How Multi-Life Long-Term Care Insurance Can Drive Growth

In today’s long-term care insurance (LTCI) marketplace, multi-life LTCI is a powerful opportunity for financial professionals seeking to increase their reach and impact. It’s not just about offering coverage to individuals; it’s about leveraging existing relationships and identifying clients who could lead to multiple sales at once. By focusing on multi-life prospects, you can maximize your efforts, provide more comprehensive benefits, and tap into an expanding market.

Why Multi-Life LTCI?

According to industry data, the demand for long-term care continues to grow as people live longer and recognize the financial risks associated with aging. 70% of people turning 65 can expect to use some form of long-term care. By positioning LTCI within businesses and organizations, you can address this growing need while reaching multiple employees through a single client contact.

One of the biggest hurdles in sales is finding high-quality leads. But, with multi-life LTCI, that prospect might already be in your client files. Here are some key client types that could be ideal multi-life candidates:

1. Business Owners and Professionals
   Look for clients who own a business or have professional roles—attorneys, physicians, CPAs, consultants—who may already be considering ways to expand benefits.

2. Executives and Decision-Makers
   Clients in high-level positions or with influence over benefits decisions are key, as they’re often open to adding valuable, tax-advantaged options like LTCI for their teams.

3. Successful Businesses Seeking Benefit Expansion
   Many thriving businesses want to provide added value to employees to retain talent and enhance benefits packages.

4. Clients with Potential for Tax Incentives
   Businesses purchasing LTCI with company dollars may see significant tax advantages, allowing for ordinary business deductions on employer-paid premiums.

5. Clients with Employee Groups Open to Discounts
   Multi-life LTCI often offers underwriting concessions and discounts, especially when employers cover premiums for five or more policies.

Questions to Ask Your Clients

• Are you interested in adding competitive benefits to attract and retain top talent?
• Would your business benefit from a tax-deductible way to offer additional employee benefits?
• Do you see value in adding coverage that is likely to benefit employees in the long term, without a major impact on current budgets?

Key Benefits of Multi-Life LTCI for Clients

The multi-life LTCI model provides unique benefits for employers and employees alike:

• ERISA Exemption: Generally, multi-life LTCI is not subject to ERISA, reducing administrative complexity.
• Deductible Premiums: Employer-paid premiums are typically deductible as a business expense, reducing overall business tax burdens.
• Simplified Underwriting and Discounts: Multi-life LTCI policies often come with reduced underwriting requirements and offer discounts that make coverage more affordable.
• Unisex Pricing: Multi-life LTCI typically offers unisex pricing, which can make premiums more equitable across genders, an important factor given that women often face higher LTC costs.

Take the Next Step

The market for multi-life LTCI is robust and offers considerable growth potential for advisors ready to expand their offerings. Explore your existing client base for the connections and conversations that can open doors to multi-life sales. For more information on how to capitalize on this opportunity, connect with us today.

By actively seeking out multi-life opportunities, you can drive your business growth while offering clients and their employees the security and advantages that LTCI provides.