1. Overcoming Objections Nancy A. Dykeman, CLTC, CSA Your Instructor for The Corporation for Long-term Care Certification

2. You Should Know People have reasons Prospects have excuses Nothing is unreasonable, it’s their perception You have the answers!

3. What to Say Take a breath, pause first Repeat the objection back to them to be sure you understand. Always try to AGREE Turn it around into a positive conversation Ask if they know anyone relating to that particular objection Don’t fight the objection, win the objection!

4. Word Pictures Describe an event Describe a person Describe your experience Describe what they may expect You can help them picture something happening and offer the solutions!

5. Our Purpose Today Guide You in Your Interviews Become Familiar With and Comfortable Protect Your Own Book of Business Always Bring Up Planning Your Responsibility as a Professional

6. Your Goal By bringing up the subject of planning for care, overcoming objections, and conducting more appointments, you and your business will experience heightened awareness of planning and solutions, and you will be protecting people you care about…your customers.

7. Suggestion… Stop calling them Prospects Call them, “Lives to Protect” Change your own thinking

8. Let’s Get Started! Please take these common objections and answers with new ideas and responses you haven’t yet tried, but will! Give Jennifer some objections that you struggle with and I will address them at the end of this program.

9. “I’m busy right now can you call another time?” “Of course, I’m sorry we can’t talk right now, but I’ve put you on my calendar for the same time two days from now. OK? If that won’t work, then I will call you late morning on Saturday.” Their idea may be to put you off so you won’t call again, but you will! Keep at it.

10. “Just send me information.” What does this accomplish? Stalling. Say, (if you have a site), “Please go my website for the same information I would mail to you. You can meet me there and learn all about planning for long-term care.” Say (if you don’t have a website), “The information I want to send to you is specific to you and without knowing more about you, I could send the wrong thing. Let me ask you a few questions now and see if you can even qualify.” YOU are in control of all conversations!

11. “This won’t happen to me.” “Well maybe not, but I have a (friend/relative) who thought this way and it did happen to them.” “We don’t like to face it but we are living much longer with medical advances and taking good care of ourselves. Our chances are good…” “Long-term care happens to anyone at any age. Car accidents and Sporting accidents Early illnesses – Parkinson’s, Alzheimer’s Injuries – Stroke, Heart Attack What if? What’s your plan?” Use word pictures… Denial of events happening means more education is required!

12. “Why now, I think I’ll Wait.” “Waiting is an option. Let me tell you a story…” “Premiums are based on your age now. It’s time to make choices without a crisis for your family to deal with.” “Why am I here today?” “Why haven’t you taken care of this until now?” Make the person think more about the consequences of waiting too long!

13. “I’ll just end my life, make it easy on everyone.” “You might think this is the easy answer, but, long-term care isn’t about YOU. It’s about everyone who loves you. They won’t think you helped them, there will be a huge amount of anger toward you.” “Do you know what someone who is terminally ill wants? One more day here with people who love them.” Don’t shy away from this one, hit it head on!

14. “It’s too expensive.” “ What have you heard? I never think that long-term care insurance premiums are too expensive, let me tell you why I believe this way…” “YOU control the coverage and cost, YOU control where and who.” “There are generous discounts applied to your premium.” (You must convince yourself or you can’t win this one.) The cost of one month of care is almost always more than one annual premium, even for retirees!

15. “We’re just shopping, not ready.” “Oh, do you like shopping? Most people turn to professionals do the shopping for them, and that’s exactly what I do.” “Why would you take your own time to do this? What will you look for?” “You may think you are not ready to buy, but you can’t buy this today anyway. Let me ask you some short questions to see if you are even eligible to apply.”. “Let me help you understand the consequences of being ‘not ready’.” Higher premiums at higher ages. Current health vs. change in health. Shopping means delaying a financial decision!

16. “I want to be at home, never in a nursing home.” “You are just like our policyholders. No one wants to go away from home for care.” “What is your family’s ability to care for you?” “Home modifications are covered.” “The person caring for you might need to work or rest, we cover your care when they are away.” “Let me tell you a story…” “If facility (not home care) is needed, ‘What’s your plan?’” Visit the local assisted living and nursing homes so you can talk intelligently about what they do. Nursing Home policies were sold decades ago. Comprehensive plans are NOW!

17. Homecare and Facility Care YOUR choice. You will be in charge (or family member). Take a tour with them. Home care with adult day care before assisted living. Assisted Living before nursing home or dementia unit. Nursing home or rehab facility for complex, skilled care. Our policies cover all levels of care now and even new ones in the future!

18. “We’re not interested.” “We think your family would be interested in what happens when you have an accident or illness, don’t you?” “If you haven’t thought this through I will help you learn about your options.” People who say they aren’t interested don’t know what they don’t know!

