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From The Best Of The Best: Selling Tips To Boost Your LTCI Sales


'When you own a well designed LTC. Insurance policy, the benefits are. clear and precise. ... Why NOW Is The ABSOLUTE Best Time To Sell LTCi. 1. Consumer ... – PowerPoint PPT presentation

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Title: From The Best Of The Best: Selling Tips To Boost Your LTCI Sales

From The Best Of The BestSelling Tips To
Boost Your LTCI Sales
  • A Workshop Provided By
  • Margie Barrie

  • Why you MUST mention LTCI
  • Transitioning to the LTC Sale
  • The Top Ten Sales Tips
  • - Use of questions
  • - Role of family
  • - The 5 Minute Sale
  • - How to close
  • - AND MORE!
  • Conclusion

1. Why You MUST Mention LTCI
  • People need this product
  • Protect your book of business
  • Court cases
  • Impact of todays economy
  • Consumer awareness

Economic Crisis
  • If you lost half your net worth and needed
  • long-term care, you would be in a
  • financially impaled position of having to
  • liquidate a proportionately larger chunk
  • of your savings in an undervalued market
  • with little opportunity to recover. In these
  • times of tumultuous markets, it is more
  • improbable than ever to self-fund and
  • invest your way through a LTC event.
  • Mike Skiens, Master Care Solutions, Portland,

  • Long Term Care insurance is a risk based
  • business.  From the consumers point of
  • view, it should be the insurance carrier
  • who is assuming that risk.  Taking premium
  • dollars and turning them into a secure
  • Retirement is a predictable, safe option
  • in todays world of economic uncertainity.
  • There is no better time than the present to
  • protect the money that has not already
  • been lost in the investment world.
  • Julie Gelbwaks Gerwitz, Gelbwaks Insurance
    Services / LTC Global

  • When you own a well designed LTC
  • Insurance policy, the benefits are
  • clear and precise. The amount of
  • money you would receive isnt
  • subjected to market swings. It
  • isnt going to fluctuate based on your
  • investment choices.
  • Mark Goldberg, ACSIA / LTC Global

2. How To Transition To The Sale
  • PC Agents
  • Life Agents
  • Financial Planners

Sample Transition Statement
  • I would like to bring to your attention, just
  • from my own liability standpoint, an issue
  • that could wipe out your long term financial
  • future not only for one another but the
  • potential inheritance for your children, which
  • is where my exposure lies. What I want to do
  • is have someone visit with you who is more
  • focused in long-term care, who can talk to you
  • about what you could do and what amount
  • you would need to protect your situation in
  • the event something happens. This can ensure
  • that you do not wipe out your financial security
  • for one another or for your heirs.

3. The Top Ten Sales Tips Tip 1 - Traditional
Definition What Is LTC?
  • Long term care is assistance given for
  • personal care over an extended period
  • of time. This includes informal and
  • formal care giving. This type of care is
  • usually received in the home, assisted
  • living facility, skilled nursing facility
  • and adult day centers

More Relevant Definition Of What Is LTC?
  • To better understand long term care,
  • think of the activities you performed
  • when you woke up this morning.
  • Climbed out of bed
  • Walked to the bathroom
  • Used the toilet
  • Used the bath or shower
  • Got dressed
  • Ate breakfast

Tip 2 Two Important Points A. Its About The
  • This isnt only about the client. It's also
  • what's going to happen to their family when the
  • client ultimately needs care. In this day and
  • we can plan ahead.
  • Its not WHO will take care of your client
    but what providing that care could do to his
    family and finances
  • Families may provide the majority of care
  • Caregiver stress may result in severe tension
  • Long term care rarely brings families together

B. Its About Planning
  • 1. It's not about long-term care insurance
  • anymore. It's about LTC planning.
  • 2. I'm here to replace your long-term
  • care plan. I understand you don't
  • have LTC insurance, but you do have
  • a long-term care plan. It's your
  • 401(k), it's your daughter. Or its
  • going to be your 88-year-old wife. You
  • do have a plan, but it may not be the
  • most effective plan.

