As you examine your various tools and solutions for clients, could this be the time to finally consider the possibilities for long-term care insurance?
Yes, for a long time, the product known as nursing home insurance did not set the sales world on fire. Its a complex product to deal with and a challenging proposition to make to clients who may not see the value or understand the bigger implications of LTCI in their own future care.
But as we discuss in our feature in ASJs September issue, Funding Our Future, LTCI sales have been on the rise for those whove become experts in the field and the product offers a unique opportunity for those whod like to expand into the field and offer LTCI as a supplement to their traditional insurance tools. Among those who do sell the product already, ASJs 2011 Long-Term Care Insurance Market Study revealed that three-quarters of agents anticipate selling more policies this year than last.
Most importantly, its a product that can be positioned with younger clients who can qualify for much lower rates while still in their 30s and 40s, affordably establishing a safety net for their future care. According to our results, LTCI sales are still primarily aimed at clients in their 50s and 60s, but the younger generation represents a golden opportunity to highlight a product with vast and tangible benefits.
Education is key, not only for yourself as an expert in the field, but also in providing clients with valuable advice as federal legislation (particularly the CLASS Act, which may or may not eventually provide nationalized LTCI coverage) continues to develop or be potentially impacted by the pre-election political climate.
Whatever the case, the raw truth that so many of us will need some form of long-term care, either as we naturally age or as the result of a disabling accident or illness, makes LTCI a strong tool to consider. For more resources, visit www.AALTCI.org, www.3in4needmore.com or www.longtermcare.gov.