When hikers come across annoying pebbles, a giant log, or disgusting muck, they have to decide whether to find away over, or through, the obstacle, or brave the ticks and poison ivy and blaze a new trail.
Long-term care insurance (LTCI) specialists are a facing similar sorts of questions these days as they face the effects of low interest rates, tough new accounting rules and hard-won experience on the carriers that write LTCI products.
But AIM makes sure to offer linked benefit, Medicare supplement and annuity products along with stand-alone LTCI products, and the brokerage now is devoting major efforts to critical illness market consumer education programs and materials, to help retail producers expand sales of the product.
Traditionally, wholesale brokers have relaxed and let insurers build product awareness.
LTCI specialists who are considering diversifying could start by considering the following questions:
- What are they really good at, and what are they bad at?
- What do they enjoy and dislike about selling stand-alone LTCI products?
- What other products interest them?
- What kinds of licenses and other credentials would they need to get to sell other appealing products, and how easy or difficult would getting those credentials be?
- How viable are the markets for the other products? Are the insurance company units writing those products really hit just as hard by low interest rates and new accounting rules as the units writing stand-alone LTCI policies?
- What holes do they see in the financial, risk management and life management plans of their best and favorite customers?
Many LTCI producers first got interested in LTCI when they started helping their own loved ones with LTC management issues.