Q&A with Margie Barrie on LTCI sales

SMA: As the boomer group begins to move into retirement mode, why is there such an important goal for LTCI sales?

Margie Barrie: There are several reasons for that. Boomers are going to be retired for many more years than their parents were, and they need to make sure that they do not outlive their assets and that their assets are protected from the risk of a long-term care crisis. Also, boomers are starting to live the care-giving nightmare. Many of them will be caring for their aging parents — if they are not already. Today’s woman will spend more years caring for her aging parents than she spent raising her own children. Nothing makes a person realize how important LTCI is than either being a caregiver or witnessing a friend or relative being a caregiver. Also, most seniors, if they are planners and have assets to protect, have already bought this protection.

SMA: What is different (or what does one need to know) about selling LTCI to boomers, versus previous generations of customers? Are there any special strategies or approaches one needs to take?

MB: There are different hot buttons and concerns. I will be sharing the strategies that are working for two very successful producers at the upcoming Senior Market Advisor Expo.

SMA: Are there any particular kind of products that work (or don’t work) when aimed at a boomer market? Is there anything new that’s been created with them in mind?