Tip 3 - Using Questions
When To Stop Talking Use the 70/30 rule
Questions For The Beginning Of The Appointment
  • How did you become interested in investigating
    long term care insurance?
  • Have you looked at other long term care plans?
  • Tell me about your family? How old are your
    parents? Do you have brothers and sisters? What
    do your kids do?
  • Has anyone in your family ever needed care?

Using Questions
  • What are your plans WHEN your health changes?
  • What exactly would you do if you were to require
    care tomorrow? Where would the dollars come
    from to pay for care, and who exactly would
    provide this care?
  • Do you really want to place the emotional and
  • physical burden of long term care on your
  • and loved ones?
  • If you had a stroke next week, what would you do?

Using Questions
  • Can you carry your husband? How would you
    transport your spouse to or from the bath, the
    toilet, across the house, etc.?
  • How would you feel about your own health if your
    spouse got Alzheimers and got up frequently at
    night, causing you to get very little sleep?
  • For Younger Prospects - Your family is young and
    growing. If something were to happen to you in
    the next few years, your disability income would
    not come close to covering this. And all your
    plans would come apart. What would you do in
    this kind of situation?

Financial Questions
  • Are you still employed?
  • What do you do for a living?
  • Do you have a defined pension benefit or is it a
    401k, IRA, etc?
  • When you do retire (or now that you are retired)
    do you think you will stay in the area or do you
    think you may move someplace else? And, if so,

Questions About Children
  • Their ages
  • Where they live (if not at home)?
  • Would any of their kids would be in a
  • position to quit their jobs and become
  • FULL TIME caregivers?
  • Do they want to place that kind of
  • burden on the family?
  • Could they really quit their job and
  • ignore their own family?

Tip 4 - Five Minutes To LTC Insurance Sales
Selling LTCi Without The Struggle
  • Provided By Barry Fisher Ron Hagelman

What Is A Benefit Pool
  • The Daily Benefit Sold Today
  • X
  • The Number of Years (Days) Sold
  • Factored By The Inflation Option Chosen
  • Until the Actual Time of Claim
  • Economic Benefit of the Policy
  • (Face Amount)

  • It is very likely that you will live a long life
  • It is very likely that you will need long-term
  • It will be very expensive and the cost today is
    not your problem
  • It is the inflated cost sometime in the future
  • or 30 years from now that you must plan ahead
  • provide
  • You will pay out of your hard earned retirement
  • You will become a ward of the state
  • Or you can transfer the risk to an insurance
  • You take the risk or let the insurance company do

Coping With The LTC Risk
  • Pray - That you live a long and healthy life and
    that one night you go to sleep and the good lord
    takes you out
  • Family - You had better be very nice to your kids
    and hope that they can help
  • Society - Welfare is that what you really want?
  • Do-It-Yourself - How good of a saver are you and
    will you have time?
  • Transfer The Risk - Long-term care insurance

Context For Decision Making
Identify The Risk
  • Answer The Age-Old Question
  • How Much Will Long-Term Care Cost When I Need It?
  • Cost of care in your region today.
  • How old are you today?
  • When are you likely to need care?
  • Long-term care rate of inflation
  • How long does the typical claim last?

Your Formula For LTCi Sales Success
  • Example
  • Cost of care today 73,000/year (200 per day)
  • Client Age 57
  • Projected First Claim Age 85
  • Rate of Inflation 5
  • (cost doubles every 14.5 years)
  • At Age 85 Annual Cost of Care 273,000
  • Typical Claim 3 to 5 years
  • How Much?
  • 860,000 to 1,500,000

Identify The Risk
Where Will The Money Come From?
Transfer The Risk Or Do It Yourself
  • Lets assume you do not wish to end your journey
    on welfare or be a burden on your family
  • That leaves us with
  • You PAY IT
  • or
  • Lets take a look at your options you decide

  • I Have My
  • 1,000,000
  • Do You?

