June Marketing Tools – Health and Extended Care (FBL)

Posted On: June 8, 2022
Posted In: lincoln, Marketing Ideas, mutual of omaha
June Marketing Tools – Health and Extended Care (FBL)

One of the most important factors in selling long-term care insurance is to properly pre-screen your clients to make sure that they are insurable, and to help determine what rate class they might fall into. Pre-qualifying a client should ALWAYS be done prior to running a quote.

Generally, there are 5 things that you should find out from a client:

  1. Any and all health conditions in the past 10 years? Has there been recent, or is there current, physical therapy?
  2. Have there been any hospital stays in the past 10 years? If so, for what?
  3. Medications: Name of Drug, Dosage (amount taken, and how often) and the exact condition the medication is taken for (some meds are prescribed for numerous conditions)
  4. Current Height and Weight
  5. Current/Past Tobacco Use

This information should help you determine which carriers might insure your client, and what rate you should quote them.

If you are unsure what to quote a client, or if you don’t have any health information, we recommend that you quote them a standard rate. 70% of all LTCI policies are issued standard. Preferred issue is the exception, not the rule. We’ve found that it’s easier to quote standard and go back to the client with a preferred issue discount, than it is to quote preferred and get issued standard (the latter almost always results in a lost sale).

Prequalifying health is KEY!

NewmanLTC has a higher than average placement rate in the industry. This is primarily due to the importance we place on prescreening someone’s health before applying. We strive to place clients with the right carrier for their health from the very beginning. Why should you pre-screen health?

  1. Most insurers won’t consider someone who has been declined elsewhere for LTCi coverage, so prescreening health can help you prevent them from getting blacklisted from coverage with other carriers.
  2. You could prevent a negative customer experience.
  3. You can pivot to other solutions or more accurately quote rated risks.
  4. It’s EASY. Just complete our 60 Second Quote Request and our wholesaling team will work with our underwriters to suggest the best fit(s) for someone’s health. You don’t have to be an underwriting expert. Leave that to us!

Lincoln:

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