With Americans having a deservedly heavy focus lately on Superstorm Sandy cleanup efforts and Tuesday’s huge election, long-term care insurance specialists have an even bigger challenge than usual this year in getting people to realize that November is Long-Term Care Awareness Month.
That’s not stopping the American Association for Long-Term Care Insurance, which sponsors the month, from trying. On Nov. 1, AALTCI Executive Director Jesse Slome kicked off a national consumer-focused campaign designed to heighten awareness of new provisions available from LTCI providers.
“Long-term care insurance is ‘new and improved’ with plan features and options that will make this important coverage more attractive and more affordable to larger numbers of individuals,” Slome says. “We will undertake an extensive national consumer awareness effort to explain important developments to consumers, especially those in their 50s and 60s who need to start planning for the risk of needing long-term care.”
Slome says that in addition to educating consumers, there is a need to educate the thousands of insurance and financial professionals who are not familiar with important industry developments designed to make coverage attractive in the new economy. Slome points to options that enable individuals to buy more affordable basic coverage and increase their benefits in future years. “Long-term care insurance used to be a one-and-done process,” he says. “Today, many will find it advantageous to take what I call a ‘layered’ approach, locking in some coverage now with the ability to add to their coverage in future years, even if their health has changed.”
To read more about Slome’s views on “new and improved” LTCI, check out our cover story from the November issue of Life Insurance Selling.
“We are going to make consumers aware of what we call the ‘good, better and best’ approach to long-term care insurance planning,” Slome notes when explaining the goals of the LTC Awareness Month effort. “Some 8 million Americans currently have long-term care insurance, and we are quite positive about the future growth simply because Americans are not getting younger and they recognize the risk and consequences of not planning.”
As Americans recover from being bombarded by $6 billion in spending on political ads through this election cycle, perhaps there is a little window through mid-November to reach consumers before they become overwhelmed again with a barrage of holiday shopping ads.
For more LTCI coverage from the November issue of Life Insurance Selling, also see:
- All riders are not created equal by Shawn Britt, CLU
- Long-Term Care: What’s at risk? by Steve Schoonveld
- How should you handle the shift to gender-based LTCI pricing? by Allison Bell
- Producer Roundtable: Sharpening the focus on a dynamic year for LTCI by Charles K. Hirsch, CLU