Don’t think long-term care insurance has anything to do with making it the World Series? Think again. Here are 10 ways that your long-term care insurance sales journey resembles that of World Series contenders, Kansas City Royals.
Kansas City is a small-market team. LTCI is a small market line of business.
In the world of insurance products, home and auto are the lead-off hitters. Long-term care insurance is in the bottom of the line-up when it comes to the family budget. It is estimated that only 7 to 10 percent of Americans have long-term care insurance. But even the last hitter in the line-up can bring in the winning run for an LTCI agent. In the final game against the Oakland A’s, in the 12th inning, Salvador Perez, hitting 7th, a bottom of the lineup hitter, hit a single to end the game 9 to 8.
The Royals kept coming back, and LTCI agents keep bringing the conversation back to the need for long-term care insurance.
To make it to the World Series, the Royals had several obstacles to overcome starting with the nail-biting wildcard game against the Oakland A’s. Next was the three-game sweep of the Angels. Finally, to win the Pennant, they faced the Baltimore Orioles. It’s not easy to get to the World Series. Similarly, the long-term care insurance sale may face a string of obstacles. As the agent, you first create awareness with your client about the need for long-term care insurance. More than likely, you will have several conversations before you sit down for a formal product presentation. The series of long-term care factsheets available on the DIS website is a great resource to prepare for your client meeting.
The Royals have the national spotlight in October; long-term care insurance steps up to the plate in November.
The Royals have captured the sports-lover spotlight this month. Even baseball purists, who are against the designated hitter rule used in the American League, are watching the Royals and cheering their victories. Next month, long-term care insurance will have the spotlight. This year, four long-term care carriers, Mutual of Omaha, New York Life, Genworth and Thrivent will participate in the AALTCI (American Association for Long-Term Care Insurance) effort to increase consumer awareness of the need for long-term care insurance. The November issue of Kiplinger’s Personal Finance magazine will include a four page spread dedicated to long-term care insurance.
Everyone’s a Royals fan now that they are a winning team, and, family members of insureds who purchased long-term care policies are raving fans as well.
The Royals’ winning streak keeps surprising everyone. The whole country seems to be jumping on the Kansas City bandwagon. It’s much more fun to be cheering for a winning team. When you talk to the families of people who planned ahead and bought long-term care insurance, they see firsthand how receiving long-term care benefits eased some of the stress of caregiving and the worry of how to afford care for their loved one. These same people usually are huge fans of the agent involved in the sale of the policy.
The Kansas City Royals ball club strategized for the long-term. And similarly, long-term care insurance is an important component of a long-term financial plan. According to a study sited on the AALTCI website, long-term care recipients receiving benefits from long-term care insurance saw the following reductions in health care costs in the 12 months prior to death:
14% lower total medical costs.
13% lower pharmacy costs.
35% lower inpatient admission costs.
10% fewer inpatient days.
16% lower outpatient services.
The Royals knew they could never afford the big salaries commanded by the big name players. Yet, the ball club believed if they planned, developed young players and steadily grew the team talent, they would eventually have a shot at the World Series. The long-term care insurance buyer plans for long-term financial stability. They sacrifice some discretionary spending to achieve their goals to protect their retirement assets if long-term care is needed. Think of your clients who fit this profile as those that would benefit from your long-term care insurance expertise.
Remember, Disability Insurance Services is the resource that can help you reach the LTCI World Series. Swing for the fence! Request a long-term care insurance quote today.
