The LTC Industrys Mission: Eliminate Financial Devastation
When watching the sun setting over the water in the Florida Keys, my view of our world seems as perfect as it can be. But it takes only a click of the remote to jolt me back to the reality of the dayreports of the latest tsunami disaster, grim statistics from Iraq, snow storms pummeling the West and floods in the Midwest.
News of young and close friends and relatives suffering from debilitating diseases is even more overwhelming. These all are reminders that we just dont control a lot of the world in which we live.
In the long term care insurance sector, accepting that reality drives some of us to state emphatically that we still have the right, opportunity and obligation to control the issues that nature has left untouched.
In our lifetime, we may or may not see devastating diseases such as cancer, diabetes, heart disease, stroke, Alzheimers and AIDS, brought under control. But over the next few decades, the insurance industry needs to eliminate at least the financial devastation that takes place when these events occur.
When friends, relatives (or yes, even ourselves) have to bear the emotional pain and suffering of these conditions, the least the industry can do is to work together to cure the money part of this “individual tsunami.”
So, where is the industry at this point? Currently, news is circulating that the 2004 industry sales for LTC insurance were down over 25% from 2003. In addition, in some cases, senior vice presidents of actuarial, marketing and sales are battling to stay the course in the businessthey must battle this way because of bad press and lower-than-expected profits and/or concerns about future liabilities.
The last 2 decades in the LTC industry have shown that the business has a stellar group of very smart, very committed and, at times, very overworked folks in its manufacturing side, and at the same time, an eclectic group of accomplished LTC insurance specialty agents, general agents and marketing general agents, who also are looking and acting overworked and underwhelmed with their last years results.
Most importantly, the industry has roughly about 10% of America listening to its advice. This last may be viewed by some as even more bad news; however, its actually great news. It means that 90% of America (and numbers are much higher in the rest of the world) needs the industry and its products more than ever.