Overcoming Objections in a LTC Sale

Presented by Tim Dreher

If you read my last two blogs (and I hope that you have) you’ll know that we’ve now come to the last of what I believe are the 3 most common objections in an LTC sale.

“I need to think about it.”

I’m sure that we’ve all heard this one a time or two. When I get this objection I know that it’s either a cost issue or I haven’t done a very good job of helping the prospect understand the importance and the value of purchasing an LTCi policy.

After some probing follow-up questions, I can usually get a pretty good idea of the reason for their hesitancy.

If it’s about the cost, I empathize with them and tell them that I understand that most people, myself included, have a budget and that initially, the cost of LTCi can be a little daunting. It is a big financial commitment for most people. Showing the premium cost relative to the cost of care can be a big help in easing concerns about premiums. If the reluctance is about them understanding the value of long term care insurance I then suggest that we go back and look at ways to build a comprehensive plan that will take care of any potential long term care needs and still fit within their budget. At the same time, I also remind them that the best time to put a plan in place is now. They will never be younger or healthier than they are today, and by putting it off, they take the chance that something negative could happen to their health. Then, unfortunately, no amount of money will get them a long-term care policy.

If the issue is that they still don’t fully understand how the policy works, I highlight the plan’s features, show them how the coverage works and emphasize how it would benefit them and take care of their needs should they ever find themselves needing care.

I remind them about the costs, both financially and emotionally, of finding themselves in a long term care situation without a plan in place.

Some of life’s decisions are just too important to ignore and putting it off will not make it go away.

“Now, if I’ve answered all of your questions, are you ready to get started with the application?”

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