LTC Consumer Study Part 4: What Messages Resonate With Prospects?

  • Originally published August 17, 2012 , last updated April 26, 2017
LTC Consumer Study Part 4: What Messages Resonate With Prospects?

Part 1: Who’s Buying LTCi?
Part 2: Why Are People Buying LTCi?
Part 3: Key Influencers on the Purchasing Decision

To conclude this series, we will take a look at the top three messages that resonate with long-term care prospects.

1.  Protect Your Family (Don’t be a burden)

When asked what the biggest consideration is for purchasing LTCi, nearly a third of policyholders said they didn’t want to be a financial burden to their family. This shows how consumers are constantly thinking about the future of their families and the hardship they would face if they weren’t financially prepared for a long-term care situation.

2.  Protect Your Assets

Policyholders also want to protect their assets, with 23.6% choosing this as a major consideration for purchasing LTC. People who buy LTCi are planners and it’s very important to them to preserve the financial plan they have worked so hard to put in place.

3.  Security (Peace of mind)

Security was another major reason for policyholders to purchase LTCi, with 18.1% wanting peace of mind knowing they will be taken care of in the future and won’t have to struggle financially.

Another message that is important to highlight is the financial strength of the company you’re recommending. For policyholders who chose Mutual of Omaha, about half of them said it is a major consideration. This response is not significantly different than the responses of policyholders of other companies. This is because LTCi is a huge financial commitment and policyholders want to make sure the company is as stable and as committed to their future as they are themselves.

As an agent, you can take these top considerations and develop messages to draw consumers into a LTC sale by giving them the facts. Perhaps a message letting consumers know that most people will end up spending their entire savings within one year of entering a nursing home, and LTCi would preserve their assets. This type of message would resonate with the 23.6% that would choose LTCi for that very reason. Another message that would resonate with the 18.1% that wanted security and peace of mind is to ask if they are ready for retirement and what is the missing piece of their financial plan. Most likely they have health insurance, a will, pension, savings, investments and social security to name a few, but do they have LTC? This would complete their whole financial plan and give them peace of mind, knowing they will be taken care of in the future and not have to struggle financially.

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