With sales of traditional long-term care insurance policies declining, the American Association for Long-Term Care Insurance (AALTCI) is studying the future outlook of insurance professionals who market these products.
"Gaining insight into attitudes of insurance professionals can help to understand what's taking place in the market," explains Jesse Slome, director of AALTCI. "We will be conducting an online survey to better understand the current situation and, perhaps most important, how long-term care insurance agents see the future as it pertains to long-term care insurance sales."
According to the Long-Term Care Insurance Association some 350,000 Americans purchased a form of long-term care coverage in 2019. "Traditional health-based long-term care insurance which once accounted for the vast majority of policies sold, now accounts for less than one in five new policies sold," Slome notes. "Do agents forecast that the trend to combination products will continue; do they even believe any traditional policies will be sold five years from now? These are all valid questions to ask."
The Association will conduct a one-week survey of insurance agents and brokers as well as financial advisors who market long-term care insurance. "We plan to poll several thousand individuals in order to gain a meaningful insight," Slome states. "You can't plan for the future without information. Doing that would be like blindly throwing darts at a dartboard attached to a moving car."
Agents interested in participating in the survey can access it online at www.surveymonkey.com/r/LTCagentsurvey
The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning. The organization connects consumers with knowledgeable professionals who are independent advisors for no-cost, no-obligation long-term care insurance quotes and policy comparisons.
Jesse Slome is founder of the organization and currently serves as the director for AALTCI as well as the American Association for Medicare Supplement Insurance as well as the American Association for Critical Illness Insurance.
The American Association for Long-Term Care Insurance and the American Association for Medicare Supplement Insurance advocate for the importance of planning and support insurance professionals nationwide. Jesse Slome, founder and executive director of the organizations, is a leading consumer advocate and author of numerous consumer and professional guides focused on retirement and insurance planning that have been published by governmental agencies and private organizations.