Finding Clients to Have the LTCi Conversation

[IAOC]

I've been reading this forum off and on for about the past 5 years. It is good to get different perspectives on the business.

After moving from a captive P&C company that sold LTCi, I moved to an independent P&C agency environment. While my focus is primarily on P&C, it appears that the LTCi market is under served. It is also an area that I have had some periodic success. I'm in a small rural community in the Midwest. Even though the LTCi market doesn't have a lot of engaged agents excited about the product (which I get), I'm still having a hard time gaining traction in this area in opening up the conversation to find potential clients. When I do have the conversation and layout the concepts for insurance funding options including traditional LTCi, Hybrid (State & Lincoln), and life insurance with a chronic illness rider (discounted), the clients are receptive and surprised by the funding options available.

As I look to move more into this area and specialize, can any of you offer suggestions on how to market to larger number in hopes of filling up the sales funnel? My goal is to have more conversations (which is what I enjoy and that I can bring value to the client), but I really am bad at the marking piece of the business. Any ideas will be appreciated.

If you don't want to share, that is fine.

 

[SuperWoman]

Before you find the people to have the conversation, know this...

1. LTC carriers have dwindled to about 5.
2. Premiums have increased A LOT.
3. UW has gotten much more stringent. I just lost a case because of one line in the clients APS "feeling forgetful lately".

It is not an easy sell. I have sold several but none in the last year. I would suggest you read some of the industry articles about it before setting out.

Where to find them? My experience is the age 45-65 range, professionals, and people who have had a parent who experienced a LTC need. You may wish to offer presentations at local clubs, associations, lunch and learns etc.

Good luck!

 

[Mr_Ed]

Before you find the people to have the conversation, know this...

1. LTC carriers have dwindled to about 5.
2. Premiums have increased A LOT.
3. UW has gotten much more stringent. I just lost a case because of one line in the clients APS "feeling forgetful lately".

It is not an easy sell. I have sold several but none in the last year. I would suggest you read some of the industry articles about it before setting out.

Where to find them? My experience is the age 45-65 range, professionals, and people who have had a parent who experienced a LTC need. You may wish to offer presentations at local clubs, associations, lunch and learns etc.

Good luck!

5?

Last I checked there were about 13, including some new ones.

https://www.ltcshop.com/2016/11/27/...nce-companies-bring-number-active-sellers-13/



a 61 year old couple can protect about a half million in assets for about $150 per month per spouse. that sounds like a good deal to me, doesn't it to you?

https://www.ltcshop.com/2015/11/02/...rm-care-partnership-program-now-in-43-states/

 

[SuperWoman]

I meant quality companies. Genworth, really? I wouldn't place my ex-husband with that death trap company. Nor State farm. Never heard of Lifesecure.

I will alter my count to 9

 

[Mr_Ed]

I meant quality companies. Genworth, really? I wouldn't place my ex-husband with that death trap company. Nor State farm. Never heard of Lifesecure.

I will alter my count to 9

what's wrong with state farm?

 

[VolAgent]

what's wrong with state farm?

Have you talked to Jake? She sounds hideous.

 

[SuperWoman]

State Farm, like Allstate, are P & C. Their life is expensive and, in my opinion, not competitive to better carriers. It's kind of like Dentists who now also offer botox injections, in competition with a plastic surgeon, or Dermatologist.

Both are doctors, but wouldn't you rather have the person who is trained and specializes in that specific field/product?

Or would you rather have a Proctologist give you Botox injections in your face?

 

[goillini52]

State Farm, like Allstate, are P & C. Their life is expensive and, in my opinion, not competitive to better carriers. It's kind of like Dentists who now also offer botox injections, in competition with a plastic surgeon, or Dermatologist.

Both are doctors, but wouldn't you rather have the person who is trained and specializes in that specific field/product?

Or would you rather have a Proctologist give you Botox injections in your face?

Thanks a lot SuperWomen. You're the 2nd person in the past hour to make me spit my Dr. Pepper back up.

 

[VolAgent]

Thanks a lot SuperWomen. You're the 2nd person in the past hour to make me spit my Dr. Pepper back up.

Lil' Sweet on a Charlie Horse?

 

[goillini52]

Lil' Sweet on a Charlie Horse?

That went over my head.....