Mullaney Cookson Marketing - Selling Tip: Long-Term Care (LTC)

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Selling Tip: Long-Term Care (LTC)

Wilma G. Anderson, president of Senior Care Associates in Littleton, CO, passes along this advice about how to propose group LTC to company executives in a Rough Notes article Long-Term Care Insurance: Finding a Marketing Strategy” (March 2007): “Don’ sell. Just ask if any of the executives has had experience with a long term care situation, assisting a parent, grandparent or dependent with choosing or arranging long term care.” “Many executives will have already faced the problem of dealing with a family member who has been ill or disabled. Ask them if they already care for an ill or disabled family member. Ask them how long the person has been ill.”

In the same article, John Noble, director of long term care products at UnumProvident, points out: “When you say ‘long term care,’ most people think of a nursing home for end-of-life care.” According to the Rough Notes article recent analysis of the company’s LTC claims (UnumProvident holds about 80% of the group long term care insurance policies in the U.S.) indicates that more than half of the claims---about 58%---are made by individuals under 65 years old. More than 15% of claimants (from the under-65-year-old group) are younger than 45.

An alarming statistic from the National Association of Insurance Commissioners is also quoted in the Rough Notes article: the typical claim for an under-65 policyholder lasts a year or more and can be $70,000 or more. The $70,000 equates to the average cost for a year in a nursing home.

Check out the Rough Notes (March 2007) article for more helpful information. It can aid and abet your personal selling and your newsletter and media advertising presentations for individual and group LTC plans.

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