Long-term care insurance is notorious as one of the most difficult types of coverage to sell. Many consumers are not even aware that it's an option, and those that are tend to believe that they don't need it. Add the recent negative press, and you are likely to find yourself in an uphill sales battle. However, the right approach can help you find opportunity in this largely untapped market.
Generating Leads For Long-Term Care Policies
While purchasing online insurance leads from a company like All Web Leads is a good start, you need to make some extra effort to find long-term care prospects, as fewer consumers search for this type of coverage. When selling this type of insurance, proactively educate the consumer and demonstrate the need for coverage.
It is important for both you and the consumer to recognize that long-term care insurance is beneficial to every individual, regardless of age or health. This is good news, because it opens up so many more lead possibilities. While any individual may find themselves in need of long-term care, the following types of leads may be an easier close:
- People with very physical or dangerous jobs.
- Truckers, delivery drivers and others who drive for large portions of the work day.
- Musicians, athletes and others whose livelihoods depend on a physical talent.
- Families and couples that depend primarily on the income of one individual.
Creating A Need For Long-Term Care Insurance
The underlying belief that "it will never happen to me" is critical to the survival of the human race. Most people wouldn't walk out the front door every morning without this sense of security. Unfortunately, this innate belief does not work in your favor when pitching a policy to a long-term care insurance lead.
Nobody likes to be scared into making any type of purchase, but many consumers do respond to hard facts.
- Show your client how much it costs to pay for long-term care expenses out of pocket. How does this compare to their annual premium for long-term care insurance?
- Compare your customer's age and the expected timeline for Medicare and Medicaid to run out. This is especially relevant to younger clients.
- Ask your client what resources they would have to tap in the event that they needed long-term care. College funds? Retirement savings? Parents or other family members?
Remember that long-term care insurance is about dignity and preventing financial hardship for the prospect's family. Many older clients will have found themselves responsible for an elderly parent's care and will be searching for a way to prevent burdening their own children when the time comes.
Selling Long-Term Care Insurance To Younger Clients
If you have demonstrated the need, and explained that premiums are lower when long-term care insurance is purchased earlier in life, but you still have not closed the sale, do not abandon the lead. Keep in touch with these consumers to periodically remind them of the benefits of this type of coverage. Consistent but gentle contact will ensure that you are the first agent they call if they change their minds.
Consider using a combination of the following methods to maintain contact once or twice a year without actively pushing for a sales call:
- Send major news articles, particularly from local media, about the limitations of Medicare and Medicaid.
- Create a fact sheet or infographic with key facts about long-term care costs.
- Provide testimonials from clients who have benefitted from long-term care insurance.
Younger, web-savvy prospects are even more likely to research online and will find some negative articles about your product. Gaining trust, and selling products from companies with a good reputation, is even more vital when selling long-term care insurance. Remember that virtually any lead can be considered a long-term care insurance lead, as almost all of your clients can benefit from this type of policy, regardless of their age.