19. “My daughter will take care of me.” “You’re right, she will, but have you asked her yet? Let’s try a scenario to help understand how this will work.” “Just think of what would change for YOU to take care of her. Now, in reverse, what will change for her to care for you?” Some daughters will take care of parents, at great sacrifice. Some won’t!

20. “I have so much in assets that I won’t need insurance.” “Good for you that you have had the interest in preparing yourself for a lifetime of income. Is this the money you would divert to pay for care, at the tune of $25,000-30,000 per month in about year 2030?” “Our policyholders, much like you in the amount of assets, don’t intend to invade those assets to pay for expensive care. They transfer the long-term care risk to the insurance carriers.” Consumers think they “have enough” but really don’t know what care costs today or later!

21. “I’ll self-insure this risk.” “You certainly can and let me show you how that can happen with the insurance assisting you.” Think about the cost today for care and triple that in 20 years. Is this what their money is for? Assets are for income to maintain the lifestyle in later years. Say, “What assets will be liquidated first? I suggest we meet with your financial advisor and let him/her know your plan…” Make this lemon into lemonade!

22. “I’ll take my chances.” “You could do that, certainly, but long-term care isn’t about YOU. It’s about everyone you love who cares about you.” “Do you take chances with their lives?” “How long do you think you will live…” Talk through the CLTC 3-Step Process!

23. Step One Do you think you will live a long life? “Yes, I sure hope so.” That’s ____years. “No, I expect to die young because my Dad or Mother did.” I’m sorry your lost them early, but the chances are you won’t die from their ailments unless you are genetically predisposed. I would guess your lifestyle isn’t matching theirs. Right? Your income will come from your assets but your care will come from your family!

24. Step 2 If you live a long life, do you agree that there will be an impact on your family and finances should you need care, even for a few months? How could anyone answer, “It won’t affect my family or finances.” How so? Staying at home is the goal, giving them ideas to consider about what that really means is your job!

25. Step 3 If you do need care, do you realize nothing will pay for it but cash from your portfolio, or cash from a long-term care insurance policy? NOTHING else pays for long-term care; Government programs are becoming more lean and selective, Medicare won’t pay, your health plan won’t pay, Disability Income won’t pay for care. What will?

26. You Need a Plan! Owning long-term care insurance yourself is a must. Help your clients develop their plan once you have provided them with education about long-term care and the consequences. This is a big part of their future plans and you can be the solution to this problem.

27. “I’ve heard it is hard to get the company to pay the claim.” “Tell me what you have heard.” “When was the policy purchased?” “Things have changed, let me explain.” Hearing one incident can’t be a reason to form an opinion!

28. “I need to think about it.” Early in the discussion you have established the reason you are talking with them today and their concerns. They have been thinking about it, they need more information to make a decision TODAY! “I realize this is an important decision and you need more information. Let me help you.”

29. “My financial planner or attorney needs to look this over.” “That’s very smart of you and I will be happy to set up an appointment with both of us to tell him your plans for long-term care.” “This is so important we should do it in the next two weeks. What is his name and number?” YOU are the solution, they need to recognize the problem, too.

30. “This looks good but I’m not prepared to write a check today.” “I understand, most applicants didn’t know what the cost would be until we discussed the coverage. You have told me you want a policy and the way to start the underwriting process is with the application and check (or credit card) to go with it. The only way to find out if your qualify is to begin today.” People have the money in a check book or credit card when they WANT a policy!

31. “The economy and media have scared me. Tell me about your company’s ratings.” “You and I feel the same way. That’s why we have to trust top companies and professionals to watch things closely, invest wisely, and rank highly. Our company…” Things change in financial ratings/stock, and you must know how to explain this!

32. “What if the premium goes up?” “I get this question a lot and I’m comfortable explaining what will happen. Your current premium is based on your age now, and is intended to remain stable as you get older. A premium increase may sometimes occur because specific policy series sold at specific times may need adjustment. You will be notified if this affects you, we will talk about your options. That’s why I want to schedule your annual policy review now so I can review your coverage and explain any changes, if necessary. I never recommend letting a policy go, just making adjustments if needed, just like you do with all other insurances.”

33. “I already have long-term care insurance.” “Good for you, that was a smart decision. You’re not talking about Long-term Disability Insurance at work, are you? That is different. Our insurance plans protect your family and money from the devastating consequences should you need care. When did you buy your LTCi policy? What company?” “I want to do a free review of your policy to make sure it includes all the levels of care available, and you know what the benefits will cover.” When can we meet next week?

34. The Good News We have a lot to talk about. New things have occurred in the long-term care planning industry to discuss with prospects and current clients: Deficit Reduction Act 2005 Partnership Plans Pension Protection Act - 2010

35. Keep Current YOU specialize in education, experience, information, guidance, coverage and service. LEARN all that you can. USE all that you read and hear. PROTECT more families. HAVE fun while you do it!

36. Thank you.