Tip 5 - Great Closes
  • Assumed Close
  • Medical Qualification Close
  • 30 Day Free Look Close

Assumed Close
  • Take the application - which had
  • been previously placed on the
  • table when showing the clients
  • the product brochure - pick up
  • your pen and say, Mrs. Client,
  • what is your middle initial, and
  • start completing the form.

Medical Qualification Close
  • Mrs. Client, right now the decision
  • is not really yours. Because of your
  • medical conditions, the decision is
  • really the insurance companys. So
  • lets complete the application and
  • see if the insurance company will
  • even cover you.

30-Day-Free-Look Close
  • Mr. Client, dont worry if you cant decide
    which benefits you really want. You actually
    have almost 3 months to make a final decision on
    the benefit selection - like taking lifetime
    coverage versus 5 years. The reason is it will
    take from 4 to 10 weeks for the insurance company
    to issue a policy (the longer period of time is
    due to any delays in obtaining medical records
    from your doctor). Then you have a 30 day free
    look, which means that when I return to deliver
    the policy in person, you have 30 days from the
    delivery date to modify the benefits or even to
    cancel the policy.

When One Spouse Refuses
  • Mr. Client, your home is lovely. Which half do
    you have insured?
  • The real reason you are taking this is not for
    yourself, but to protect your wife. If something
    happens to you and you need long term care, this
    policy will provide the dollars so that your wife
    can maintain a decent life style while paying for
    your health needs.

Cant Close On First Call?
  • Setting the next appointment
  • I have given you a lot of information to
  • absorb and review. Lets arrange a second
  • meeting next week. That will give you
  • enough time to review the information I am
  • going to leave with you. Yet, it is a short
  • enough period so you wont forget the
  • details we discussed today. Which is better
  • for you - next Wednesday at 3 p.m. or
  • Thursday at 10 a.m.?

Tip 6 - The Two Mistakes
  • There are really only two mistakes you can make
    with long-term care.
  • Mistake number one is you get one of these plans.
    It doesnt matter which one. You buy a plan,
    pay every year, live a long happy and healthy
    life, die in your sleep with a smile on your face
    and the money you paid in is
  • You now pause, and many times they will answer by
    saying the money is gone.
  • Right. The money you paid in is gone. Had you
    known that this would be the case, you would
    never get a policy.
  • Provided by Matt McCann

Mistake No. 2
  • Mistake number two is you stay self insured -
    which what you are right now. Then one or both
    of you need care. Not only do you pay for it
    yourself out of your pocket, but the rest of the
    burden is placed on your family.

Looking At The Two Mistakes
  • Lets say you get this plan and your premium is
    about 1800 a year. You live another 30 years and
    at age 85 you die in your sleep with a smile on
    your face - never needing a day of care and thus
    never getting a dime out of the policy. You get
    to the pearly gates, they look at your file and
    they laugh at you, because you made a 54,000
    mistake for having this policy and never needing
    it. By the way, that amount is less than one
    year of care in todays dollars.

Mistake No. 2
  • Now, mistake number two. You decide
  • to not get this policy and roll the dice.
  • Twenty years from now, when you are
  • 75, you need care just for three years,
  • you pay for the care out-of-pocket.
  • Based on past trends, the average cost
  • of care will be about 435,000.
  • If you have to make a mistake, which
  • mistake has the least impact on your
  • family - the first one or the second one?

  • That is why top financial advisors and the
    federal and state government encourage people
    like you to look into LTCI. It is just common

The Last Part Of The Close
  • What I recommend for you and what most of my
    clients do at this point is apply to see if you
    can approved.
  • You sign the application and medical release, and
    submit the first monthly premium. They purchase
    your medical records for the underwriter to
    review. You will also have a phone interview with
    a nurse.
  • The process takes about 6 to 7 weeks, I deliver
    the policy in person, review everything and then
    you have 30 days after the date of delivery to
    change your mind and get your first premium back.

