SUMMER 2022 15
Finding # 1 : Consumer concerns
As long-term effects of COVID-19 are becoming more apparent , it ’ s important to proactively communicate with your clients to ensure they feel secure in their coverage . Addressing any concerns they may have proactively will enhance your credibility as a professional , and showcase your dedication to client service .
Ideas :
If it has been awhile since connecting with a client , consider sending them an email or text inviting them to assess their coverage needs . Or , send out monthly or quarterly newsletters , highlighting current trends in insurance , including long-term care and disability insurance . This will keep those topics top of mind when clients consider coverage needs . By providing clients with necessary reassurance and information , you ’ ll foster deeper , more trusting relationships .
Changes in concerns about early death , disability or long-term care needs due to COVID-19
40 35 30 25 20 15 10 5 0
21 %
29 %
Much more anxious
33 % 32 %
Somewhat more anxious
38 %
Unchanged
All Americans
Americans with at-home dependents
Somewhat less anxious
Much less anxious
Fifty-four percent of Americans stated that COVID-19 had made them more anxious about dying early , becoming disabled or needing long-term care , including 61 % of Americans with at-home dependents .
27 %
5 % 8 % 3 % 4 %
Finding # 2 : Assumptions on needing long-term care
If clients misunderstand the severity of their need for coverage , they ’ re more vulnerable to the risk of needing that protection and not having it available . It ’ s sometimes easier for people to believe that they personally will never need long-term care — which reinforces their need for your expertise .
Estimates of the need for long-term care among American seniors *
Idea : Try making the situation more relevant by sharing examples of scenarios where a client had a similar mindset , but eventually needed that protection . Reassure your clients that this is in their best interests in the long run by showing them how the benefit outweighs any potential income loss .
Estimates of the chance of long-term disability among Americans *
40 35 30 25 20 15 |
27 % 30 %
|
40 % 38 %
|
21 % 18 %
All Americans
Americans with financial advisors
|
40 35 30 25 20 15 |
37 %
|
43 %
|
32 % 32 %
|
20 % 16 %
All Americans
Americans with financial advisors
|
10 5 |
|
|
12 % 13 %
|
10 5 |
|
|
|
11 % 9 %
|
0 |
1 in 2 |
6 in 10 |
7 in 10 * correct answer |
8 in 10 |
0 |
1 in 10 |
1 in 5 |
1 in 4 * correct answer |
1 in 3 |
* Based on the likelihood of a 65-year-old needing long-term care , including In-home care , residence in a nursing home or assisted living , before they die . |
* Base on the likelihood of a 20-year-old becoming unable to work for At least one year due to acquiring a disability before turning 65 . |
Consumer concerns continued on page 16 |