If you're an optimist like me, then you already believe 2013 is going to be a banner year for the long-term care insurance (LTCi) industry.
It looks like we're trending on the gains we made last year, in which the top 5 carriers posted a combined growth of 25% new business sales year-over-year. (Not everyone fared so well, but I've written before how our industry is undergoing a natural process of contraction and thinning just as 200 other markets have.)
Still, how the market outside your doorstep fares is of marginal concern: you want to know how to improve your own bottom line. Allow me to share with you five reasons why 2013 is going to be your best year yet for helping Americans plan smartly for their retirement:
1) Demographics. Sometimes we get lost in statistics: the 10,000 baby boomers who turn 65 every day, or the 78 million who comprise the Age Wave. You can't visit more than one family at a time, so let's choose more significant numbers. For instance, the fact that women incur 67 percent of all claims, and account for 70 percent of all claim dollars. That trend will resonate throughout 2013 as carriers respond with (and react to) gender-distinct pricing. When speaking to women, your messaging should change likewise.
2) The trade group. For too many years our industry has spoken with many mouths. Although the carriers themselves exhibit perhaps the best reach, the highest-caliber materials, and the best judgment, they suffer naturally from a curse of perceived self-interest. Enter the 3in4 Association.
Neither condemnable by conflict-of-interest, nor focused narrowly on the concerns of agents alone, the 3in4 Association finds itself in the enviable position of receiving support from nearly every major LTCi carrier, and most national marketing organizations.
Hence, it is perfectly positioned as a consistent voice of LTCi planning.
3) The awareness campaign. You couldn't go two weeks last year without Dr. Marion making headlines in her tour bus. We all saw the YouTube videos and read the press releases. This year's campaign is coming to the TV set in your home– building on the strong media relationships already forged during the tour, 3in4NeedMore will be encouraging TV stations to run as many as five public service announcements (PSAs) throughout 2013.
Imagine the lift you'll receive when your client has just viewed a commercial in support of LTCi planning or LTCi partnership. We also expect additional national spokespeople to help "spread the Gospel"– we'll be keeping our fingers crossed for sports & entertainment figures to extend our reach to new markets.
