Los Angeles, CA, October 09, 2017 --(PR.com
)-- One out of every 10 American households will be worth at least $1 million within the next four years and these individuals are ideal prospects for long-term care insurance suggests the head of the American Association for Long-Term Care Insurance.
"Achieving this milestone is historic for millions of Americans and their number one priority will be protecting that achievement," states Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). Slome was speaking to key Association members regarding market outlook and future opportunities.
"A recent issue of Bloomberg Business made this starting revelation that if we avoid a recession the percentage of U.S. households worth $1 million or more will exceed 10 percent by 2021," Slome shared. "Individuals who have worked hard and saved throughout their life understand the risks that could impact their net worth, long-term care being the greatest risk as they age. What they don't know is how easy and affordable it can be to mitigate that risk."
The Association director encouraged insurance agents, insurance companies and organizations to join forces to target this marketplace. "The number of millionaire households is growing exponentially," Slome adds. "About six percent of households were millionaire households when the economy went into recession in 2007, and today it is already over eight percent," the long term care insurance expert noted.
"You have an opportunity to market both traditional long-term care insurance as well as linked benefit LTC if you choose to effective largest these households," Slome urged. "The other opportunities include Medicare Supplement insurance because people with money will want the increased choice and option it offers." Slome also recommended agents learn more about available short-term care insurance offerings which are suited for older individuals who may have some existing health issues.
To learn more about long-term care planning and options visit the Association's website at www.aaltci.org. To request long term care insurance costs call the American Association for Long-Term Care Insurance at 818-597-3227 to request a no-cost, no-obligation quote.