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Power of Numbers LTCi Sales Opportunities in the Association and Multi-Life Markets

Power of Numbers LTCi Sales Opportunities in the Association and Multi-Life Markets. Presented by: Brian M. Johnson, CLTC Director, Business Development National Long-Term Care Brokers, Ltd. www.NLTCB.com. “Approach an ordinary activity in an extraordinary way.”. Trend spotting

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Power of Numbers LTCi Sales Opportunities in the Association and Multi-Life Markets

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  1. Power of NumbersLTCi Sales Opportunities in the Association and Multi-Life Markets Presented by: Brian M. Johnson, CLTC Director, Business Development National Long-Term Care Brokers, Ltd. www.NLTCB.com

  2. “Approach an ordinary activity in an extraordinary way.”

  3. Trend spotting • Association/Affinity Marketing • Where to find them • Gaining an endorsement • Marketing to members • Web meeting • Multi-Life Opportunities • How to spot them • Sales angles • Case studies Agenda

  4. … You engage, ask, listen and educate. • Demographics and personal experiences are helping immensely with the “new thinking” needed to effectively sell LTCi: “Living a long life is a near-certainty.” LTCi Sells Itself if…

  5. Finding qualified prospects (planners) who want to hear from us and trust us. What is our true challenge?

  6. “Unless your campaign has a big idea, it will pass like a ship in the night.” -David Ogilvy in Confessions of an Advertising Man. • Parallel with Phil Knight of Nike. • Traditionally we market LTCi. Now we need to use LTCi as our best marketing tool. Your Marketing Hat

  7. Demographics – Baby Boomer, Gen X and Millennial. • Where do we get information? • Green initiative. • Cultural. • Health care reform. • Outside the financial services “bubble.” • Other industries • New markets Be a Trend Spotter

  8. Your clients • Your family and friends • Banks/credit unions • People you do business with • Employers Put a (C)ustomer (R)elationship (M)anagement system in place today! Affinity Marketing

  9. ASSOCIATIONS, UNIONS & SOCITIES + Pay dues + Have by-laws + In existence for 2+ years = Association Discount (LTCi and DI) • Members see value in paying dues • Planners by nature • Trust their professional membership organizations Where else?

  10. In 2004, it was estimated that there were 1.8 million professional associations in our country.-ASAE and the Center for Association Leadership. www.ASAEcenter.org • Community coordination is at the heart of all associations. • Associations are competing for members. • They need to attract and retain members. • “Non-dues revenue” is music to their ears. Associations

  11. 5-10% Discount for Members and Family • ACCESS to the membership. • You’re pre-screened; a resource for them, not a sales person. • Be where the members are: • E-newsletter, web-meetings, pod-casts, blogs • Speaking engagements • Conferences • Direct mail, sponsorships • Co-brand yourself with the Association. True Power

  12. Ask your current clients. • Mutual client method. • Ask your friends and family. • Ask the people you do business with. • What leisure activities do you enjoy? • Internet and yellow pages. • Walk on in! • Talk to the executive director or member benefits. Retention and non-dues revenue. Where to find them?

  13. The need for Long-Term Care doesn’t discriminate by age, race, income or profession. • Your interests? Have fun while you work! • Preference would be for associations where members are business owners or shareholders in corporations. Best Associations

  14. Every discipline in medicine, law and accounting have separate associations. • Restaurant, Library, Music, Entertainment/Sports, Drivers, Dry Cleaning, Plumbers, Finance… • All of these people need advice and have questions. One of the first places they turn to is their membership organizations. Examples

  15. Utilize health care reform and CLASS. Be a resource and educate. • Get your client’s employer’s information and contact person whenever possible. • Go back to current clients. Explain the possibility of a discount. Mutual client. • Every prospect or client you speak to may be the key to a multi-life case. • Employer paid and voluntary, family plans • Underwriting concessions and discounts • Your client’s CPA. Mutual client. Multi-Life: Start Today

  16. Leverage Association endorsements with new prospects, especially if he/she is a business owner or shareholder in a company. • Only after the need for LTCi is established should we talk about a multi-life discount and tax benefits. • Reference the CLTC Tax Guide • You’re bringing true value to the client by going a step further. Simple suggestion. Multi-Life: New Prospects

  17. Chiropractor inquired through the state association about individual LTCi for himself and spouse (ages 61 and 57). • Shareholder in P.C. • First agent proposed: • NYS Partnership Total Asset 50, $250/day, 3-Year BP, 5% Compound, 90-Day EP • Joint annual Life premium = $4,352.91 Case Study: Chiropractor

  18. An extra step. We proposed: • Paying premiums through the P.C. • 100% of the actual premium is deductible as an ordinary business expense for all employee shareholders, regardless of percentage of ownership. IRC 162(a). The company can also deduct 100% of premiums paid for an employee’s spouse and the couple’s tax dependents, whether or not they are considered employees. IRC162(1), 162(1)(2)(C), 213(d) • Shareholder and spouse also purchased (ages 45 and 44). • NYS Partnership Total Asset 50, $250/day, 3-Year BP, 5% Compound, 90-Day EP • 10-Pay premium (61 and 57) = $9,955.27 • 10-Pay premium (45 and 44) = $9,261.12 • Had their CPA sign off on the plan. Helps reinforce the planning and sets the stage for referrals. Case Study: Chiropractor

  19. Broker gained endorsement of statewide rehabilitation association. • Membership consists of 300+ rehabilitation facilities. Average facility employs 250 people. • Broker marketed to the membership using the association’s e-newsletter and doing an insert in their hard copy newsletter. • First wave of marketing yielded 3 inquiries from HR managers. Case Study: Rehab Facility

  20. Enrolled 1 out of 3 in the first 4 months of receiving the inquiry. • 1,000 employee facility. Not for profit. Wanted 100% voluntary. • They received a 5% premium allowance and simplified underwriting. • Broker conducted series of workshops, email education and one mailing to the homes. • Yielded 88 lives for a total premium of ~ $82,000. • Broker is now in discussion with the group about taking over the 403b; currently has $16,000,000 in assets in the plan. Case Study: Rehab Facility

  21. Radiologist inquired about individual LTCi through her county medical society for herself and spouse. • Broker established need for LTCi and then discussed tax advantages of paying the premium through a company. • Radiologist was one of 7 shareholders in a P.C. Broker presented to all shareholders at their monthly business meeting. • Case yielded 13 lives, all 10-Pays, for a total of ~ $92,000 in premium. Case Study: Radiologist

  22. Keep your eye out for trends and get creative with marketing. • Co-branding, web-meeting, podcasts, blogs • Focus on associations where members are business owners or shareholders in corporations. • Leverage association endorsements to open the door to multi-life cases. • Leverage your clients’ relationships with their CPA’s. • Explore new markets. In Summary

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