Thinking about a career in long-term care insurance—am I making a mistake?
I hope it’s okay to share this here. Currently, I’m in tech sales but I’m considering a shift to long-term care insurance, with the ultimate goal of starting my own brokerage. I’m 37, have about 15 years of experience in sales and management, but I lack any background in insurance.
My (perhaps naive) thinking is that there are many people approaching retirement who haven’t saved enough for long-term care, and those who do typically prefer to pass on their wealth to their children. It seems logical that the demand for these products will increase.
I believe I could generate a good stream of leads thanks to some connections in elder care. My strategy would be to focus on the adult children who attend elder care facility tours, as they would likely be of the right age to consider coverage and thinking about future care costs.
However, I’ve come across information suggesting that long-term care insurance might be difficult to sell or not often sought after.
I’d appreciate any insights on whether this is a worthwhile path to pursue.
As an alternative thought, what would around 20 high-quality leads each month be valued at for an LTC sales representative if I were to sell leads instead? (Just to clarify, I’m not looking to solicit anyone here—I’m merely in the early stages of exploring this concept.)
Thank you!
It’s great that you’re thinking through this important career decision! Here are some thoughts on your potential pivot to long-term care (LTC) insurance:
Market Demand: You’re right about the growing market for LTC insurance. With an aging population and more individuals requiring long-term care, there’s a significant opportunity here. Many people don’t realize how expensive long-term care can be, which presents an opportunity for education and advocacy on your part.
Target Audience: Focusing on the adult children of aging parents makes sense. This demographic often faces the emotional and financial burden of elder care decisions, and they may be more open to discussing insurance options when considering their parent’s future care needs.
Sales Experience: Your experience in tech sales and management is a strong asset. Selling any product relies heavily on understanding customer pain points, building relationships, and clearly communicating value—all skills you’ve developed in your current role.
Challenges: As you noted, LTC insurance can be a tough sell. Many people underestimate the need for it, and the upfront cost can be daunting. However, your job will involve educating potential clients on the importance of planning for the future, which can be incredibly rewarding.
Lead Generation: If you can consistently generate high-quality leads, whether you decide to sell leads or pursue a brokerage, that’s valuable. In the insurance industry, leads can be worth anywhere from $30 to $200 each, depending on their quality and how well they convert. You would need to research the specific market dynamics in your area to get a better sense of exact values.
Considerations for Starting: Before diving in, consider the regulatory requirements for becoming an insurance agent in your state and the specific licensing needed for running a brokerage.
Networking: Since you have connections in elder care, lean into that network. Building relationships with senior living facilities and health professionals could provide you with a steady source of referrals.
Ultimately, this could be a fulfilling and financially viable career move if you’re passionate about helping families plan for their future care needs. Take your time to research and possibly speak to others in the industry to gain more insight. Good luck with your decision!