For the third year in a row, I have attended and spoken at the International Long Term Care Insurance Conference and this year’s event in Chicago did not disappoint! With more than 1100 in attendance, it was not only well-run but virtually paperless! Here are my top three takeaways…and some awesome pics in between!
You can watch the highlight reel here: https://youtu.be/NCGpcF4apGI
Failure is Feedback
Jamie Clarke opened the ILTCI Conference with humor and humility. A Canadian mountain climber is an understatement…and that’s no small feat in and of itself. Jamie has summitted Mount Everest TWICE as well as climbed the seven summits.
As he shared his stories of climbing and descending, over and over again he reminded, “Failure is feedback.” He didn’t just stop going back to the mountain. He made adjustments and climbed again…and again…and again. I think this message was something we needed to hear about long-term care, too.
The Opportunity to Address The Risk Has Never Been Greater
The conference had several sessions geared toward engaging millennials to sell LTCI, using different marketing techniques, and how to “Have The Talk” – all of which centered around the reminder that the opportunity to help consumers today has never been greater.
The only 100% claim in insurance is death, but longevity planning is coming in at a close second. A woman who lives to be 65 today has an expected lifespan of almost 87 years, while a man at 65 today will average 84 years. The extended life expectancy seems like a win, but the need for care grows exponentially as each year passes.
It’s Not Just Insurance – It’s The Planning
In one particular session, an entire discussion was held around the lack of resources available to consumers (and financial planners) today to learn more about the need for long term care and the bottom line was that it’s not just about the insurance, but the entire planning process.
As Christina Hungria mentioned in one of her questions to Allison Bell, insurance editor with ThinkAdvisor, “There really isn’t a beat” when it comes to articles and information. Allison shared there is a “…shrinkage in reporting” – and this shrinkage causes misinformation. Thus, it makes the entire planning process more difficult for a financial services professional.
BE A PERSON OF ACTION: I invite you to attend this conference next year, especially if you have:
- Never been before
- Have gone once, but haven’t been back
- Don’t sell insurance, but are in the #FinServ business
- Have clients who you plan to serve for the long-term
You will be blown away by the amount of support available, the knowledge power in the room, and the desire to make a very needed product relevant again.