What is your biggest challenge as an insurance agent?
Educating the marketplace about their options for Long-Term Care Planning can often be a challenge.
The LTC industry is relatively young and wasn’t offered as a product until the late
80’s. The public awareness is much better today than 10 years ago however, only
10% of the target market is currently insured. The demand for LTC is going to be
much more dramatic as additional baby boomers start needing service. As industry
professionals, it’s our responsibility to provide them with the information they
need in order to make smart financial decisions for their future.
What are you doing to overcome the obstacles?
I listen to my clients. Whether I’m meeting with an employer or an individual, I
always begin my conversation by asking if they’ve had a close experience with a
loved one who was no longer able to take care of themselves. If they have, I listen
to their story and find out what their needs are before I provide a solution. If
the prospect hasn’t had a direct experience, I tell them about my experience with
my mother-in-law who was diagnosed with Alzheimer’s and how it affected my family.
What advice would you offer to agents during this recession?
Become an active participant in the industry associations that are multi-disciplined
such as the Society of Financial
Service Professionals or your local
NAIFA association. This allows you to network and establish relationships
with allied service professionals.
By getting your name out in the community as the go-to expert in your market, others
will remember and refer their clients to you when they have questions about your
specific focus that a CPA or financial planner may not feel comfortable answering.
Don’t forget that you’re the product so you’ve got to be able to market yourself.
When people ask what you do, don’t just tell them you sell LTC insurance. Explain
how you benefit others lives. A good example is, “I help people hang on to what
they’ve accumulated during their lifetime so they don’t have to spend it on the
cost of Long-Term Care.”
What has been your greatest success as an insurance agent?
By maintaining a balance between my business, professional associations and my personal
life, this has provided me the opportunity to be successful in all areas of life.
I have ten grandchildren and one great-grandchild that I love to spend time with.
You’ve got to have a healthy balance between work and family in order to be successful
in both.
How would you use a $100,000 lump sum of capital in order to grow your business?
I would use it to help defray the costs associated with bringing a younger agent
– which I would hire – into my business to help with succession planning for my
client base. I would view it as venture capital for expansion.