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Employee Benefit Adviser

NAPES seminar coverage

NAPES seminar coverage

Karen Lee

Growing acceptance and awareness of the need for long-term care insurance among both plan sponsors and individuals could finally unleash the products’ sales potential – assuming brokers know how to effectively position it.

Unfortunately, according to Phyllis Shelton, president of LTC Consultants in Nashville, many advisers do not know how to market the insurance effectively. She maintains that instead of selling it as an asset protection plan, they should describe it to employers and employees as “lifestyle insurance.”

“We talk about how to take care of your family and how to protect your lifestyle,” she said. “You have to hint very hard that this could happen to you any second.”

Moreover, plan sponsors and individuals – especially women – must confront the potential effects of long-term care requirements by a spouse or family member. In those instances the caregiving requirement can greatly reduce the productivity of active employees.

Signs increasingly point …