Why Scary LTC Stats Don't Work

Why do I continually criticize the use of #ScaryStats in the LTC planning process?

1. The most commonly used stats are misleading and unfair ...
2. More importantly because THEY DO NOT WORK!

In ANY insurance planning engagement scary stats are argumentative white noise with no consultative value. Scary stats do not promote conversation, they shut it down. Statistics create an "argument" - even if just internally in a client's mind - and that turns them off.

Stats are confrontational not conversational.

The issue is how to effectively, proactively engage clients in a meaningful conversation about the CONSEQUENCES of a LTC event - not on themselves, but the devastating impact on those they love and their financial security.

Risk stats DO NOT work ... unless you only want to engage folks who are already willing to engage because of personal experience, in which case you do not need stats as they have already lived the consequences! This is why we remain stuck at about 10% market penetration, we are not proactively engaging folks who do not yet want to talk about the subject but who need to. Yeah, that is a "harder sell" - get over it, it is your job!

The lazy crutch of throwing LTC stats like "50%, 60%, 70%!!!" in clients' faces only perpetuates the inaction - and frustration of both advisor and client - to effectively engage in meaningful extended care planning.

And the odds are not 70% or 52% or 33% or 7% or ... For any and every individual, the chance of needing care is EXACTLY either 0% or 100%. But the consequences of needing care are catastrophic - personally and financially - and require forethought and action to mitigate those consequences.

Stats seek to engage reason to spur action, and fail.?

Human psychology is proven to respond in exactly the opposite fashion when facts seek to overthrow beliefs - even misguided beliefs. Emotion always trumps facts as we naturally accept - or reject - those facts which only comfortably support our existing belief. For example, "It's never going to happen to ME."

You must touch the heart to change the mind. "Scary stats" will never do this, especially in the world of insurance sales!

"You may never need care [or die or become disabled during working years]. But if you do, the consequences to your family and their financial security will be devastating."

Learn how to use effective conversation starters and how to navigate the planning process - without using scary stats.

Start there. Have a conversation. Touch the heart. Damn the statistics.#CLTC training would be a great place to start!

(edited 12/7/2022)

?2021-2022 William E. Comfort