Tip 7 - Referral Process
  • First appointment - he mentions to the client
    that if they know anyone like them and who shares
    the same concerns, he would appreciate a referral
    so he could review the information with them. He
    tells them to think about it, and we will talk
    when I see you again.
  • Provided by Matt McCann

Referral Process
  • Send a LTC Concerns Survey lists 12 reasons why
    people obtain LTCI
  • Asks them to rank the top 5
  • At bottom of form, has a section which reads, I
    have the following friends, relatives and loved
    ones who may have some of the same concerns that
    I have listed above. Please send them information
    about their long-term care options It has a
    postage paid envelope for returning it.
  • At policy delivery, again ask for referrals

Top 8 - Reasons To Buy LTCI
  • 1. To preserve their financial independence
  • 2. To protect assets and preserve their estate
    for their heirs
  • 3. To maintain the wealth they created over a
  • 4. To avoid leaving a legacy of debt to their
    spouse or children
  • 5. To avoid depending upon family members for
    their care
  • 4.

  • 6. To be seen as a blessing for their
  • loved ones, not a burden
  • 7. To ensure that they have access to
  • quality care and care choices
  • 8. To ensure that the economic crisis
  • will not affect your ability to pay to
  • fund a decent retirement lifestyle
  • Assets Income
  • Income Lifestyle
  • LTCI protects income and lifestyle

  • Tip 9 - WE PAY CLAIMS.

Tip 10 - Power Phrases That Work
  • Why?
  • Gaining clients trust
  • Beating out the
  • competition

Phrase 1 - My Goal
Brokerage Approach - My goal is to provide
you with the most appropriate combination of
benefits from a top rated company at a
reasonable cost.

Phrase 1 - My Goal
Career Agent Approach - My goal is to provide
you with the most appropriate combination
of benefits at a reasonable cost from a company
with a long history of protecting and serving the
needs of the client.

Phrase 2 NH Avoidance Policy
  • I actually consider this a Nursing Home
  • Avoidance Policy. This policy provides the
  • dollars to keep you out of the nursing home.
  • Because the purpose of this policy is to
  • provide the dollars so that you can age and
  • receive care where you want to from the
  • person you choose. So that means the
  • dollars are there to pay for care in the least
  • restrictive setting possible with the greatest
  • number of choices.

Phrase 3 Choices And Control

This policy provides you with choices and
control, so you can age where you want.
Americans want to age in place!
Phrase 4 - My Family . . .

My family will take care of me. Well, this
policy will enable your family to take care of
you at home.
Phrase 5 - One Stop Shopping
We represent virtually all of the top
carriers in the industry. So my goal is to
provide you with one-stop shopping. I will
share with you the pros and cons of each
policy and help you select the policy that
is best for you.

Phrase 6
Thats a really good question. Let me
get back to you with the answer.
  • We deliver health insurance at the worksite!
  • We deliver retirement benefits
  • at the worksite!
  • We must now deliver
  • at the worksite!

There Are Four LTCi Sales At The Worksite
  1. Executive Carve Out
  2. Core Benefits
  3. Voluntary (Employee or Spouse)
  4. Corollary (Family members, parents, in-laws, and

Coming . . . Hybrid Products
  • Linked Benefit Products
  • Life Insurance with LTC Rider
  • OR
  • Single Premium Deferred Annuity (SPDA) with LTC

Why NOW Is The ABSOLUTE Best Time To Sell LTCi
  • 1. Consumer awareness is high
  • 2. Boomers are expanding
  • 3. Rates and Benefits have been stabilized
  • 4. Rising interest rates returning profitability

Why NOW Is The ABSOLUTE Best Time To Sell LTCi
6. Product Innovations 5. Underwriting
Concessions on Small Group with Core buy-up
programs 6. Recognized as an essential part of
professional financial planning 7. The Deficit
Reduction Act Medicaid Reform and Nationalized
Partnership Plans 8. The Pension Protection Act
of 2006
  • Presented By
  • Margie Barrie
  • Hagelman Barrie Sales Training Solutions
  • HB Office - 866-670-8866
  • Margie - 941-355-7600