Long Term Care Insurance Industry to Add 10,000 New Sales Positions

Insurance is a trillion-dollar business with a U.S. workforce of more than 2.5 million. The U.S. Department of Labor’s Bureau of Labor Statistics categorizes the industry as part of the “financial activities super sector,” which also includes fields like real estate and finance. Insurance itself contributed over 0 billion to the nation’s gross domestic product.

About 400,000 people worked as insurance sales agents in the industry selling different types of products, including life, annuities, homeowners, automobile, health and disability insurance. In recent years, one of the faster-growing segments has been long-term care insurance, an increasingly popular way to protect against the likelihood of needing this expensive care. Long-term care insurance is already a billion annual business and approximately 50,000 insurance and financial professionals market the product.

Nationwide Insurance Careers

To support the projected increase in demand for long-term care insurance and to replace the thousands of insurance agents who retire or leave the business each year, the industry is mounting a national recruitment effort. A number of leading national companies have started recruiting and training individuals to market and sell this important form of protection. In addition to formalized training, some will provide the support and marketing and sales tools needed to succeed on the job.

Long Term Care Insurance Industry to Add 10,000 New Sales Positions

American adults are living longer lives. When you live a long life, there is an increasing likelihood of needing long-term care. The cost of this care is rarely covered by traditional health insurance. Medicare pays very little of the cost and only for short periods of time. As a result, the Federal government and a number of States have launched increased consumer awareness campaigns urging consumers to plan for the financial risk. Long-term care insurance is a option government entities recommend consumers consider.

With the nation’s 76 million baby boomers approaching retirement age there has been an increased understanding of the need to plan for the potential risk of a cost long-term care incident. Some 8.25 million individuals have already purchased long-term care insurance on either an individual basis or through their employer. Approximately 400,000 new policies were sold last year.

Teachers, nurses and others from the health industry are well-suited to educate consumers about this important subject. Education of the issues and the need is the foundation upon which sales success is built. Those coming from other financial industries such as real estate, mortgage lending, banking or stock brokerage have the selling skills and find the transition fairly simple.

Those contemplating a new career marketing long-term care insurance are well advised to do their homework. Questions to ask include; what type of formal training will be provided and is there a cost? What type of support will be provided following completion of training? Will you be promoting just one insurance company’s product or have products from several companies available to market? What are the commissions; both first-year as well as ongoing renewal commissions? When are commissions vested to the selling agent?

Because most insurance professionals are commission based, earnings are directly tied to effort. That said, within the first 12-months, most committed individuals report exceeding earnings from their prior jobs. Over time, six-figure incomes are certainly achievable.

Long Term Care Insurance Industry to Add 10,000 New Sales Positions

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