LTC Bullet: The Who is Selling What to Whom, Why & How Survey

Friday, September 11, 2020


LTC Comment: We’ll finally get answers to all those questions if you fill out this brief survey. We explain after the ***news.***

*** TODAY'S LTC BULLET is sponsored by Claude Thau, who provides many unique services to advisors as National Brokerage Director for USA-BGA and to other entities as a consultant, in the individual, worksite and affinity group markets.  For example, his revolutionary “Range of Exposure” tool projects clients’ likelihood (joint for a couple) of spending $100,000; $250K; $500K or over $1,000,000 on long-term care, based on their personal characteristics and estimates how much of their cost in each range would be covered by various traditional or linked insurance designs.  Claude is the lead author of Milliman’s annual Broker World LTCi Survey & a past Chair of the Center for Long-Term Care Financing. You can reach him at 913-707-8863 or ***

*** HOW AND WHY TO JOIN the Center for Long-Term Care Reform. After you read “LTC Bullet: What Value Do LTCI Producers Get from the Center for Long-Term Care Reform?, I hope and trust you’ll want to get everything the Center has to offer. So check out our “Membership Levels and Benefits” schedule here. That’ll help you decide between the various levels of individual and corporate membership. If you have questions, drop me a note or give me a call at or 425-891-3640. One of the benefits of all Center memberships is anytime access to me for questions about LTC services and financing policy. As I explained in that Bullet, I like hearing from agents and discussing the challenges you face. It helps keep my policy analysis grounded in your real world of LTCI prospecting, fighting against prospects’ denial, and answering the hard questions people actually ask. So let’s talk. ***

*** “LTC CLIPPINGS” is a special daily service that premium Center members ($250 per year or $21 per month) and above can opt to receive. Steve Moses scans the internet for news, articles, reports and data you need to know before your prospects start asking about them. He provides the date, title, author, a link, a representative quote and a brief, often humorous or satirical, but always thoughtful comment. Know what you need to know before you’re caught off guard. Subscribe to LTC Clippings. ***



LTC Comment: There probably aren’t many public policy analysts who have actually sold a long-term care insurance policy, but I’m one. After leaving my government career to become Director of Research for LTC, Inc., I took the sales training, got a license, did some phone prospecting, and hit the road with a pocket full of leads. My mission was to learn what LTCI agents were really up against.

Boy did I find out. After driving to a distant corner of Washington State so as not to burn leads real agents needed, I set to conducting sales interviews. I talked, they listened, and listened. I knew a lot and, by gum, they were going to hear it all. That’s when I learned the wisdom of the adage “You have two ears and one mouth. Use them in that proportion.”

Long story a little shorter, I got skunked. No buyers. I returned to the office with my tail between my legs wondering how in the world successful agents managed. But later that week I got a call from one of my prospects. He decided to buy a policy after all. What was it, I inquired, my expertise, my savvy selling, my personal charm? Nope, he said. He just didn’t like the policy his retired teachers’ association was promoting.

I’m telling this story because that was my earliest introduction to how little we really know about the who, what, when, where, why and how of long-term care insurance sales. Ever since that experience I’ve referred to the heroes who somehow manage to help people protect themselves for long-term care as AMG’s, altruistic, masochistic geniuses.  It’s long past time we empowered those AMGs by giving them answers to those crucial questions. Finally someone is setting out to do so.

The Survey

Ron Hagelman and Barry Fisher of Ice Flow Consulting and Vince Bodnar of Oliver Wyman have teamed up to design and offer a survey questionnaire to address these issues:

  • Best practices in starting the long-term care planning conversation.

  • Agent/Advisor/Consumer product perceptions and preferences.

  • Best ways to get prospects and clients to “YES”.

  • New product insights.

  • Types of training and education that will improve sales results.

  • Why many agents/advisors DO NOT discuss long-term care planning with consumers.

The survey’s sponsors say “This agent/advisor-focused sales analysis is designed specifically to help reveal the mysteries of the structure and motivations of buying behavior from those who make the sales happen.” It will define the “new normal in long-term care planning.” The project is advised and supported by NAILBA, NAIFA, numerous traditional and combo carriers and key distribution friends. Learn more in the September issue of Broker World magazine.

The survey only takes about 5-15 minutes to complete. If you provide your email address, they’ll send you the executive summary as soon as the results are compiled. Don’t wait. Take the survey now here.

Don’t sell LTCI? Please take the survey anyway. The sponsors say: “We’d like you to take a few minutes out of your busy day to take the survey. If you do not discuss long-term care planning with consumers the survey will take 5 minutes or less. Knowing why you don’t is vitally important to us. If you do have long-term care planning conversations with prospects and clients, the survey will take about 15 minutes or less. Your insights into the aforementioned survey goals will help us with new product development, expanding the market, improving agent education and increased consumer awareness.”

We look forward to reviewing the results of this survey and we’ll bring them to you in a future LTC Bullet.