Elder Care Expert Urges Industry to Stop Relying on Statistics to Sell Long Term Care Insurance and See the Product as a Way to Protect a Client's Financial Plan
RICHMOND, Va., Nov. 5 /PRNewswire/ -- Nationally recognized elder care
attorney Harley Gordon, an important participant in Genworth Financial's
recently announced strategic alliance for long term care education and
training, told a group of Orlando, Florida insurance professionals this week
that "a longer life span is arguably the single biggest retirement risk
Americans now face."
Gordon's popular book, "How to Protect Life Savings from Catastrophic
Illness," has helped consumers understand the financial consequences of long
term care. But he's also been a frequent lecturer to the long-term care
insurance industry, and has been critical of the focus that's been put on
product rather than on planning. He had some gripping thoughts for the
audience in Orlando.
"Professionals understand insurance products are in the service of
protecting a plan put in place to address a client's needs," he said.
"Long-term care insurance should be sold the same way. Stop selling it based
on statistics that frighten people into submission and start thinking of it as
a product that protects a plan for long-term care."
Gordon, speaking in Orlando as part of a 17-city tour sponsored by
Genworth Financial to improve insurance professionals' understanding of long
term care, made several other important points that meeting participants took
note of:
- Reasonable people understand that living a long life substantially
increases the risk of chronic illness;
- A person's chronic illness is no less a threat to his family than an
unexpected death during working years; and importantly
- Failure to discuss the consequences of requiring long term care
services risks both the emotional and financial well being of a
client's family.
Gordon, a founding member of the National Academy of Elder Law Attorneys,
reinforced the necessity for insurance professionals to start talking to their
clients about the need to establish a plan for long-term care. "Even though a
chronic illness may never occur, the consequences to the client's family and
finances could be so catastrophic, the subject must be discussed," he said.
Genworth Financial, a leading provider of long term care insurance for 30
years and a pioneer of the product, enlisted Gordon's expertise as part of its
commitment earlier this year to accelerate its leadership position in long
term care education, and bring greater awareness of long term care issues and
challenges to consumers, distribution partners and public policymakers.
The Orlando meeting of insurance brokers and distributors was co-sponsored
by Thrivent Financial and Genworth Financial's Long Term Care Insurance
Division.
Of note, Gordon is a principal in the Corporation for Long Term Care
Certification, which created the "Certified in Long-Term Care" (CLTC)
designation. This important designation is endorsed and marketed by several
national organizations, including the National Association of Insurance and
Financial Advisors -- Association of Health Insurance Advisors (NAIFA-AHIA),
and the College for Financial Planning.
As part of Gordon's strategic alliance with Genworth Financial, he will be
conducting an aggressive schedule of educational workshops on long-term care
planning and long term care insurance for Genworth Financial long term care
insurance distribution partners across the country, including upcoming
meetings in Cleveland, Philadelphia, New Orleans and eight other cities in
just the fourth quarter alone. More than 50 educational "roadshows" led by
Gordon are planned by Genworth in 2005.
About Genworth Financial
Genworth Financial is a leading public insurance holding company, serving
the lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers in 20 countries, including the U.S.,
Canada, Australia, the U.K. and more than a dozen European countries. Long
Term Care Insurance is underwritten by General Electric Capital Assurance
Company, and in New York, by GE Capital Life Assurance Company of New York.
For more information, visit http://www.genworth.com.
About The CLTC (Certified in Long Term Care) Program
The CLTC program is recognized as the leading LTC training designation
program in the nation, with over 8,000 graduates. For more information, visit
http://www.ltc-cltc.com
SOURCE Genworth Financial
CONTACT: Media - Neal McGarity of Genworth Financial, +1-203-708-3460,
Neal.McGarity@genworth.com
Web site: http://www.genworth.com
http://www.ltc-cltc.com
(GNW)
