Insurance companies are fervently working to create innovative and attractive long term care insurance products because of the increase in demand. The opportunity to plan for and offer insurance solutions for this growing financial and lifestyle management issue is significant.
How significant?
Before we were even officially opened for business, over 4,000 people – financial, legal, accounting and health care professionals – filled our waiting list. And more are being added to that number every day.
Long Term Care affects everyone. Everyone is a potential client.
Long Term Care represents unparalleled opportunities now and in the future.
Long Term Care is simply an enhancement of what you’re already doing as a professional advisor – providing peace of mind in the areas of your clients’ lives that matter most.
When you think about it, the question is not, “Why long term care?” The question should be, “How long will you wait to integrate long term care planning into your practice?” You can either adapt when everyone else is already doing it, or you can be a leader in this untapped specialty area.
The MARKET is Wide Open
“Old age” now spans a period of 20 years or more.
Between 2006 and 2026, the number of seniors is projected to increase from 4.3 million to 8.0 million++
The number of individuals aged 65 to 74 will almost double, from 2.3 million to about 4.5 million++
The 80+ age group is the fastest growing in Canada; this group will nearly double, rising from about 500,000 in 2006 to about 900,000 in 2026++
600+ people turn 65 every day
Almost 50 percent of those over 65 will need long term care during their lifetime
++ Statistics Canada 2006-2007