What if I could promise you 30 qualified long-term care insurance prospects over a 30-day period? What would that be worth to you?
Well, let's assume you can close one out of three of these prospects, that would yield 10 sales. At a modest premium of say $1,500 per sale, you might net $6,700 in first-year compensation. Do that consistently and add in renewals and you have yourself a pretty successful business.
But, here's where the plan comes to a screeching halt for most insurance agents. How much money are you willing to invest in marketing in order to achieve the results I've just shared? Would you be willing to spend $3,000, $4,000 or even more to build your business?
What if I told you it might take three or more months of commitment before results are achieved; would you be willing to implement an ongoing marketing plan. Chances are you'd say no. Don't feel bad, you're not alone.
A percentage of insurance professionals note that finding qualified long-term care insurance prospects is an obstacle to making more sales. I contend that there are more than enough interested prospects out there; they simply are not contacting you. And, the blame for that rests squarely on your shoulders.
Last year some 400,000 Americans purchased long-term care insurance protection. This year, the number will likely come close. There are ample prospects; we just have to make your phone ring. Here are three low-cost marketing programs to make that happen.
Focus On Year End Tax Deductibility:
While headlines talk about a struggling economy, many businesses are enjoying highly profitable years. And higher profits equal higher taxes.
Now is when many small business owners start to look at their company ledgers and begin the frantic search for ways to reduce their year-end tax liability. Long-term care insurance can provide just such an opportunity and chances are no one has raised the possibility. Or, it's the time when they realize they waited too long. Either way, it's the ideal time to communicate.
Now is the perfect time to communicate the tax-advantages offered to small business owners who purchase LTC insurance. Whether costs are fully tax-deductible or only partially deductible (up to stated limits) few owners will turn down the opportunity to have Uncle Sam share in the cost of their benefits package.
Mailings to clients who own small businesses or are self-employed is the lowest cost means of communicating this important message. Don't overlook calling local accountants and tax preparers to make certain they know the current tax-deductible limits and the rules for each type of business entity.
Target Women Living Alone
Everyone will acknowledge that long-term care is a woman's issue. Women live longer than men. They make up 70 percent of all nursing home residents and almost two-thirds of formal (paid) home care users are women.
But, long-term care is an even more important issue for women living alone. That includes those women who are divorced, widowed and those who were never married. It's a segment of the female population that is rarely addressed.