Sell young adults on LTCI now

We should give up the outdated idea that long-term care insurance (LTCI) is something that will only be considered by seniors and boomers.

Young professionals, too often overlooked or ignored by some LTCI agents, are focused squarely on the future. They are, or soon will be, buying homes, protecting themselves with various kinds of needed insurance, and saving what they can for their retirement and their children's education. The last thing they want is to have their dreams shattered by an unforeseen occurrence that happens many times every day throughout the United States.

While what has already been mentioned may help swing some reluctant young prospects toward buying an LTCI policy, it may not be enough. Four points that can help you sway them:

• We can't expect the government to [help], especially with Medicare and Medicaid in deep financial difficulty.
• There's a very real possibility of young working adults becoming caregivers for a family member suddenly stricken with long-term care needs. They may frequently miss work, and that certainly isn't welcome news to people trying to get ahead.
• Buying LTCI at an early age can preserve their insurability and lower their overall cost, because premiums can triple between the ages of 50 and 70.
• Virtually no one can actually afford to cover today's ever-accelerating long-term care expenses on their own. Annual nursing home stays [in 2007] averaged more than $74,000, and undoubtedly, costs will continue to climb to stratospheric heights. By 2030, according to the American Council of Life Insurers, nursing home costs will average almost $200,000 a year. Home health care is often even more expensive.

Education is the key. And with dedication and persistence, it can be used to unlock the door to young LTCI prospects all around you — often as nearby as a local company, a shop down the street, your next door neighbors, and members of various civic and religious organizations within your community.