Cross-Selling, Life Insurance

Long Term Care Insurance Part 2

Episode Summary

This transcript covers an insightful discussion between insurance experts about the growing long-term care crisis and how agents can better serve clients by having meaningful conversations to uncover needs.

They begin by examining the long-term care epidemic, with people living longer than ever but often lacking proper insurance or financial planning. This creates challenges for insurance companies and clients alike. Many end up needing expensive facility care but haven't prepared for the costs.

A key point is that insurance agents must do more comprehensive annual reviews of a client's total insurance coverage. Look across all their policies - life, health, Medicare, etc. Are there gaps where they lack protection? This is especially important for long-term care given the rising costs.

Asking personal questions is critical, even if uncomfortable. Clients won't get mad if it comes from a place of caring. You need to understand their family health history, financial situation, and preparedness for potential LTC needs. No one plans to need care, but it often happens.

They emphasize that agents should focus on cross-selling additional policies to existing clients vs chasing new leads. The best leads are the ones you already have a relationship with. Data shows selling another policy to an existing client boosts retention dramatically.

For example, if a client has Medicare coverage with you, reach out about adding life insurance with an LTC rider. Or finalize their coverage with final expense insurance. This consultative approach shows you care.

Another key tip is to let clients buy from you rather than pushing too hard on a sale. Be the expert guiding them to solutions for their situation. Present options, listen and let them decide what works best. Follow up consistently.

In summary, the old transactional sales process doesn't work anymore. Agents need to have genuine conversations with clients to understand their needs. This advisor-focused approach builds trust and loyalty over time. It leads to higher sales and retention as you partner in their financial success.


(0:00:09) - This podcast focuses on long-term care insurance and insure your love month
(0:00:54) - Let's speak to the insurance agents. What should they be doing
(0:06:53) - Rod Gill says millennials are having to move their parents closer to care facilities
(0:13:10) - You've got to ask the question and say why are you purchasing this policy
(0:13:36) - Bob Leber: Cross-selling is about communicating with your clients
(0:20:31) - You're winning in the sense that you're retaining your clients
(0:26:16) - Broker Link podcast focuses on long-term care needs of agents

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