I have a burr under my saddle. Actually, I have several but this one bugs the heck out of me.
The long term care industry continues to move their sales efforts to a younger market. I understand the intent and opportunities, but reality says that most people in their 50s do not have extended healthcare concerns on their mind.
I asked this question of advisors over the course of the last few weeks. “How many of your clients under the age of 60 have expressed interest in a conversation about long term care planning?”
A few advisors indicated that those clients who did engage in the conversation did so as a result of personal experience. This was less than 10 out of 150+ advisors that I spoke with.
What does that tell me? (And this is not scientific by any means.)
If you are married and between 50 and 60 years old, a meaningful long term care planning discussion is not on the top of your mind unless you have experienced a long term care situation first hand. You are most likely focused on getting your kids through college and on their feet then catching up on your retirement funding plan. On top of that, if your parents are still alive and healthy, you are more inclined to talk about their needs than your own.
As I mentioned before, an experience with a family member or friend receiving care does serves as a strong motivator to have that conversation. It does not mean that you are “ready” or in the “buying mode” for your own plan. It does mean that you are more willing to have a conversation about the extended healthcare experience and its impact.
And, maybe devise and implement a plan of your own.
Based upon issue ages of asset based long term care carriers, the average age is in the sixties. Which leads me to this statement. Clients in their mid sixties and older are the true target market for long term care solutions. Again, this is based upon my recent conversations and not scientific data.
To the burr under my saddle –why do so many of the carriers insist upon showing consumers in their 50’s when our (asset based LTC) market is the 65+?