Stock Market Plunge Can Benefit Long-Term Care Insurance Sales Predicts AALTCI Director
The plunging stock markets can benefit insurance agents helping consumers plan for long-term care predicts the director of the
"The plunging Dow means millions of middle income Americans are seeing their accumulated savings plunge and they are going to be worried, more worried than they have been in over a decade," declared
Slome was sharing his thoughts with leading insurance professionals who market long-term care and short-term care insurance policies.
"I see several outcomes based on my many years in this industry," Slome noted. "In recent years, a significant percentage of people seeking long-term care insurance were opting for linked-benefit products that combined life insurance with a potential long-term care payout," Slome explained. "Many of these were being sold by financial advisors or stock brokers but when stock market chaos occurs they rarely are touting new sales because they have to field calls from worried clients watching their accounts drop in value."
The shift provides an opportunity for traditional agents who often market long-term care insurance policies. "The need for a cost-effective long-term care plan is now greater because self-insuring is less viable when your retirement account has dropped by 10 percent or more," the noted long-term care expert advised. "Project a cost that's affordable, say
"When stock portfolios only go one way, up, it's natural for people to be lulled into thinking their future is secure," Slome added. "But anyone who has lived through prior downturns knows that's not the case and that the only way to plan for the real consequences of living a long life is to have a solid plan in place. Today, as before, that plan needs to include some way to assure monies are going to be available to pay for the very real risk of needing care in your own home, in an assisted living community or in a skilled nursing home. That's where long-term care insurance comes in."
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