOU'LL LEARN This practical producer guide helps you work through topics such as:
It's to help the producer recognize: “THIS FAMILY NEEDS TO THINK ABOUT HOW CARE WOULD BE PROVIDED AND PAID FOR.” WHO IS THIS GUIDE FOR? Especially useful for:
LONG-TERM CARE IS A FAMILY EXPOSURE. Suppose a client needs substantial help with everyday activities. Who becomes involved? Often:
But so can the human cost.
“WHO WOULD PROBABLY BECOME YOUR CAREGIVER?” That question changes the conversation. THE SPOUSE MAY NEED PROTECTION TOO. Suppose one spouse requires extended care. Money being used for care may also have been intended for:
“Can you afford care?” It may also be:
But care can potentially occur in different settings depending upon the client's needs, available services, and the terms of the policy. The producer should understand the actual coverage being discussed. Don't promise: “You'll be able to stay home.” Explain what the contract provides. SELL THE POLICY THAT EXISTS—NOT THE POLICY THE CLIENT IMAGINES. BENEFIT TRIGGERS MATTER. Clients need to understand what must occur before benefits become payable under the contract. Concepts can involve:
Never reduce a complex contract to: “If you need help, it pays.” THE ELIMINATION PERIOD MATTERS. There may be a period before benefits become payable. Clients should understand:
“HOW WOULD YOU PAY FOR CARE BEFORE POLICY BENEFITS BEGIN?” INFLATION CAN MATTER Long-term-care planning may involve an event many years in the future. The cost of care may change substantially over time. That makes inflation-related policy features an important discussion where applicable. Don't simply show today's benefit amount. Help the client understand why the future matters. UNDERWRITING MATTERS. This is another reason the conversation shouldn't always be postponed indefinitely. Health history and other underwriting factors can affect availability and pricing. But avoid fear-based statements such as: “Buy it now because you'll never qualify later.” Instead:
Don't pressure. EXISTING RESOURCES MATTER. The client may have:
Insurance may be intended to cover all, part, or none of the potential exposure. THE CLIENT'S PLAN COMES FIRST. DON'T PRACTICE LAW, MEDICINE OR TAX ACCOUNTING. Long-term care conversations can touch:
When specialized advice is needed: BRING IN THE APPROPRIATE PROFESSIONAL. That can strengthen the client relationship rather than weaken it. NOW LET'S FIND THE PROSPECT. Don't begin with a purchased list labeled: “SENIORS.” Start with life transitions and existing relationships.
PROSPECTING TRIGGER #1 RETIREMENT IS GETTING CLOSER. A client says: “I'm hoping to retire in five years.” That's an opening. Ask:
Or no. Either answer gives you direction. PROSPECTING TRIGGER #2 THE CLIENT'S PARENT NEEDS CARE. This may be one of the strongest natural triggers. A client says: “We're trying to figure out what to do with Mom.”
PROSPECTING TRIGGER #3 THE CHILDREN ARE GROWN. The family may be moving from: Raising children to: Preparing for retirement. That can be a natural time to review:
PROSPECTING TRIGGER #4 A BUSINESS OWNER BEGINS SUCCESSION PLANNING The owner starts talking about:
Ask whether long-term-care planning has been part of that discussion. PROSPECTING TRIGGER #5 AN ADULT CHILD ASKS ABOUT A PARENT. A client says: “Do you know anything about long-term care? We're dealing with this with Dad.”
“I DON'T WANT MY CHILDREN TO GO THROUGH THIS WITH ME.” That's a future planning conversation. |
PROSPECTING TRIGGER #6
A MILESTONE BIRTHDAY. Don't turn birthdays into scare campaigns. But certain life stages can create natural planning opportunities. Instead of:
YOUR EXISTING CLIENT BOOK MAY BE THE BEST PROSPECT LIST. Look for appropriate clients who:
Use them respectfully. P&C PRODUCERS HAVE AN ADVANTAGE
Ask. CENTERS OF INFLUENCE Long-term care planning can naturally involve other professionals. Potential relationships include:
“Send me LTC leads.”
EDUCATIONAL PROSPECTING Consumers have questions. Answer them.
A 30-DAY LONG-TERM-CARE PROSPECTING PLAN WEEK 1 — IDENTIFY 25 APPROPRIATE CLIENTS.
WEEK 2 — OFFER A PLANNING REVIEW. Try:
WEEK 3 — ANSWER ONE QUESTION PUBLICLY Example:
WEEK 4 — FOLLOW UP Track:
ONE LONG-TERM-CARE CONVERSATION CAN REVEAL MUCH MORE. Suppose a couple asks about long-term care. During discovery you learn:
THAT'S RELATIONSHIP DEVELOPMENT. REAL-WORLD PRODUCER THINKING. The guide includes practical situations involving:
The producer needs to know what to ask—and what to verify. PRACTICAL PRODUCER TOOLS Use the guide for:
WHAT COULD ONE CONVERSATION BE WORTH? This guide costs: $25.
$25 — BUY IT ONCE. USE IT FROM NOW ON. CLICK HERE TO BUY — ONLY $25 KNOW HOW TO HAVE THE CONVERSATION...BUT NEED MORE PEOPLE TO HAVE IT WITH? FYI Express+ can help insurance professionals use educational marketing and local visibility to reach people before a crisis forces them to think about care. Don't lead with: “BUY LONG-TERM-CARE INSURANCE.” Lead with a question: “IF YOU NEED CARE SOMEDAY, WHO WILL PROVIDE IT?” Then help people understand the issue.
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