For the past 20 years, I've had great success selling long term care insurance – largely, I feel, because I figured out early on that people are more interested in the emotional benefits of LTCI ownership than its financial benefits.
Back when I started specializing in LTCI, the few advisors who recommended the product tended to emphasize how LTCI would protect wealth and allow financial legacies to remain intact, while making little reference to the emotional benefits of the product. I intuitively knew that this was not the right approach; for me, the emotional benefits come first, and I gently hammer on them as much as I can. LTCI's financial benefits always come second – always.
At the time, any presentations that were based on the sale's emotional factors focused largely on scare tactics. We saw advisors suggest to clients that if they did not purchase LTCI, they could lose their estate. I know that when I'm buying something, I don't want to feel scared or bullied into acting – and I definitely don't recommend this tactic for selling LTCI.
The good news is that today, we see less and less LTCI scare-tactic selling than ever before. Advisors seem to understand that the key to successful LTCI sales lies in emphasizing how owning of the product can radically change circumstances for the better and enable families to remain intact, with less stress for all involved.
Statistics back up the emotional sale
I always express how well LTCI can keep families together, offering dignity, options, and choices. In fact, I often include this precise language in my 30-second elevator speech – and I feel gratified that research finally confirms that I have been right about doing this.
In May 2010, Agent Media, in conjunction with the American Association of Long-Term Care Insurance (AALTCI), conducted the 2010 LTCI Market Study, a nationwide survey of licensed insurance agents.
