LONG-TERM CARE
Regardless of agent / advisor practice focus , helping consumers prepare for an uncertain future is a key consideration when including long-term care planning in their portfolio .
What the agents think from page 32
Things to consider
As we continue to sort through and analyze respondent perspectives , the following topics rise to the top for further consideration : 92 % of respondents indicated that consumers are motivated to discuss long-term care planning because of personal experience . Purchasers said “ yes ” due to : 1 . Personal experience that illustrated the high cost of care . 2 . Desire not to be dependent on family / friends . 3 . Desire to protect assets . 61 % of agents / advisors believe that contact with care communities would enhance business . Most popular future growth opportunity is affordable solutions for the mass middle market . 48 % recognized the increase in mortality and morbidity concerns associated with COVID-19 . Technology solutions received mixed reviews 1 . 47 % felt that drop ticket and streamlined underwriting helped sales . 2 . 69 % think that carrier tech solutions made sales easier . Advisors felt the best sales training came first from independent distribution and second from insurance companies . 52 % indicated they prefer a mix of virtual and in-person training . Recognition that heightened consumer awareness , provided by the insurance industry , would increase sales .
Takeaways
Our short-list of survey takeaways includes : This survey is a continuation of producer perspectives studies conducted in 2004 by LIMRA and the Society of Actuaries . Continued study of agent / advisor opinions at point-of-sale will be helpful in product improvement and training . Expand the universe of consumers that are informed and aware of the need to plan for long-term care . Increase the number of agents / advisors ( particularly those under age 50 ) that are willing and able to proactively discuss long-term care planning with consumers . Develop affordable and measurable product choices for the upper end of the middle market . Advisors recognize the value of combo products with measurable long-term care planning benefits and are not afraid to ask for additional premium . Enhanced training applicable to policy review and 1035 Exchange opportunities will improve sales results .
What have we learned , so far , from the Who is Selling What ? To Whom , How & Why ? survey ? Regardless of agent / advisor practice focus , helping consumers prepare for an uncertain future is a key consideration when including long-term care planning in their portfolio . Those that have done so believe they ’ re competent or expert , but still desire ongoing and enhanced training . Additionally , expanding the playing field to a broader mid-market continues to be a top need . Finally , a deeper and more consistent consumer awareness effort , spearheaded by insurance companies , professional associations and distribution , will serve us well as we move into the future .
Percent recognized the increase in mortality and morbidity concerns associated with COVID-19
48 %
34 Perspectives Q1 2021