I just returned from the National LTCI Producers Summit in Kansas City and it really confirmed that there is new direction in LTCI sales - an area where LTCI sales are actually increasing! So let me say again - if you are not spending a portion of your time developing the piece of the LTCI market that in 2008 amounted to 51% of all LTCI sales, you need to retool your business plan for the rest of '09 and into 2010!
Here are the facts: In 2008 51% of all LTCI sales happened at work - a combination of true group and multi-life. And multi-life grew almost 50% between 2007 and 2008. Surprised? So are a lot of other people in our industry, but it's true. And selling LTCI in the worksite is really not that much different from the standard individual LTCI sale - at least the way I teach agents to do it.
It'sNOT knocking on doors of large employers and attempting to get them to implement large true group plans. After all, I'm NOT talking about hunting whales. Although, if you develop a reputation for worksite LTCI, you will get to land a whale every now and then. Just make sure that if you do, Moby Dick doesn’t sink your ship!
What I AM talking about is hunting small employers with mostly voluntary LTCI using a multi-life chassis offered by most LTCI carriers. It’s the way we can have the most impact on American families. And, it's a win-win for all involved. Families win because they now have a viable solution for what I think is the real health care crisis in our country – long term care. Employers get to offer their employees a rich, new benefit that employees and their families are asking for and it doesn't have to cost the employer anything because it can be 100% voluntary. Employees save on their premium because they typically get a discounted group rate, many times with simplified underwriting. And finally, the agent wins because she/he is fairly compensated for the effort and typically gets full commission - just like on an individual LTCI sale - which is the way it should be because it is the same amount of work.
If you are still thinking Worksite LTCI is not for you - stay with me for a minute because there are many ways to get in the door of the small employer and it doesn’t have to be by cold calling. And you don't have to buy a list and start massive mailings either. The best entry point is to simply network with other insurance professionals and let them open the doors for you. Sometimes you split the commission and other times not. Some of the best relationships are with the agents who handle the health insurance at an employer but don't offer LTC insurance - typically a health insurance broker. Think of how many worksite opportunities there could be if you work with 3-4 health insurance brokers in your area! Or you could go in with any number of agents who have worksite accounts and specialize in other products - but not LTC insurance. See what I mean? - The opportunities are endless. You just need the tools to approach this market and I have the perfect solution for you.
Many of you know me personally and trust me to provide you with LTCI sales and marketing materials that are tested before you get them - so you get proven results. The newest system I am going to tell you about has already exceeded LTCI industry results – by HUGE margins. And anyone can use it because I've taken all the guesswork out of it!
This system is the result of five years of fine-tuning the worksite process plus what we learned by doing 2,020 employee education meetings for the Federal government’s LTCI offering and 100+ meetings for the State of Tennessee’s employee offering. (The annual report from that carrier carried a statement that the enrollment was triple what everyone expected!).
But there’s nothing like real case studies to prove a point. So here are three actual worksite enrollment results using my new LTCI Worksite Selling System EXACTLY as it was designed. I know, because I participated in each one of these case studies just to make sure each one was implemented according to how I designed the system!
Worksite Case Study # 1:
Small regional bank - 97 employees
Actual voluntary enrollment results:
80 Applications (38 employees, 23 spouses, 19 family members)
Employee Participation = 39% (not including spouses and family members)
Industry Average Participation 4 - 5 %
Total Number of Applications vs. Number of Employees = 82%
Estimated Commission if only industry average participation was achieved = $1,655.
Actual 1st year commission on this case: $26.488.
Worksite Case Study # 2:
Insurance Company statewide office - 927 employees
Actual voluntary enrollment results:
404 Applications – 233 employees, 140 spouses, 31 family members
Employee Participation = 25% (not including spouses and family members)
Industry Average Participation 4 ½ %
Total Number of Applications vs. Number of Employees = 44%
Estimated Commission if only industry average participation was achieved = $15,180
Actual 1st year commission on this case: $122,016.
Worksite Case Study # 3:
Medical College - 1016 employees
Voluntary enrollment results:
131 Applications – 107 employees, 21 spouses, 3 family members
Employee Participation = 11%
Industry Average Participation 4 ½ %
Total Number of Applications vs. Number of Employees = 13%
Estimated Commission if only industry average participation was achieved = $35,399.
