As an agent specializing in long-term care insurance, I am well aware of the substantial risk of lawsuits and regulatory investigations in selling this coverage. With America continuing to gray, long-term care (LTC) is gaining more fans on both the agent and consumer side, but it does present two major problems: First, LTC policies are relatively complex, particularly if you are only selling a few policies a year. Consumers are even more challenged to understand the intricacies of this coverage. Second, litigating a LTC claim can be frightening. Agents who fail in the first step — understanding the product and ensuring that their clients understand the product — often find themselves at the second step.
In my work as the national marketing coordinator for both the America's Health Insurance Plans' Partnership Training Program and the Long-Term Care Professional designation, I have developed a checklist of seven critical issues to help agents interested in the LTC product line. While this list was created primarily with those agents in mind, all producers may find some solid advice here that will help them keep a seat in the boardroom, not the courtroom.
Seven Critical Issues
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Margie Barrie
Margie Barrie, an agent with ACSIA Partners, has been writing the LTCI Insider column since 2000. She is the author of two books and a frequent conference speaker.
