Hello Thomas Riekse,
Top News
Technology and communications survey reveals trend towards tablet computers
The LTCI Partners marketing and communications team is constantly asking what is the best and easiest way to get information to advisors. Recently, we surveyed advisors about how they access electronic communications, such as email newsletters and product updates. The results provided some interesting insights that should help tailor advisor outreach. To view the findings, please read the rest of the survey article.
Sales Tip of the Month
Price is only an issue in the absence of value
If your clients don’t understand or fully appreciate the value of LTC insurance, they’ll likely look at the plan’s premium first. We suggest that you start by telling your clients the value of the coverage today and in 20 years vs. discussing the premium of the proposed coverage. “Agents need to explain the price of purchasing coverage carefully,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance (AALTCI). For example, instead of saying, “the average cost of coverage for a couple is $2,500 per year,” advisors should break it down, putting the benefit first. They should say, “you’ll both have access to a pool of dollars totaling over $800,000, plus the healthcare coordination…and it will cost about $200 per month or $2,350 a year.”
General News, Laws & Sales Trends
Employer commitment key to success in voluntary LTC enrollments
Last month LTCI Partners hosted a conference call titled, "Group Therapy: Selling Group, Multi-Life and Association LTC Insurance." A replay of the highly recommended call can be found on our November Conference Call page.
The guest speakers were Jerry Manning of Manning & Associates and Matt Brotherton of 1752 Financial Solutions.
Between the two LTC group specialists, they have written significant volumes of employer-based LTC Insurance by partnering with benefits brokers. Although demographics and industries differ among the groups they’ve worked on, they typically achieve well above the industry average for voluntary participation, often reaching double-digit penetration where most benefit brokers average 4 to 6 percent.
To find out how they do it, see the full article.
LTCI Partners Monthly Conference Call
December Conference Call: "Top 20 Sales Tips From 2011"
LTCI Partners has polled some of the nation’s most successful advisors and persuaded them to share the secrets of their success. Learn their long-term care insurance sales strategies in our monthly conference call, “Top 20 Sales Tips From 2011.”
Highlights:
- Sales tips (power phrases / presentation tips)
- Worksite (voluntary programs)
- Business owners (executive carve-outs)
- 1035 exchanges
- Combination products
- Affluent clients (concierge healthcare)
- Blueprint report
Join us on December 15 at 11:00am PST | 12:00pm MST | 1:00pm CST | 2:00pm EST. To register, please go to our Conference Call home page.
LTCI Partners Monthly Poll
BACKGROUND: Multi-Financial Securities Corp. surveyed 700 advisors and cross-matched their answers to the firm’s revenue per principal. They identified top revenue drivers, but the survey also revealed the mistakes made by less successful advisors.
THIS MONTH'S POLL QUESTION: In your opinion, which is the biggest mistake made by LESS successful advisors?
- Offer the same service to all clients
- Forgo feedback
- Call top clients every now and then
- Keep client records on a paper-based system
The article can be found on Investment News.
VOTE & COMMENT for possible publication in next month’s LTCI Partners Newsletter on our blog, “Planning for Long-Term Care in America.”
November Survey Results
For our November survey, we asked, “When you meet with clients, is LTC part of the financial planning conversation?” We found 73 percent of the respondents said "yes, because it’s an important part of a financial plan," 27 percent said "it depends on the client’s age and circumstances," and two responses - "primarily when the client brings it up," and "no, I do not feel educated enough on LTC to discuss with my clients," received no votes.
Carrier News
For the latest up-to-the-minute information on all the major LTCi carriers, go to LTCI Partners Blog: “LTC Insurance Carrier and Product News.” News bulletins from all carriers are posted and archived for you to search by date or by carrier.
Prudential Evolution rate adjustment for new business only
Effective January 1, 2012, the Prudential LTC Evolution product will include an annual rate adjustment for new LTC Evolution business only. The average increase for this annual rate adjustment is about 2 percent and varies by age. The premium adjustment will apply to policies with applications signed January 1, 2012, through December 31, 2012.
Download the Evolution Rate Adjustment for New Business PDF (281 KB) for more information.