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November 13, 2015 at 06:27 AM
Many agents use Long Term Care Awareness Month (LTCAM) to revisit long-term care (LTC) planning conversations with their clients. It’s a great opportunity to approach a sometimes emotional subject and discuss how solutions like long-term care insurance can help.
If you’re doing the same, don’t make the mistake of overlooking a certain group of clients: millennials who are recent buyers of other lines of insurance.
Sure, millennials – or young adults in their 20s or 30s – are likely a long way from needing LTC solutions, but they may be more receptive to an LTC conversation than you think.
Here’s why you should be using LTCAM as an opportunity to educate even your millennial clients:
1. They’re already seeking financial advice.
Think about your clients who have purchased disability, life, or accident coverage. Many are entering life stages where they’re building a career, getting married, or having kids, so they’re looking at ways to protect their livelihood and family.
See also: As the need for retirement-minded advisors grows, differentiation is critical
Common key values for millennials also include future financial security and protecting their quality of life, which extends to considerations for retirement planning and maximizing their future income.
2. They’re finding insurance information on their own.
It’s no secret that millennials are doers who embrace technology to quickly get the information they need. Like most consumers, many are doing their research and finding insurance information online. However, according to LIMRA, millennial and Generation X consumers are even more likely than baby boomers to use both online sources and financial professionals to learn about insurance solutions.
