Last month, we spoke to Joe Celano, president of INTRX HealthCare in New Orleans, about modifying your presentation to improve your closing rate. Here's more on Celano's "High Probability Selling of LTCI" concept, a methodical, one-call-close approach that has earned him an 85 percent success rate.
- Research is conducted during his phone health/ financial screening when setting the appointment. He refuses to meet with only one spouse.
- Clients are asked to read a good LTC planning article before he enters the conference room.
- He briefly establishes rapport and credibility.
- He opens by reiterating the objectives of the appointment and his rules: "We'll see if this makes sense for you today. If it does, we'll start your underwriting review. At our next meeting, when we know about carrier approval and rate category, we'll work on plan designs."
- Defines LTC and the related risks, and explains that costs will double in 15 years.
- Explains that people are living much longer and, consequently, there is a high likelihood of needing some help at some point. "This is all about family burden, independence, lifestyle and receiving quality health care. The monetary impact is secondary."
- Asks: "How would you handle an LTC event? My job is to make you think and have you fast-forward to 20 years from now."
- Asks: "Have you known anyone who needed LTC?"
- Asks about parents' health and how any LTC issues were handled.
- Reviews financial profiles.
- Recommends funding LTCI premium with investment earnings because LTCI ultimately protects their portfolio. "Without an LTC plan, your portfolio is severely compromised and undermined."
- Asks: "Does this make sense to you?" He won't start the application process without a firm commitment.
- If the client insists on discussing premium, he suggests they consider a $4,500/year budget. "All that matters today is that this makes sense and can we get you an offer. Right now, you're
not the decision maker; the insurance company is. You become the decision maker once you get an offer." - Reviews binding the application (submitting money with the app.).
- Concludes: "In two months, we'll reconvene for policy design considerations. Be thinking of a budget you feel comfortable with." He then prepares them for the underwriting process.
- At delivery time he reviews the risk along with policy features, costs and the contract. Usually the client buys up.
