Over the past several months, we’ve shared many details about long-term care insurance terminology and plans. In addition, we suggested several conversation starters, and late last year we introduced The Ultimate LTCi Sales Script, a complete guide for handling objections to long-term care.
Now it’s time to put all this information into action as you build your LTCi sales funnel. Below are three ways to build your pipeline of long-term care insurance prospects.
1) The most obvious potential evangelists are satisfied long-term care insurance policy owners. According to a Genworth Study, 45 percent of those currently covered by a long-term care policy actually recommended long-term care insurance to others. Those same people typically recommend long-term care insurance five other people. So, even if you’ve sold only one long-term care policy, that sale may result in at least 5 referrals.
For this group, it’s always good form to write a note to your clients thanking them for the trust they placed in your guidance and advice. Close your note by asking your clients to share your business cards with others who might benefit from a discussion about long-term care insurance.
2) Satisfied clients from any line of business may also be good referral sources. Send letters to all your satisfied clients letting them know that you now offer long-term care insurance and why the coverage is a good idea. Enclose several business cards and encourage them to share the cards with friends and family members who are over age 50 and thinking about asset protection strategies.
In addition, leverage change cycles. For example, when you notice that clients are making changes to other policies, or when they purchase new assets (i.e. a new car), conduct a thorough coverage review which includes reviewing their need for long-term care insurance. If the clients are younger, ask clients if they are at risk of having to help support their parents at some point in the future. This simple question starts the long-term care insurance conversation and could lead to a family member referral.
In another scenario, you may be called upon to request life insurance proceeds on the family’s behalf. After a suitable time, reach out to family members with an invitation to discuss long-term care insurance. Life changes cause people to reassess. Be ready to guide them through that process.
3) People who have firsthand experience are huge advocates for long-term care insurance. People who have been burdened with the task of caring for a parent because of financial limitations are huge advocates for long-term care insurance, as are families who have experienced the relief of knowing their parents have the means to pay for needed care. Drop marketing materials by senior centers, senior advocacy groups, accounting and legal firms, and other businesses that serve seniors and their grown children.
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