Long-Term Care Insurance has an image problem, and it starts with the name itself according to one of our three Producer Roundtable panelists in the December issue of Life Insurance Selling.
Arthea S. Reed, Ph.D., CLTC, a long-term care insurance specialist with The Asheville Group of Northwestern Mutual Financial Network in Asheville, N.C., says the product was misnamed from the start. “No one wants to think about going to a nursing home and most people think of LTCI as nursing home coverage when actually the opposite is true,” says Reed.
She goes on to list five other distinct reasons why an LTCI sales boom has yet to materialize, and fellow panelists Matthew D. Brotherton, CLTC, and William M. Upson, ChFC, CLU, also chime in on issues they see in the marketplace.
The Producer Roundtable (Read the complete article by clicking here) is one of five features in the December issue devoted to LTCI. We’ve also got articles on LTC conversation-starters, 1035 exchanges, overcoming common LTCI misconceptions, and a closer look at the four different payment options. You can also check out our just-released 20th annual report on LTCI plans here.