- Thread starter
- #11
Thank you, this is what I needed to know most importantly, Now I will start learning.
LTC Possible Addition to Current Sales?
- Thread starter vic120
- Start date
Thank you, this is what I needed to know most importantly, Now I will start learning.
- 15,319
You might also consider spending a fortune on a website and first learn to sell F2F. Other than that, it's a cakewalk.
Rick
- Thread starter
- #13
Like I said I will only do it if it can be sold over the phone as I do with Medicare products. I will not start with it till Jan and I also planed on getting a decent website set up at that time adding LTC to it probably wont be much more.
Also LTC wont be my main focus but I like the concept.If others are selling over the phone why should I need to do face to face?
- 15,319
Because the two or three people who sell over the phone doing it daily. They are experts in what they do. I have my CLTC but since I don't sell LTC regularly I won't think of helping someone choose the best plan. It's their ONE CHANCE to buy.
Obviously, you do what you think is best for you. And be sure to have a good E&O policy.
BTW, if you're looking to cross-sell, why not cancer insurance? That's easily sold by phone and almost nobody ever presents it.
Rick
- Thread starter
- #15
Hey Listen I am not intending to sound argumentative, I am interested in knowing why, I know you are very knowledgeable.
I know long term care can be more involved but is it really too involved to learn if it is not the only focus?
I do plan on maintaining my Medicare business as is and was hoping to buy 20 or so internet leads for LTC a month and add it to what I do, I am not trying to do this without learning the products thoroughly as I plan to learn them from now until Jan. But if this is not a feasible plan and its not something I can responsibly learn to sell like this then I genuinely want to know.
The last thing I ever want to do is risk a good business and my livelihood I worked hard to build by being irresponsible with any Insurance product.
- 15,319
I've expressed my opinion. Others may tell you it's easy to do. If you prefer what they say then go with it.
Rick
Rick
- 2,584
As noted it gets "pricey" in this age group. Then the other hurdle is the health history of this age group. The underwriting is harder than ever. You really need to know the underwriting or you can waste a lot of time.
Geez, you guys are all a bunch of Debbie Downers with Vic.
- 657
Debbie downer. I like that. I volunteer.
I have sold face to face and over the phone for years. I have been an independent agent, a career agent and sales manager for Genworth and AARP for several years, a group long term care representative for many qroups such as school teachers, banks, nurse associations etc.. I have hired and trained agents in all of these endeavours. Here is what I have observed.
1. You can not succeed at selling LTCI over the phone unless you have sold it face to face for several years and been successful at it.
2. I have NEVER, I repeat NEVER witnessed anyone that had a background in Med Supps, MA's,and PDP's succeed at selling LTCI. It is a totally different animal, and is sold differently.
3. It is very hard to succeed at LTCI unless you can devote 100% of your time to it. Different companies, plans, underwriting, etc.; you MUST completely be up to date on. And all these things are constantly changing.
I could go on, but I think you get my drift. I had an old friend that has sold Med Supps, MA's and PDP's call me not long ago wanting to know if I would"teach him the ropes" of selling LTCI. I told him the best advice I could give him in 2015 is to forget about LTCI and continue doing what he knows.
I think you have to be a "glutton for punishment", very hard headed, half nuts, and like pain and frustration, as well as consider the above criteria, to have any chance of making a living selling LTCI nowadays.
That's my two cents. And I do love selling this stuff! It is the challenge to succeed that still haunts me to continue, and it is still the best feeling in the world to successfully go through the process with clients and help them get an LTCI plan that both you and them know beyond any shadow of a doubt is the best plan for their unique situation.
Debbie Downer
I have sold face to face and over the phone for years. I have been an independent agent, a career agent and sales manager for Genworth and AARP for several years, a group long term care representative for many qroups such as school teachers, banks, nurse associations etc.. I have hired and trained agents in all of these endeavours. Here is what I have observed.
1. You can not succeed at selling LTCI over the phone unless you have sold it face to face for several years and been successful at it.
2. I have NEVER, I repeat NEVER witnessed anyone that had a background in Med Supps, MA's,and PDP's succeed at selling LTCI. It is a totally different animal, and is sold differently.
3. It is very hard to succeed at LTCI unless you can devote 100% of your time to it. Different companies, plans, underwriting, etc.; you MUST completely be up to date on. And all these things are constantly changing.
I could go on, but I think you get my drift. I had an old friend that has sold Med Supps, MA's and PDP's call me not long ago wanting to know if I would"teach him the ropes" of selling LTCI. I told him the best advice I could give him in 2015 is to forget about LTCI and continue doing what he knows.
I think you have to be a "glutton for punishment", very hard headed, half nuts, and like pain and frustration, as well as consider the above criteria, to have any chance of making a living selling LTCI nowadays.
That's my two cents. And I do love selling this stuff! It is the challenge to succeed that still haunts me to continue, and it is still the best feeling in the world to successfully go through the process with clients and help them get an LTCI plan that both you and them know beyond any shadow of a doubt is the best plan for their unique situation.
Debbie Downer
1 and most importantly Is any one successful at selling LCT over the phone?
Yes. I started selling LTCi over the phone in 1999, placing business with about 20 different companies over that time period. It's the only type of insurance that I sell. Back then there were about a dozen of us selling LTCi over the phone. Today most insurance agents who specialize in LTCi sell it over the phone.
2 will it work well to target ages 62 - 70?
Most people who buy LTCi are in their fifties. The health issues of people between 62 and 70 can make it difficult to get for them to qualify for coverage, but not impossible.
3 what type leads work well IE internet, Mailer, Teli, cold call?
For the past 16 years I've only used internet leads. Anything else is a waste of time and money if you want to sell over the phone.
4 what Fmo's would be good to get a start I may need a little training but I have a lot of sales experience and I can do a lot of research when directed to the right sources, I just don't want to get ripped of by FMO just because I need a little training.
You need A LOT of training, especially with the underwriting.
Here's what you should do:
1) Don't waste any money buying leads. Just start with your own client base.
2) Contact your medsupp clients and just have a conversation with them about LTCi. If they have money, they probably already own LTCi. If so, just ask them why they bought it, who they have it with and how long they've had it. If they've had a policy for more than 2 years, there's no point in trying to replace it. If someone's on a Medicare Advantage plan, they probably are not likely to buy LTCi because they probably don't have enough income/assets to justify the cost of the policy.
3) Focus on your clients who are under age 70 and who are married. The probability of someone over age 70 qualifying for a policy is very low. And married people tend to have more money AND it makes more sense for a married couple to own LTCi in order to help protect their spouse from the financial consequences.
4) Do not sell LTCi during open enrollment. This way you won't be distracted from selling your main product.
5) Just contact EVERY client between 65 and 69 (who are married). You may not sell many policies but you will learn a helluva lot.
6) You should take the CLTC course. It's worth it.
7) After you've contacted all of your clients about LTCi you will be in a much better place to determine if you like doing it and if you have a passion for it. If you don't have a passion for it, don't do it.
P.S. I agree 100% with everything that Bill said, but I was trying not to be a Debbie Downer.
P.P.S. If you still want to learn about LTCi, here's a good educational website about it:
http://ltcfacts.org/
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