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More LTC Agents Become Brokers, Study Says

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NU Online News Service, June 11, 2: 40 p.m. – A growing number of career long-term care insurance agents are becoming independent brokers, according to a national study conducted by Sales Creators, Inc., Westlake Village, Calif.

“Over the past two years, some 28 percent of the LTCI career agents responding to the survey reported becoming independent brokers,” says Jesse Slome, president of the Sales Creators, which develops generic sales tools for LTC insurance. “The leading reason for the switch, cited by 61 percent of those that made the switch, was access to a greater diversity of policies.”

LTC brokers who represent multiple insurance companies are changing as well. Slome says 22% say that they have switched their primary LTCI carrier within the past 24 months. The three leading reasons were newer product offerings, premium (policy pricing), and better first-year commissions.

The survey was conducted of some 2,500 readers of Long-Term Care Insurance Sales Strategies, the magazine of the American Association for Long-Term Care Insurance.