12 Questions for 1 Successful LTCI Agent: Joe Imparato

Joe Imparato is a long term care insurance broker at Tucker & Shepley Benefits and Insurance Ltd. in downtown Boston. He also writes group medical, dental, and disability insurance for groups of 200 to 1,000 employees. He places his LTC through EM-Power Services Inc.

Q: How many phone calls do you make each week to set appointments?

Joe Imparato: For employer appointments to get an employer sponsored case, I don't make many – maybe five a week. My partner, Anne Farrington, does the majority of the calling. My guess is that she places around 20 to 40 calls week. She does them on Fridays. She has a large contact database that she has accumulated. She has incredible connections, and she is always keeping her antenna up; even when she's driving by businesses, she'll write down the name. We've been a team for a couple of years now. She's great at opening up cases, and I enjoy helping her close them. My calls for individual appointments vary during each enrollment.

Q: How old were you when you bought your own LTCI policy?

JI: My guess is approximately 40 years old.

Q: What's your personal plan for long term care?

JI: I have two plans. One is a $1 million cash plan with no inflation at $6,000 per month, with MedAmerica. The second is $90 per day, 5 percent inflation, five-year benefit. I have a lot of kids, and if I needed this today, I would need the $6,000 more than the $90 per day. I also have a DI policy with a catastrophic care rider of $8,000 per month. The first plan gives me a big chunk of money up front; the second plan is an inflation hedge. The catastrophic rider is gravy. That's $16,000 plus a month from all three sources. If I need long term care, I plan to stay at home as long as possible, then go to assisted living. Keep me out of a nursing home; the insurance will give my wife the money to take care of me where she wants.

Q: Which LTCI policy do you sell the most these days, and why?

JI: We sell MetLife and Prudential because of the underwriting questions and participation rules. Plans are around $100 per day, three-year benefit with inflation.

Q: How many claims have you seen?

JI: Two or three. Our average age is pretty low.

Q: Think back to when you graduated; what did you plan to be back then?

JI: Investment banker on Wall Street.

Q: What hobby do you most enjoy or would you like to try next?

JI: Numismatics, antiques, and collectibles.

Q: What is your favorite drink?

JI: Warm Cherry Coke mixed with Diet Coke over ice (you asked for it).

Q: What makes you happy?

JI: My wife, seven kids, and my faith.

Q: Can you share a resource, service, program, or piece of software that has been critical to your success?

JI: I was terminated from TIAA-CREF, and that is where I got my start for my own business. I had great brand-name clients to start with. I worked with EM-Power to get into LTCI. I use their system for prospecting and sales. Anne and I use the EM-Power system for prospecting and sales for employer-sponsored multilife cases. Their system includes PowerPoint presentations, a prospecting kit (binder with all HTMLs, letters), everything with the process of putting in place a multilife case. They have a software program where you can show prospects a six-minute tutorial that they can click to from my email. It is a turnkey system from when we meet with a business owner or human resources person. We show them that we have everything that it takes to roll out the program, from the accounting bill to how employees sign up. When I sit in front of them, they're making a carrier choice, not how are we going to do it. Every little inch is covered with this. HR's biggest fear is that it's easier to do nothing than to risk introducing a new voluntary benefit. If they have an attachment to the product, we reduce their fears that administration will be painful or burdensome. We are usually chosen over their existing broker to offer LTCI because of the complete package and solution we bring to their institution.

Q: BlackBerry, iPhone, or other?

JI: iPhone (just got it – love it)

Q: How many more years do you see yourself doing this?

JI: If the government doesn't wipe us all out, approximately 10 years of active selling and maybe five to 10 years of retired selling