Jesse Slome, director Long Term Care Insurance Association
October 16, 2014 – When stock markets plummet, individual consumers worry they won’t have enough money and start seeking alternatives including long term care insurance says one of the nation’s leading experts.
“When stock markets keep going up and up, people feel richer and anticipate their future net worth will just keep getting better and better,” explains Jesse Slome, director of the American Association for Long Term Care Insurance. “But when stock markets drop day after day as we are now seeing, people start to worry that they won’t have enough money to cover their retirement, health care and the costs of extended care that come from living into ones 80s, 90s and beyond.”
As a result, Slome predicts insurance agents and financial professionals will see an increased interest in traditional and alternative products that include long-term care benefits. “For a relatively small amount, long term care insurance is one of the most important protections an individual can buy,” Slome explains. “For $100 a month, they can have $200,000 of benefits that are not impacted by whether the stock market goes down or up.”
“Stock brokers won’t be calling their clients for a while, afraid of answering questions about what is going on and when it’s going to stop,” Slome notes. He urges insurance agents to seize the opportunity to educate their clients about the value of planning for a secure future no matter how stock markets behave. “Long term care insurance policies today are significantly different than they were a few short years ago,” he adds. “There are new options and features that provide affordability and options for future growth.”
The American Association for Long-Term Care Insurance was established in 1998 to create heightened awareness among consumers and to support insurance agents and financial professionals who market LTC solutions. For long term care insurance costs from leading insurers offering this protection call 818-597-3227.
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