Calculators Used to Justify the Sale

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From Prospect to Client

Whenever a prospect becomes a client by making a buying decision, that decision represents the culmination of your sales process.

The prospect’s decision-making process is different from the selling process.

You must be able to see the world from your prospect’s point of view as the buyer.

The buying decision always begins with the prospect becoming aware of a need.

Be aware and sensitive to your prospect as he or she moves through each step of the decision-making process.

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Establishing the Need/Determining Goals and Objectives

Some Questions You May Want to Consider Asking the Prospect:How concerned are you with regard to your or your spouses need for long-term care at some point in your lives?Anticipating your future and potential need for long-term care assistance, how do you feel about your spouse or domestic partner becoming your primary caregiver?How about other family members, your siblings or children?How concerned are you about maintaining your independence and dignity?How important is it that you or a family member decide where and who cares for you?How important is your legacy and how you want to be remembered by your family?

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Your Financial Resources

You must evaluate the cost of care in the prospects area, the impact the cost of care will have on the prospects finances and what resources the client has that they are willing to commit to the cost of care.

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Long-Term Care Plan Design Questions

How many years can your assets (excluding your home) pay for nursing home care costs at the rate of $_________________ per year? (cost of care for 1 year in client’s geographic area)=$__________

What is a reasonable rate of return you may expect to receive on your investments? ___%

Where do you invest your money? (Include all investment vehicles and retirement plans)

Certificates of Deposit? $_____________ Stocks/Bonds? $_____________Mutual Funds? $_____________ 401K? $_____________IRA’s? $_____________ Roth IRA? $_____________Tax Free Bonds? $_____________ Keough? $_____________Treasury Bills? $_____________ SAR/SEP? $_____________Savings Accounts? $_____________ Real Estate? $_____________Limited Partnerships? $_____________ Other? $_____________

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Long-Term Care Plan Design Questions

4. Do you own Life Insurance? What is the cash value?$____________________

5. What is your annual income?$____________________

Where does it come from? (Social Security, Pension, Wages, Investments?)

6. What is approximately 7% of your annual income?$____________________

7. How much per day could you afford to pay toward the cost of your own care? (If working with a couple ask each to answer)

$____________________

8. What is the difference between the amount per day you can pay and the cost of nursing home facilities in your area?

$_____________________

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Long-Term Care Plan Design Questions

How many days could you afford to pay for your own cost of care in a nursing home?

30 days?______60 days?_______90days?______________

Considerations: The premium range should not exceed number 6 (Taking Care of

Tomorrow, NAIC Guide) The total lifetime benefit your client can afford may be the answer

to number 1, but remember this is also contingent on their age and other designated resources set aside for long-term care

The daily benefit your client needs is probably the answer to number 8, again contingent on your clients other designated resources

The waiting or elimination period that is appropriate for your client is probably the answer to number 9

And don’t forget the intangibles, family health history, age, and client’s health history.

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Consumer Prospecting Materials

Cost of Waiting Brochure (LTC-3054)– Focuses on boomer market

– Calls attention to the impact of waiting to purchase LTCI

– Includes real-life investment scenario

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Motivating the Prospect

Motivation comes from within. Motivation is connected to prospect’s unique

needs and goals. You do not have to “hard sell” the prospect. Help the prospect make the right buying decision

based on needs you have summarized and the prospect has confirmed.

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Questions?