Tips to help advisors sell long-term care insurance to younger prospects

Grappling with financial obligations and professional commitments, many consumers in their 40s and early 50s may not be thinking of purchasing long-term care insurance (LTCI), but savvy agents and advisors know that it may be in their best interest to take a serious look at LTCI and the many benefits it provides. Craig Roers recently shared some helpful tips and ideas that financial professionals can use to increase their chances of selling LTCI to their younger prospects and clients.

Working with clients and prospects

Roers, who is marketing manager at Thrivent, pointed out that it is not uncommon for younger clients to put off extended care planning. This is because they’re often focused on other financial priorities, like buying a home, paying off student loans or raising young children. “However,” he said, “it’s a good idea to encourage your clients to start thinking about extended care planning earlier in their financial journey, rather than waiting until it becomes urgent.”

Roers then shared three tips that Thrivent encourages financial advisors to take when helping their younger clients or prospects incorporate extended care planning into their financial strategy. They are:

1. Reinforce the importance of a written strategy: “A written strategy for extended care outlines preferences for where care will happen, who will provide it, and how it will be funded.”
2. Show them the risks of longevity: Most financial advisors plan for retirement income to last until age 95 for their clients, even though the average life expectancy in the U.S. is under 78. But the average health span — years lived in good health — is just under 64. “This reinforces the need for extended care planning,” Roers said. “Clients could potentially live with a chronic condition for years, and if not addressed, rising care costs could threaten their financial plan and long-term goals. “Personalize the message for your clients – ask them to consider their family history and possible future health risks. This may help them see why planning sooner matters.”
3. Explain how time boosts affordability and insurability: Clients buy insurance with their age and health—two key factors in pricing and eligibility, Roers said. Help younger LTCI prospects and clients "understand that the earlier they apply, the higher the likelihood they’ll benefit from lower premiums and better underwriting. Explain to them that waiting to act now can lead to higher costs and a greater risk of becoming uninsurable,” he added.

Financial advisors can also encourage younger LTCI prospects and clients to choose accelerated payment options—like Pay to 65, 10-pay, or 20-pay, so that LTCI premiums are completed before they retire. “This makes it easier to fund coverage during peak earning years and avoid paying premiums during retirement,” he said.

Roers pointed out that one of the most important things for financial advisors to remember is that extended care planning is an ongoing conversation. Because younger clients are usually focused on other life milestones, early planning can feel unnecessary. “By bringing it up early and regularly – whether during annual reviews and other touch points throughout the year – you can help clients see the immense value of extended care planning and help them build it into their overall financial strategy,” he said.

The appeal of combination products

To increase their chances of success, agents and advisors might also want to offer products that hold a special appeal to younger clients: combination products. Research from LIMRA suggests that interest in life combination products is high among millennials. The 2024 Insurance Barometer Study from LIMRA and Life Happens shows that almost 4 in 10 (39%) Millennials are very likely to consider buying a life combination product, compared to 27% of Gen X and 17% of Baby Boomers.

Whereas older adults may expect Medicaid to cover their long-term care, Millennials are more likely to view a life combination product as a one-stop shop to secure both life coverage and long-term care insurance, the LIMRA report said.

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