This is the time of year when many of us are doing our best to close 2015 on a high note. We make last-minute sales and get those final cases issued.
This is also a good time to reflect on the year that was and to prepare for the year that will be. After all, if we want 2016 to be different than 2015, this is the time to decide exactly HOW that change will happen.
Let’s first reflect on the year that was. Although 2015 brought another year of declining sales of traditional LTCI in the industry, other LTC funding solutions saw sales increases.
This is a time of great disruption in the traditional LTCI industry. Many producers haveslowed their LTCI selling efforts, or have stopped marketing altogether and are selling by request only. But the problem isn’t a lack of consumers interested in planning for eventual LTC needs. The problem is limiting sales opportunities by presenting only one product that not everyone can get or afford.
The overall sales trend in the LTC industry is actually up in 2015. This trend – which shows no signs of abating – is fueled by 3 fundamentals:
1) the continued need for private LTC financing by most of the folks in the US;
2) insurers and non-insurers alike see the opportunity, and are bringing to market a basketful of solutions;
3) the evolution of producers, aka, problem solvers, to adapt and include alternative product solutions in their portfolios.
In 2016 I believe we will continue to see the evolution and growth of what I have called Today’s LTC Planning Industry.
This industry – providing LTC financing solutions to almost anyone, regardless of health or wealth – continues to expand.
LTC protection will continue to be integrated into other core products, and companies will continue to innovate and develop new products.
So, to paraphrase the song…What are you doing the 365 days after New Years’ Eve?
If your answer is the same thing you did in 2015, then you should expect similar results to 2015 and a continuation of the 2015 trend.
A wise man once told me, the way to make money in this world is to embrace and follow the upward trends. The trend in the LTC Industry is product diversification and having multiple solutions available to help more clients.
As you wind down 2015 and think about winding up your activities and goals for 2016, I invite you to embrace the Alliance and its mission to help as many clients as possible. Make it a goal next year to offer at least one LTC product option to EVERYONE.
2015 was a good year. And 2016 will be even better!