It's been said that selling long term care to the wealthy is actually quite easy — it's finding them that's tough. Here are tips on building a wealthy clientele and what to do once you've got their attention.
- Be on the ball. The wealthy have a particularly keen sense of when an agent has only a cursory knowledge of the LTCI product he or she is trying to sell.
- Network tirelessly. Take an active role in local business, civic and social organizations. Hold continuing-education seminars about LTCI for financial- and health-related professionals who in turn may recommend your services to their clients.
- Forge partnerships. Working with trusted advisors who cater to the wealthy segment of the senior market — CPAs, attorneys, financial or estate planners — often provides agents with an entr?e to wealthy clients.
- Position yourself as an LTCI authority. Become confident enough in your communications skills and product knowledge that you can address groups and write articles about LTCI.
- Blow your own horn. The goal is to build a bio that's impressive enough to get your foot in the door of wealthy potential clients and their centers of influence. If you're quoted in the media, appear on television, write an article or win an award, don't be shy about letting contacts and potential clients know about it.
- Deliver quality. The rich want policies from top-rated companies and they demand service after the sale.
- Emphasize risks. Explain to prospects that long term care is a very real risk that can be offset with LTCI. Stress the value of buying a policy early before the need arises.
- Appeal to the sensibilities. A person who pays LTCI premiums for decades can recoup that out-of-pocket expense after collecting on benefits for as little as three months. Also don't forget to mention tax-deductibility and estate protection.
