Insurance Agent Forum

[Tom Highway]

Say you have made a presentation to a couple where you'd already gathered their basic underwriting info on the phone and you went to the visit with a printed quote (or several quotes) for them.

The couple says that they would like to think if over before they make a decision.

What do you leave behind? Do you leave the quote? If so, do you care if another agent may come in behind you and see this quote?

Also, what percent of your appointments would you say ask to think it over and don't buy on that initial appointment?

[Focus LTC]

A lot don't buy on the initial appointment and that's a good thing. When you thorouly explain it and you treat it like an investment, the premium comes out of the savings and you get a higher premium. Not only that when someone drops 5,000 or 6,000 on an initial visit they get buyers remorse and are more apt to cancel or not complete the underwriting.

When I have an appointment for LTC, I don't bring any apps in, I don't bring any rate cards in or brochures. I don't even mention any company names. I let them know up front that I didn't bring that in either. I tell them that I just want to have a discussion to see if its a good fit for them. Their guard drops immediately, and you can secure much more information from them in terms of assets, Life policies, annuities, CD's, income, etc.

Then I talk generically about LTC. I go over things in this order:
1. ADL's
2. Facilities and Costs. (I show them a magazine that is like an appartmentfinder for nursing homes, retirement communities, etc).
3. I show them what would happen to their estate if they had to go to a nursing home (how they would pay for it, spousal impoverishment rules, Medicaid liens etc.) Here I also get their asset info its so easy and they are willing to tell you. How much is your house worth? is it paid for? do you have retirement accounts? how much? CD's? cash in Life Insurance? etc. I just go over what the nursing home is going to ask them
4. Then I discuss LTC policies and how they work. Claim triggers, benefit amount, benefit period, elimination period, different types of inflation, and tax benefits.
5. Then I wrap it up by saying that what you are really purchasing with a LTC policy is 1.Peace of mind 2. Legacy 3. Freedom. I go over those three things in detail
I leave them the magazine and the notes we took and thats it. They won't want to deal with anyone else because you are the one that gave them more information on how to make an informed decision then some "closer" that uses emotional stories.

Then I ask for a second appt. and I tell them that I'm going to build 3 plans for them. I build 3 illustrations. One at .5% of their total net worth, another at 1% and finally at 1.5%
They usually pick the middle one.

You just got a bigger premium that's going to stick because you didn't "close" them and it comes out of the savings and its usually annual.