Three trends are driving the insurance industry’s long-term care planning market, Matt Hamann told attendees of 2020 Impact Week: Long Term Care. The event is presented by the NAIFA Limited and Extended Care Planning Center. The three trends Hamman identified are:
- There is growth in voluntary benefits in the workplace, including long-term care solutions. Employees are increasingly looking at benefits when making job decisions, and this includes voluntary benefits. Employers offering LTC benefits has grown by 10% since 2017.
- Millennials and Post-Millennials occupy a larger portion of the marketplace. They are reaching an age when concerns about long-term care become relevant.
- Millennials and other clients are driving the growth of digital engagement. They want online options when it comes to learning about long-term care options and making planning decisions.
Hamann explained that Transamerica, one of the nation’s best-known and leading suppliers of long-term care solutions, has done an “end-to-end refresh of its time-tested materials” and added new tailored benefits.
The company provides information on products and Long-Term Care solutions as well as resources agents and advisors can use when “having candid conversations about implications and consequences of living a long live,” Hamann said. Among these is the TransAmerica “Living Long Living Well” publication, a longevity guide for agents and advisors.