5. Customize Policy Premiums
“Everyone’s needs are different,” says Wendell Morgan, an agent with Bankers Life & Casualty in Austin, Texas. “You can’t just go to every client and always show the largest policy available with every available rider.”
It sounds like common sense, but Morgan comes across numerous cases where he is the 2nd or 3rd agent to discuss a Long-Term Care Insurance (LTCI) policy with a prospective client.
When he asks if they’ve considered LTCI they respond that they have but the coverage was too expensive. When Morgan probes for details on the previous proposal, it often turns out that the other agent came in with fully loaded coverage while a basic plan was more appropriate.
In response, Morgan shows plans in which he adjusts the features and benefits to reduce premiums. By modifying the policy’s benefits, he cuts premiums to a level that the prospect can afford.
“My thoughts on long term care insurance are that something is better than nothing,” says Morgan.
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