Actual 1st year commission on this case: $90,927.
Now I know these results might sound exaggerated, but they’re not – they are REAL! If I collectively compare the three case study results with the industry-average participation of 4-5%, this would be the result:
Estimated Commission if only industry average participation was achieved = $52,234.
Actual 1st year commission on these three cases: $239,431.
The first year commission difference between industry average participation and these actual situations using my LTCI Worksite Selling System resulted in additional first year commission of $187,197 for these three cases combined. And that’s just the first year commission – the renewals go on for years and years!
You see, the process is the same whether it is a small or large group. It all starts with education, education, education. Too many agents/brokers get the employer to say YES to a voluntary enrollment and they go in and do an employee seminar and expect above-average participation. The results are directly related to the effort. My proven process follows an orchestrated path and EVERY SINGLE COMPONENT can be customized for the employers you work with. You use exactly the same process we used to get the results I just shared with you. Quite simply - it's just about foolproof!
a new 5-10 minute door-opener presentation to get an employer interested enough to set an appointment for a full presentation
the full employer presentation
the employee education presentation
This system can be customized to any enrollment situation because there are 40 editable slides, and slides are still suppressible just like they are in my other selling systems.
In addition to so many editable screens in the presentations, there are 18 editable documents for you to use in the worksite selling and marketing process plus the seven editable educational emails that are such an integral part of the enrollment process.
But beyond the beautiful presentations and editable documents, the core of the system is a 100 page instruction manual that explains my worksite selling process from beginning to end – all the way from finding the employer prospects, to making the sale, to doing the best possible employee education job! If that isn’t enough, the Frequently Asked Questions section has dozens of questions that you will get from employers and employees, including separate FAQ sections for Partnership and employee personal consultations.
Finally, the system contains a video of my popular session on the process of worksite selling that is jam-packed with practical tips that will make you money the first time you use them in your worksite selling efforts.
As a special incentive to give your worksite selling program a kick-start heading into 2010, I'm offering it to you at $100 OFF if you purchase by 11/30/09. That's right - you'll get $100 OFF the regular price of $499 if you order by 11/30. So, you get the entire system and related materials for just $399 if you order by 11/30/09.
Anyone who purchases my new Worksite Selling System will also receive TWOFREE 30-minute personal consultations.The first one will be a live demonstration of the system features once you receive your system so you are 100% familiar with the features. The second one is with me or our VP of Marketing, Bill Pomakoy. Bill and/or I will talk to you about how you can make the most of your opportunity in the LTCI Worksite arena and share ideas and success stories.
Just think… if the three cases we referenced above were yours, you’d be putting around $200,000 in the bank in first year commission alone!!! Add renewals to that and…well… you can imagine. But, most importantly, think of the impact those three cases will have on the 615 families that purchased coverage – from just these three groups!
I haven’t told you the price of my newLTCI Worksite Selling System have I? You’re probably thinking several thousand dollars, right? Wrong…It’s just $499. You’ll get more than that back with the first policy you sell.
Now I’d like to go back to my statement in the opening paragraph because it is so important:
If you are not spending a portion of your time developing the piece of the LTCI market that in 2008 amounted to 51% of all LTCI sales, you need to retool your business plan for the rest of ‘09 and into 2010!
Let us help you reach this growing segment of the LTCI market. It’s the future of our industry and you can use the proven tools I have developed specifically to target this incredible opportunity.
Don’t forget, order by 11/30/09 and you’ll get
$100 OFF the regular price of $499.
Want to learn more? Just complete the contact information below and we’ll set up a personal consultation just for you.
LTC Consultants provides long-term care insurance training to agents and educates consumers with information about long term care insurance. This website contains reports and articles about caregiving, assisted living, nursing homes, aging, senior living and elder care, home health care and other long-term care related articles. Order Phyllis Shelton’s Protecting Your Family with Long-Term Care Insurance with articles about whether or not to self-insure or buy combo life insurance and annuity policies or a traditional LTC insurance plan. The book also contains ideas for people who don't qualify for LTC insurance such as Medicaid, life settlements, reverse mortgages, critical illness and also contains in-depth information about Medicare, Medicare Advantage and Medicare Supplements.