The Advisor's View of Long-Term Care Planning

What's the one question to ask LTC prospects?

Posted by Tom Riekse Jr | Nov 4, 2015 11:00:00 AM

One question to ask during LTC Awareness Month

If you only had one chance to send an email out to clients or prospects, what would it say?

I would suggest you send a survey with the following question:

Long-term care insurance survey strategyWhy?  Because behavioral research shows that people who merely are asked about a certain activity will be more likely to act. The measurement effects the outcome!

How do we know this? Examples of this are well documented in the book Nudge by Richard Thaler and Cass Sunstein. Here are some interesting cases:

  • If you ask people if they are going to vote the day before the election it increases their probability to vote by 25%.
  • A survey to 40,000 people asking them if they intended on buying a new car in the next six months increased purchase rates by 35%.
  • A university looking to educate students on the need for a tetanus shot found that only 3% of attendees to a lecture asking them to get a shot did so.  However,a similar group who had the same lecture but were given a map to the college health center complied at a 28% rate!

The concept is called "priming," and works at a subconcious level of the brain. The question above does not ask them to buy, only if they are going to at some point in the next three years.

Interested in creating a survey? I would recommend a easy to use tool like Survey MonkeyClick here for an example of a quick survey.

LTC Awareness Month Resources

 

Topics: For financial professionals, Sales Tips

Written by Tom Riekse Jr

Tom Riekse, Jr., ChFC, CLU, CEBS is the Managing Director of LTCI Partners. He has been working in the long-term care insurance business since 1991 with an emphasis on communicating the value of LTC planning to advisors, employers and consumers. He has primary responsibility for all marketing and technology initiatives at LTCI Partners, and has worked closely with carriers and vendors to make LTC Insurance easier to sell and enroll. Tom received his undergraduate degree in from Hope College, Holland Michigan. He subsequently achieved his MBA at the University of Illinois at Chicago, with a concentration in finance and marketing. He holds the Certified Employee Benefit Specialist designation from the International Foundation of Employee Benefit Plans and the Wharton School and his Chartered Financial Consultant from the American College.

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