Phil Grossman is president and chief executive officer of LTC Options Inc. of Scottsdale, Ariz.
He has a $1.5 million book of in-force long-term care insurance (LTCI) business, and he was recognized by the American Association for Long-Term Care Insurance (AALTCI) in May for ranking 15th in the nation in terms of LTCI sales.
1. How many phone calls do you make a week to set appointments?
Less than five a week. I'm with MetLife, and although they don't sell LTCI anymore, I have access to 200 advisors, CFP, life and annuity specialists.
Ninety-five percent of my business comes from financial planners, as well as the radio commercials I do.
My challenge over the last nine years has been to educate the planners and change their thinking that everyone's healthy now and no one needs LTCI.
2. How old were you when you bought your own LTCI?
52.
3. What's YOUR LTC plan? (Plan, not insurance.)
My first preference is to stay at home.
I do not want to move in with my children, or have them end up living with me, because I want control of my life. I would prefer to move to independent living or an assisted living facility.
So, I do believe long-term care will be something that happens to me. In fact, I pray for LTC instead of passing away.
4. What LTCI policy do you sell the most these days and why?
First of all, I've been in the business for 17 years, and although I have securities licenses, I only sell LTCI. I have more than 1,000 clients. I like three companies: Mutual of Omaha, Genworth, and MedAmerica for cash.
With a single person , you can't beat Transamerica in Arizona for a single person.
I use Stratecision showing three or four or five companies, and I explain to them why I'm recommending what I'm recommending. I try to explain that decisions about LTCI can't be made by shopping around…customers need to understand that no one can offer them a better price than what I'm offering.
5. How many claims have you seen?
Quite a bit. I've attempted to keep track of this. In 17 years, I've seen maybe 50 to 100 claims, and two people run out of benefits. I've seen people die before they run out of benefits, or die before they meet the elimination period.
I would challenge you to find anyone who has more passion for this business than me. I've heard many stories from clients, and they are so thankful they have it. I also have personal experience from people in my own life…one that had insurance, and one that didn't.
6. Think back to when you graduated. What did you plan to be then?
An attorney, but I got married instead. I've been in sales my entire life. I was in the retail business for 17 years with Sears selling aluminum siding.
