Long-Term Care Numbers Positive or Negative?

Hardly a week goes by that I don't read an article about how Americans are ill-prepared for a long-term care event, or how Medicaid is trembling under the weight of all the uninsured individuals receiving long-term care. An optimistic person might look at those facts as evidence of the tremendous need for Long-Term Care insurance (LTCi). But those who are more inclined to look for the gray lining in every opportunity might jump to a different conclusion: “Apparently, nobody out there is buying Long-Term Care Insurance,” they think. “Guess I won't bother trying to sell it.”

These negative agents will find any number of reasons to convince themselves that their conclusion is true: LTCi is expensive, underwriting is too onerous, it's hard to find leads, people don't want to pay for something they may never use. But the evidence is not on their side.

Individual LTCi sales grew by 14% in 2010 with approximately 475,000 new policies sold, according to the American Association for Long-Term Care Insurance's (AALTCi) 2011 Sourcebook that was published this spring. The total number of Americans with LTCi coverage now stands at 8.1 million.

Perhaps even more impressive, 25 states saw double-digit increases in LTCi policyholders in 2010. Granted, the largest gains came in low-population states like Alaska (130%), Wyoming (62%) and Vermont (48%), but that still leaves 22 more states with enrollment increases of 10% or more.

Another huge area of opportunity is the worksite market. Only 8,000 businesses currently offer an LTCi benefit to their employees, according to the AALTCi, which leaves another 5.8 million small-to-medium-sized businesses in the United States that do not yet offer this benefit. More and more people are taking advantage of worksite programs because they can usually get a plan without going through underwriting.

So now that you know the LTCi market is active and people actually are buying LTCi, you're probably wondering what support is available to help you break into it. LTCForAgents.com offers a variety of programs and services to help you attract LTCi prospects and close more business.

  • LTC Direct Mail Lead Program
  • Pre-Underwriting review of every case
  • Application review to ensure your enrollments run smoothly
  • Individualized illustrations
  • Advice on products and benefits
  • Marketing materials, such as Powerpoints, brochures and more

For advice on how to break into the LTCi market or how to handle your next case, call 1-888-456-8884 Ext. 4.