Would Like Some Help (Information)

[Greystone]

I was licensed to sell life, disability, long-term care insurance last summer. Haven't done as much as I would like but that's only because I work full time for a financial planner. What I am trying to do though is become more specialized if only in my own mind. Being a woman I would like to be there for women looking for this service. I have look around the area and all insurance agents are men. I am also thinking that I want to be there for women who have pets especially horses.

Here is some of my thinking and please give it to me straight if I am way off base. Back to the women thing. Not only are there not a lot of women agents who women clients can relate to but women as far as long-term care is concerned are usually the ones that have to look after their parents (so they should be talking to them about getting LTC). They also usually take care of and then out live their spouses; again, a reason they are the people to reach and inform them about LTC. I am looking into this today but unlike Medicare or Medicaid, LTC insurance will pay for necessities like housecleaning so they may pay for a barn hand. This is also my line of thinking for disability insurance. It is amazing the statistics for becoming disable. Knowing that our little friends are taken care of in the event of something happening is comforting. That would also be my thinking for even life insurance. I personally suggest term.

Anywho, does any of this make sense. I am not a salesperson at heart which I know from experience these people (insurance agents) are. Perhaps that is my downfall and I should just throw in the towel. My few clients I have gotten where ones that contacted me and I pretty much have gotten the lowest rate regardless of my commission. Is this not my calling?

 

[PaintedPromiseRanch]

i don't really have any advice but wanted to say, i work for estate planning attorneys in a retirement community and i totally agree with your assessment!! so, i would say keep at it, the market IS there... wish i could be more helpful.

 

[RainSong]

IMHO, the market is there- but it's going to take a lot more advertising (specialty-type ads and flyers, including in places that aren't normal for the market) and probably a lot more work AT FIRST to draw in the clients. Once you get good word of mouth going, you'll do better

 

[Jill]

Well, this is an an area I can give some insight into.

I am a licensed life, health and annuity agent. I sell "a lot" of annuities, life insurance, some LTC, and rarely disability (due to the age of my clients though I have two disability policies for myself). I am also licensed to sell pretty much any bonafide investment with my series 7 (stock broker), 65 (registered investment advisor) and 24 (registered principal / supervisor). Oh what fun

Single women may not feel a big need for life insurance if they do not have children. To target women who want to provide financially for pets and horses would really be too small a market to make a good living in my opinion. However, in some cases, life insurance can be a very good investment as if you have the right policy, you can grow your cash values and take them out during your lifetime tax free (not tax deferred). THIS will appeal to some financially successful women when explained properly...

LTC is for sure something women, single and married, should investigate. Statistically 2 out of 3 people will eventually be in a long term care situation. Apply that statistic to a couple and it's likely at least one of the couple will need LTC. Doesn't always mean being confined to a nursing home either. Many people are surprised to find out that in home health care is just as or more so expensive than being in a nursing home... Plus, women statistically live longer than men making it even MORE likely they will need LTC (and often they do more caregiving for a husband than vice versa, again statistically).

Also, in my opinion, the "healthier" you are, the more likely you may be to need LTC at some point. The things that will kill us quickly will not require us to be in a LTC situations but the things that can aflict us over time and as we get up there in age can require that someone help us with our daily living activities.

Women who are helping their parents with care should consider LTC for themselves. It's already too late for them to insure the ailing parents. Sometimes children even may want to pool together and purchase or LTC insurance for mom and dad. After all, the real reason for LTC is to protect a person's assets from being spent down to cover the high cost of LTC.

When I decide what products to offer my clients, I look at the features. LTC is not a huge part of my practice, but it's a component. Whatever the product, the biggest factors are how good it is for the client which would include the costs of the coverage if it's an insurance plan or asset management fees if it's an investment, the prior results, etc. What's in the best interest of my client really is always in my best interest as well. If I don't do right by them, they'll find someone else who will. It's too expensive to get a client on board and then loose them because of poor service or advice.

A lot of "investment" people either focus on the insurance side (LTC, annuities, disability, life) OR investments (stocks, bonds, mutual funds, unit investment trusts). Few have the licensing to do both (I do) and that also allows you to offer variable products which are both insurance and investment vehicles.

When it comes to understanding the products you represent, the easiest way I have found is to just take the brochure that is designed for the clients and sit down and read it. Make a list of any questions you have and call the vendor or have them send their wholesaler by for a face to face. This is a great way to make sure you really understand the product, pick of sales ideas that are working for others, and fire yourself up about all the benefits of the particular product or investment. Like a pep rally in a way!

I love what I do and I am a sales person, but I also feel very good because I know I am helping my clients every time we do any transactions or money management.

Hope that helps. Sometimes my mind goes 100 directions at once on this stuff because I've been doing it so long and like it so much. If there's anything you ever want to talk with me about, feel free to PM or email. I may even know some good companies or field marketing organizations s to deal with (and some to avoid).

PS something that might get you A LOT of mileage is to offer women only investment or insurance classes. I have done educational seminars in the past and the best prospects out of those groups often are single women.

 

[Greystone]

Thank you so much Jill for the information. I currently work for a financial planner who is licensed both in insurance and securities. I was thinking of getting my securities license but it does cost some money and since I don't have time now to hardly sell insurance I will probably put that off for a while. I truly do love the stock market and economics in general. I day-traded several years back when the dot coms where hot. Made money and got out - thank goodness.

I currently have an ad that goes out every two weeks in our local paper (have only had one bite from it). I change the type of insurance monthly, i.e., life insurance for 2 ads then LTC.

I can't agree with you more about what is best for the client. I have access to over 15 carriers and to me the carriers rating and price is more important than my commission.

 

[Bess Kelly]

Jill has given you excellent advice about knowing your product & clients.

But, you will need to learn to "ask for the sale".........you could begin working toward a better client base by considering a presentation of products and reasons for their need at such things as any of the various "ladies" groups -- sewing circles, church groups, floral, dog or horse meetings. It can be a mixed group, obviously -- but, you did seem to feel more comfortable with women.

Best of Luck!!

Once you find a way to be more active with the contacts, you will see the sales begin.