I am looking into starting a career of selling LTC and would greatly appreciate advice. Is it better to begin as an agent and move to become a broker later, stay an agent or try to sign on with an existing broker from the start?
Besides the trips, what are the real advantages of being an agent vs the ability to carry multiple lines as a broker?
I know some agencies will pay the cost of getting licensed, but in the long run that looks to be a minor cost, or is it?
Lead generation and prospecting varies from company to company and I assume most brokers work hard to find their own leads. Any ideas here? I worked for a company whose lead source was the phone book. That was work!
Please feel free to give any advice. My phone number is below if you have time to call, 203-733-7067.

I'll assume then you are not selling insurance of any type at this time. Representing all the best carriers in the world will not earn you a dime with out a lead source or a good marketing program that will generate business. Doesn't matter whether it is health, life, or LTC. Insurance is not necessarily a get rich quick scheme either. What you mainly need with either approach is a good mentor if you want to make it.

Since I have a consulting (non-sales) background, I can not see how a captive agent can survive with only one product to sell. But if you are captive to a quality carrier with good products, and you can get in front of enough people, you can earn a living and sleep well at night. Otherwise, you had better be a darn good salesman. I was lucky enough to be indepedent broker with a great lead program....so it was easy for me to close business. No matter what plan is best....I offer it. All I have to do steer, educate, and enroll.

You can also consider not limiting yourself to LTC. You can use health/life/disabililty/annuities as the companion plans, or the door openers to LTC as well. The more you have to offer, the more you have to sell....if you can keep it all straight in your head.

In a tough economy, baby boomers who just saw their savings cut in half may not be quite as anxious to run out and buy LTC insurance or any other major expense at the moment......so make sure you know what you are getting into. It is a much needed product, and more people need to be out there educating others on its benefits. Good luck.

Michael,
I started out in this business in 1995 as an independent broker. Although I represent every company in NY, NJ & CT, if I had to start from scratch today, I'd probably start as a captive agent.

Hancock & Genworth, to name two, can offer you a basic education and get your career started. It's very possible that after a few years of being captive, you might want to consider becoming independent.

The business is not the same today as it was 10-15 years ago when I and many others started. Keep in mind that 90% of the agents who start out, are no longer in the business 18 months down the road. It's important for you to get a good education at the begining of your career. You may work 6 months before you see a commission check therefore, you need to have some nest egg to carry you through the start-up process.

You need to find a mentor in the business to carry you through the first
6-12 months. It will cost you some of your commission, but it's well worth the investement. You can have the best product at the best prices, but if you're not in front of prospects, you won't make a dime. A mentor can give you the knowledge that you need to be successful.

Join an organization such as the American Asociation of Long Term Care Insurance and keep yourself informed about the industry.

http://www.aaltci.org

If you insist on starting out independent, make sure you affiliate yourself with a General Agency that specializes in the LTCi. There are a number of them out there in your area. Do your due diligence and find one that you feel comfortable with.

It's not an easy business today, but if you're one of the survivors, you can find yourself in a very reqarding career and do very nicely for yourself.

Good luck.

Arthur