What Do You Say to Start a LTC Conversation?

Wanna buy some stay out of a Medicaid nursing home insurance?


Make that +2! In seriousness, I think this is a part of LTCI that people don't think about. The freedom to choose where you receive care instead of go where they'll take ya.
 
Make that +2! In seriousness, I think this is a part of LTCI that people don't think about. The freedom to choose where you receive care instead of go where they'll take ya.

I'm no LTCi expert and don't claim to be. But according to anecdotal evidence and the few conversations I've had, people think its to pay for a nursing home. A place they never want to end up. Why not re-frame the conversation in a way actually addresses their fears and that it can be a solution for their problems?
 
Long Term Care Insurance can keep you from ever having to go to a nursing home. Genworth statistics show that 75% of their claims start with the home care benefit, and 2/3 of their claims end with home care benefit. It's all about educating the consumer. Most of the folks we talk to are only talking to us because they have experienced a long term care event in their family. Everyone else is oblivious to the need. You can talk to them until you are blue in the face, but until they have first hand experience, it's almost a moot point. I am starting a campaign to do education seminars at assisted living and independent living communities on family nights. The guests are the families of the residents. I think that is the market for this product. So far, I have been well received by management with the idea, but just about to start in May with the actual seminars.
I've about run out of ways to market this product in 11 years of selling it.
 
I'm no veteran by any means, but you've got to find the PAIN.

And if you just "take a stab" at it, you'll probably fail at finding the pain.

1st - Do they know anyone who has suffered a long term care event? Not just the person who couldn't do their ADL's, but their spouses who were the caregivers?

2nd - How would a long term care event affect one's retirement assets? Do you have those figures? Can you illustrate the affect of a claim and when they would run out of money and then go to a medicaid facility? Then you can show them the premium coming out now to prevent such an event.

The Torrid-Tech Retirement Savings Planner software can help you illustrate this quickly, easily and with PAIN for your prospect.
 
If you are in the senior market, you should be using a good Financial Need Analysis (FNA) on every presentation. It's a good way to open the door to several products.
A few years back when I started using it, sales increased dramatically.

Of course, you actually should be using one for any market, not just the senior market.
 
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