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LTCi Market Study Reflects Optimism

—September 16, 2011

Despite some of the challenges facing the industry, agents are still optimistic about Long-Term Care insurance. According to Agent’s Sales Journal’s 2011 LTCi Market Study, 73% of agents said they expect their 2011 LTCi sales to exceed their 2010 sales totals.

Some of the reasons experts offered for the confidence:

  • Open enrollment for the federal long-term care insurance program likely raised some awareness as many shopped around and found they could get a better deal with private LTCi.
  • The youngest Baby Boomers are reaching their late 40s and beginning to consider issues like long-term care.
  • More and more people are having experiences with parents or grandparents receiving long-term care.

More findings from the study:

  • 95% of all LTCi policies are sold to clients in their 50s and 60s
  • Referrals are the No. 1 source of leads for new prospects
  • No. 1 challenge agents face is their clients believe they can’t afford LTCi

No matter what happens in the LTCi market, people’s need for long-term care coverage only continues to grow. Baby Boomers are experiencing first-hand the emotional and financial toll of long-term care. SMS is dedicated to offering agents the products and tools so you can help your clients find some relief.

As for the No. 1 challenge facing agents being the perceived cost of LTCi, our LTCi specialists can help you design a plan with a premium that fits your client’s budget and find discounts that reduce the cost even further. We can also help with training and pre-underwriting.

Help your clients protect their life savings and relieve some of the stress they’re going through today. Be proactive and call your SMS LTCi specialist today! 1-800-786-5566 option 4

PS: National Long-Term Care Awareness Month is coming in November. Make sure all your clients are secure with a plan to meet this ever growing need for Long Term Care.

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