How to Sell Long Term Care Insurance
Selling anything can be a challenging experience. Selling products often called "intangibles" can be especially difficult. Long term care insurance is one of those intangibles. This article will avoid the principles and sales programs given by the various long term care insurance companies. The point of this article is to give you some general sales principles necessary for succeeding at selling this particular product.
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Instructions
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Education
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Study the various long term care policies from the insurance companies that offer it. It is important to make sure for your customer's sake that you are selling what you believe is the best product for them.
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Learn of all the different kinds of long term care insurance available, and compare the pros and cons of each plan. Not only are there basic nursing home policies, but there are also strictly home care plans or combined packages. Each client of yours may have specific needs or desires when it comes to the plan they want to purchase. Your education in knowing what you would advise for each possible scenario is important, as you are their professional advisor.
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Prepare for the necessary LTC exam, and take the test once you have already become a licensed insurance agent. The test is challenging so be sure to thoroughly study the materials given for the test.
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Consider taking additional educational courses. Some states require a certain minimum number of continuing education classes in order to maintain your general insurance license. You may want to pepper that education with classes relating to long term care and the senior market. There are many courses out there on subjects such as estate planning, handling retirement funds and senior living topics. At the bottom of this article there are a couple of online companies you may want to get information from. The website for the Corporation for Long Term Care Certification (CLTCC) is also listed. Their additional training is very valuable.
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Talk with as many individuals as you can about their long term care experiences and concerns. Most people know of at least one or two families greatly impacted by a long term care situation. Draw from their experiences as well as your own when selling long term care to others.
Implementation
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Use your company's form of advertizing to establish contacts with potential long term care customers. The company you work for may want you to contact their existing clients, or they may want you to do some direct advertising to sell long term care to new clients. You may even be asked to sell long term care insurance through a partnered bank.
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Consider your own personal advertising as well. You may want to hold seminars on long term care or you may want to look into other creative avenues for marketing your product. Many agents run booths at senior educational events where they can promote their long term care packages and provide education for customers.
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Keep your schedule full, and make as many contacts with potential clients as possible. In order to succeed in this field, you will need to continually educate more and more seniors and middle-aged individuals in the importance of planning for their senior years. When educating them, remember that they will want to know the details of what their plan entails, but they will generally leave the majority of the details to your expertise. It is important to educate them without overwhelming them with too much information. You have a personal and ethical responsibility to suggest enough coverage to meet the majority of the long term care needs they want coverage for.
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Sell long term care packages that specifically address the needs and concerns of the clients. Your expertise in advising them as well as taking their input will help you to find the correct package for them. This step is critical to maintaining a long-term customer base.
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Keep in contact with your existing clients, and keep them informed about the various long term care avenues available. New services are continually being developed for the senior market and your clients will want to know about them and whether they are covered on their plan. Your personal contact with existing clients will help make your efforts on their behalf appear personal and your assurance to be there for them at their time of need provides them the security they desire. Long term care insurance requires a long term commitment for those who purchase such policies.
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Tips & Warnings
Seek out advice from others who sell long term care insurance and make sure you know what you are selling before you sell it.
This article is intended to help you with your overall sales strategy. Your success at selling this product is up to your own personal efforts.
