Agents Optimistic About LTCI Sales: AALTCI
A quarter of the agents in the sample sold 26 or more stand-alone or linked-benefit policies last year.
For the agents sticking to the task of trying to protect people against long-term care (LTC) risk, the market outlook looks pretty good, according to the American Association for Long-Term Care Insurance (AALTCI).
The news may be full of gloomy headlines about long-term care insurance (LTCI) issuers’ efforts to get approvals for rate increases for holders of in-force LTCI policies.
But 48% of agents who participated in an AALTCI survey said they expect their own sales of new, traditional LTCI policies to increase this year, and only 21% predicted their sales of traditional LTCI policies would decrease.
(Related: First-Time LTCI Claimants May Be Getting Older: AALTCI)
The participating agents expressed even more optimism about sales of products that combine LTC benefits with life insurance policies or annuities.
About 66% of the agents said they expect their sales of LTC hybrid products to increase, and just 7.2% said they expect sales of those products to fall.
AALTCI sent surveys to 1,000 agents and received replies from 333. Only about 10% of the participating agents said they had started selling LTCI or LTC hybrid products within the past five years, and 80% said they had been selling the products for more than 10 years.
About 40% of the survey participants said they sold five or fewer traditional LTCI policies or hybrid products in 2018, but 26% said they sold 26 or more LTC-related products.
Jesse Slome, the owner of Sales Creators Inc., a Westlake Village, California-based insurance marketing support services firm, started AALTCI in 1998.
Resources
A copy of the AALTCI survey is available here.
— Read Long-Term Care Insurance Claims Rise 12%: AALTCI, on ThinkAdvisor.
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