Asked the

ANSWER #1:

“As an industry, it is so important for us to reach younger customers, but to do that, we can’t do things the way they have always been done. I’ve heard from financial professionals for years that there is a desire in the market for a long-term care product that has market participation and growth potential.

“With MoneyGuard Market Advantage SM , we want to open up long-term care planning to clients who are younger, healthier or would like growth potential over 20–30-year time frames and make it more affordable. During product development, we asked for feedback from financial professionals and really made it a point to use that feedback in the final design. Customers, especially younger ones, want flexibility, and we believe we’ve delivered that with MoneyGuard Market Advantage. It is designed to grow and evolve with them over time.”

Bill Nash, Senior Vice President, MoneyGuard Distribution, Lincoln Financial Group

ANSWER #2:

“Millennials are often categorized as disruptors in many industries, from Uber to online shopping, and they are efficient users of technology, leveraging it to simplify their buying process. While many are delaying milestones like marriage and parenthood, one event they cannot control is caregiving. AARP found that over 10 million millennials are unpaid caregivers juggling careers and this role, averaging 21 hours a week providing some level of care.

“Their experience with caregiving makes them more open to caregiving solutions, including LTCi, and they prefer to be educated about products in an authentic and engaged manner.

“Insurers in the LTC market must invest in technology to make the buying process easier and streamlined, and advisors should connect LTC planning with health and wellness and retirement utilizing webinars and social media marketing.

“The best LTCi products for younger buyers are through their employers and more are offering Group LTCi due to a reinvigorated market and the experiences that employers have had with working caregivers.

“Advisors should work together to help young buyers understand the importance of planning early, and COVID-19 has instructed that things can change in an instant. Technology can play a role and help carriers and consumers in more efficient planning that leads to a growth in an advisor’s business.

“Lock in your health, protect your assets, preserve independence and let your loved ones be companions rather than caregivers with LTCi.”

Noel A. Evans, Director of LTC Solutions, AHT Insurance

ANSWER #3:

“As traditional LTCi is known for its ‘use it or lose it’ factor, more advisors are turning to hybrid LTCi products to fill in the gaps for long-term care health needs. Hybrid products hedge this risk factor by paying out when care is needed, but they also retain funds for the annuity or for life insurance when all or a portion of the LTC ‘pool’ of money is not utilized.

“For LTCi brokers to expand their business (to engage younger clients), the advisor mind-set may consider a shift to understanding that purchasing LTCi, for those over age 50, is a personal experience while younger buyers seek financial value for future care needs. Younger clients need to see the benefit of their purchase — the tax savings, cash accumulation, the WIN-WIN with premium guarantees and the inflation protection. Younger insureds might engage in the LTC conversation more favorably if it is packaged as a subset of retirement planning and asset protection, rather than advance planning for their ‘golden years.’

“Down the road, advisors might suggest looking to a long-term care plan that covers the insurance needs but also delineates specific instructions for transition care choices (placement, record-keeping, legal documents, etc.). Younger people purchase insurance for peace of mind and want all their ducks in a row. When they see family members scrambling to care for a grandparent or parent — with no design — our advisory role becomes clear: assist with funding their retirement, but also with defining their future long-term care options — the insurance is a bonus. “

Stan Israel, Stan Israel Insurance Services, Inc.

ANSWER #4:

“Carriers are starting to look into building hybrid indexed universal life products where the life insurance benefit starts out high with a small LTC benefit. As you age, the life insurance benefit reduces, and the LTC benefit increases. This type of product can provide a lifetime of appropriate benefits with the flexibility younger people need. For advisors, this is a simple-toexplain, easy-to-sell option for their clients.”

Joseph Pulitano, CEO, LTC Agency Operations, LLC

ANSWER #5: