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Career Corner
Job Opportunities Abound In The Long Term Care Insurance Market
(NAPS) - Many people can do well while doing good and succeed at
helping others overcome adversity.
Consider this: a sudden fall or illness can change a senior's
life forever, limiting independence, and, in many cases, requiring long term care.
The American Council of Life Insurers estimates the annual average cost of nursing
home care at $55,000, well beyond the means of most middle-income Americans. Yet,
an alarming number of seniors are not prepared for the high cost of health care.
With seniors representing the fastest growing group in America,
educating the public about the need for supplemental long term health care
funding is more important now than ever. According to the Health Insurance
Association of America's Guide to Long Term Healthcare, 40 percent of Americans
over 65 will need long term care within their lifetime. That number increases
to 60 percent by the age of 75.
The good news for everyone is that long term care insurance
can secure seniors' financial futures, and long term care insurance sales
offers a strong, rewarding career opportunity that helps ease the fears
seniors have about growing older.
The National Association of Insurance Commissioners reports
that currently, only 2 - 10 percent of seniors who could benefit from long term
care protection own such policies. This means that the vast majority of the
aging public may be unprotected from unexpected changes in health. The
traditional programs most seniors rely on, including Medicare, don't cover
all costs. Without the assistance of long term care insurance, these costs
can drain hard-earned retirement savings, and create financial dependency on family.
The low long term care IQ in the United States is due to a
combination of factors, including misinformation and a natural reluctance to
face dealing with aging and death. However, for many people the consequences
of not preparing for long term health care needs can be devastating. Insurance
experts say there isn't enough public money to cover the growing senior
population's health care needs, and in order for Americans to receive
quality coverage, a combination of public and private healthcare funding is necessary.
"If more seniors purchased long term care insurance, the public
funding system would be better able to handle the increase in need in coming
years," said Susan Morisato, chief actuary and senior vice president of product
development, Bankers Life and Casualty Company. Supplemental funding creates
more options and can take the burden off of families who are often challenged
with making long term care decisions for their loved ones.
Morisato recommends seniors talk about their long term care needs
with their families, and consult a certified senior advisor before making decisions.
These advisors are in high demand, creating an opportunity for motivated individuals
seeking a fulfilling career in long term care insurance sales.
"Insurance is a very rational product-you protect yourself and your
family against the risk of extremely expensive and protracted health care. Buying
insurance, though, is a very emotional process because it's often difficult for
people to express their very personal concerns and fears about the future," said
Scott Perry, senior vice president of distribution for Bankers. "This creates a need
for qualified agents who can help seniors understand the importance of preparing for
healthcare costs as they age."
Perry notes that selling long term care insurance is not for everyone.
Persons interested in a career in sales should consider whether they are driven,
relationship oriented, and willing to listen to the needs of clients. "Long-term
care insurance is a critical decision. We look for dedicated agents who are concerned
first about the senior, and second with the senior's financial needs."
Many agents find this career gives them opportunity to meet new people
and provides a rewarding experience - knowing they're helping secure someone's future.
For information on long term care insurance, visit
www.bankers.com or
www.longtermcareinsurance.org
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