Here we go again! I have been in the LTC Insurance business since 1987, when we were covering what was considered the “catastrophic event” – the institutional stay in the dreaded nursing home.
But that was then and here we are today, October 2018. LTC Insurance has simply evolved into is a pool, a bag, a pot of discounted money designed to keep you at home for as long as possible.
We are at the precipice of one of the greatest marketing opportunities in the history of insurance. Never before have we had an alignment of the moon, planets and stars in such a way to create a massive demographic shift.
Dr. Ken Dychtwald published his book, Age Wave, in 1990. He refers to a study by the RAND Corporation, a future-oriented think tank group that projects by the year 2000 massive improvements in health care, disease prevention, pharmacology, genetic engineering, bionics and organ transplants may raise the average life expectancy at birth to upwards of ninety years of age.
In 2018, the life expectancy in North America ranges from age 76 to 80 for males and age 81 to 84 for females. The U.S. Census Bureau in 1986 projected that life expectancy in 2040 would be 75 for men and 83 for women.
So as one can see, we’re still in the early stages of a massive demographic shift.
DON’T YOU GET IT?
Never before have we had 76 million baby boomers, born from 1946 to 1964, followed up by 66 million Generation X (Caregivers) from 1965 to 1984.
When you begin to comprehend what I’m trying to convey to you, I hope you begin to see that this opportunity, this market, this industry is far from dead! The so-called traditional product is not dead! That the hybrid product is not the future savior of the industry, but an important solution of many solutions.
We developed our 8 hour California Long Term Care (CTQ) CE course and webinars based on how I was taught and learned this business back in the late 1980’s. This course is built around the three models of understanding why long-term care and LTC Insurance.
In module one, we explore myths and misconceptions – the facts and fiction of long-term care and LTC Insurance:
- What is it? (not the insurance but long-term care)
- Why will I need it? (understand the risk)
- Where will I receive it? (understand the continuum of care)
- How much does it cost? (transfer risk for pennies on the dollar)
- Who pays? (address the major misconceptions and objections associated with the sale)
- What are the alternatives to insurance?
In module two, we explore suitability and consumer best interest standards:
- Age (at what age should I buy it and why?)
- Health (money just pays for long term care insurance, health buys it!)
- Income (the 3%-7% rule)
- Assets (be rich, be poor or be insured)
- Gender (male versus female, premium issues and claims)
- Marital status (discounts, features and underwriting considerations)
In module three, we explore plan options and designs:
- Type of product (Hybrids, Traditional, Partnership, Multi-Life)
- Daily Benefit (how much and why, based on what?)
- Duration and length of coverage (years vs pools of dollars, based on what?)
- Elimination or Deductible (days vs. dollars, for how long and why?)
- Inflation protection (yes or no, why or why not, based on what?)
- Non-forfeiture – mandatory offer (yes or no vs. contingent non-forfeiture
We deliver much more than just continuing education credits in our courses. We deliver information and tools you can use, focusing on insurance, sales and client education, combining both regulatory and consumer protection perspective into the fold. That’s why we are launching our new educational training program – to help you sell more LTC Insurance!
Why do you need to tap into our insights to achieve your LTC Insurance sales goals? Check out this extensive article in the LA Times (click here or on the image below):
All of the resources of the LA Times – and there is not one mention of the efforts that have been legislated over the past three years and recently signed into law to expand the middle class market protection with LTC Insurance through the California Partnership for Long-Term Care!
Sign up for our new educational training program and ride the wave of the Silver Tsunami with us!
