That's because finally–and not a moment too soon–a constantly growing number of individuals from all walks of life are beginning to understand that, when it comes to long-term care, the government is not going to help most of them. And because of this understanding, LTC insurance is becoming a warm-and-getting-warmer product, one that can create a fine flow of commission and renewal income.

Whether selling-by-seminar, at the worksite, or on an individual basis, there are specific sales points that p-c agents can use to sell LTC insurance. The sales points include:

Inform your audience–whether one or many–they are not covered for long-term care.

Many people are under the illusion they are covered by their group or individual health insurance policy, or by Medicare or Medicare supplements. Not true. And, while Medicaid does cover some LTC expense, it is a program for the poor, thus eliminating most Americans from receiving the coverage.

Explain that if they, their parents, grandparents and other family members are not covered by LTC insurance, someone–it could be them–might be forced to leave their job to become a caregiver. Emphasize this should not happen if all family members have adequate LTC insurance.

Stress the high cost of long-term care. The current average annual cost of a nursing home stay is $51,000, and double that amount in major metropolitan areas. Home care can cost even more, and it has been estimated that these costs could quadruple by 2030. Few, if any, will be able to afford such expense.

How can p-c agents cross-sell LTC coverage? Consider seminars. Surprisingly, seminars are ignored or overlooked by some sellers of both p-c and life-health products. They shouldn't be, especially in this era of ever-growing cross-selling by members of both insurance communities as they endeavor to provide complete one-stop financial services.

In our specialty, LTC insurance–which we have been marketing and selling since it was unveiled over 30 years ago–we have found seminars to be extremely effective. Our closure rate has averaged 60 percent for many years.

However, please keep in mind that the following step-by-step process for seminar selling can also be applied to many other products, both property-casualty and life-health.

Begin by checking your client and prospect files for those who stand out as candidates for LTC insurance or whatever coverage you'll be offering.

Next, look for a good site for your meeting. It could be a hotel or motel conference room at a reasonable rate. If you are presenting a seminar on LTC insurance, some nursing homes in your area might be willing to offer you a meeting room at no charge since it affords them the opportunity to show off their facility.

When choosing a site, ask for permission to make available within the meeting room such things as coffee, tea, juice, soda, fruit and pastries.

Make sure your meeting room has adequate lighting and sufficient electrical outlets for microphones and any visual aids you may be planning to use.

When scheduling your seminar, keep your prospects' needs in mind.

For example, in scheduling LTC insurance seminars, we address two specific audiences–seniors and Baby Boomers. We've found that weekly morning sessions work best for seniors, while evening seminars work best for Boomers, who work during the day. We've also found that Saturday morning sessions work well for both groups, but we schedule separate seminars for each group because their needs vary to some extent.

Once you have made arrangements for your meeting room, it's time to invite your prospects to the seminar. Always include an “RSVP,” either through a postscript at the bottom of your letter, or a pre-addressed and prepaid postcard.

Send a news release announcing the forthcoming seminar to your local daily and weekly newspapers, church and synagogue bulletins, and any other print media serving your area, plus local radio and TV (including cable) stations. If your budget allows, also consider running ads.

A few days before the seminar, call those who have indicated they would attend to verify that fact. Also call those who haven't responded to your invitation to find out if they will be attending.

At your seminar, be sure to have a sign-in sheet available for attendees to write their names and phone number. Be sure to have a space on that sheet where, simply by marking “yes” or “no,” they can indicate if they would be interested in receiving additional information on the product/service being promoted at the seminar.

Once all are in attendance and seated for your presentation, thank them for coming and then quickly introduce your product/service in your opening remarks, citing the highlights of why it is valuable for their consideration. Be sure questions and answers are part of your presentation.

Near the conclusion of your remarks, announce that you and members of your staff will be available after the seminar to meet briefly, one-on-one, with members of the audience who would like to discuss personal concerns.

After the meeting, hand out some written information (it could be a brochure) on your agency, plus a list (or, again, it could be a brochure) stressing the benefits and outstanding features derived from, or through the use of, the product/service you're promoting.

A couple of days after the seminar, call those who have expressed an interest in receiving further information, and arrange a meeting with them.

Be sure the spouse–if there is a spouse–will be present at the meeting. This is important because most insurance/financial decisions are rarely made independently by the husband or wife.

Remember, the commission is just part of your compensation. By doing a good job for your client you have earned the right to ask if there are other members of their family, friends or associates whom your client believes would be interested in the same type of coverage, or other coverages you sell.

Following these steps and giving a well-constructed and powerful presentation can help you become more successful regardless of the products or services you cross-sell.

John Wane is president of American Independent Marketing, in Yakima, Wash. ([email protected]). Lenny Anderson is president of American Independent Underwriters in Plymouth, Minn. ([email protected]).

Reproduced from National Underwriter Property & Casualty/Risk & Benefits Management Edition, January 21, 2002. Copyright 2002 by The National Underwriter Company in the serial publication. All rights reserved.Copyright in this article as an independent work may be held by the author.

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