With around 62 million seniors living in the United States and the constantly aging population, long term care insurance leads are among the most profitable clients for insurance companies.
All you have to do is figure out how to attract leads and nurture them to a conversion—the market is abundant with families willing to pay for quality long-term care for their seniors.
Read on to learn how to get leads for long term care insurance.
Term Care Insurance: Industry Prospects
The market size of term care insurance amounts to $41.1 billion and is expected to exceed $110 billion by 2033, an impressive 9.6% CAGR.
But this is not the only reason for leading long-term care facilities in the US to double down on long-term care leads:
- Demand for long term care services. According to the US Department of Health and Human Services, at least 56% of older Americans age 65 and older require long term care. Given that life expectancy in the United States is growing, there will be more leads for long term care insurance every year.
- Insufficient state coverage. Even though Medicare is the leading source of insurance coverage for nursing homes and long-term care, the program only covers short-term care. The same applies to Medicaid – it is available to limited categories of the population. Anyone who is not covered by government programs has to choose between turning to private insurance companies or relying on help from relatives.
- Limited long term care insurance to employers. According to the Society for Human Resource Management (SHRM), only 20% of employers offered LTC insurance to their employees in 2023. This figure varied over different periods, but it never exceeded 30%.
Long term care insurance agents have every chance to find a niche in this rapidly developing industry.
Secrets To Effective Lead Generation in Long Term Care
Firstly, you must decide on your target audience.
The most promising long term care leads include:
- People who will soon turn 60 or 65. Age is one of the factors that directly affects the cost of long term care insurance. Below, you will find the average annual price of insurance for men and women, depending on their age:
| 55 years | 60 years | 65 years old | |
| Men | $900 | $1,200 | $1,700 |
| Women | $1,500 | $1,960 | $2,700 |
It is advisable to suggest long term care insurance leads taking out a policy several months before they reach the threshold age. Properly presented information about the opportunity to save is likely to interest long term care leads, and they convert into actual buyers.
- People over 50 with an annual income of $50 thousand or more. According to the American Association for long term care insurance, the annual cost of an LTC insurance policy for Americans can reach $7,225. At the same time, the average annual income of US seniors is $24,190.
Key Strategies for Attraction of Long Term Care Insurance Leads
Attraction of long term care leads is somewhat different from lead generation for other types of insurance, like home and auto insurance.
Here are some tips on how to attract term care insurance leads:
Offline advertising and affiliate marketing promise to be extremely effective for long term care insurance lead generation, much unlike social media.
Long Term Care Insurance Lead Generation Strategies
The good news is that seniors are actively using the Internet, so you can leverage many of the marketing channels you’re using for younger audiences. In fact, as many as 88% of Americans aged 65 or older use the web.
Here are some major acquisition strategies for long term care insurance leads:
| Affiliate Marketing | Long term care insurance lead generation through affiliates can expand your traffic channels and grant you as many clients as you need. However, you must pay a commission to the affiliates that bring in clients. |
| Referral Program | The referral program is much like affiliate marketing: users recommend your products to their family, peers, and anyone they want to and get a percentage of the sale in return. Likewise, you can offer gifts, discounts, and other perks. |
| Offline Advertising | Offline advertising – TV, print media, billboards – can synergize with your online campaigns, creating a coherent brand image across channels. |
Gow To Get Leads for Long Term Care Insurance Online
Here’s how you can promote your long term care insurance to seniors online:
- Focus on social media and websites that are popular among seniors. According to MarketingCharts, Americans over 50 prefer Facebook the most.
- If you decide to blog or record webinars, keep it low-key. Youth slang would be inappropriate in such content.
- Use Google advertising. Paid advertising allows you to target leads according to their location and possibly even age.
- Apply long term care lead magnets. Offer potential clients some free bonuses in exchange for their contact information.
The only drawback with organic long term care insurance lead generation methods is that they are quite time-consuming. You may have to wait for weeks and months until your blog posts gain visibility, and even paid advertising may not give instant results (you may need some further nurturing, depending on the type of ads you run).
How To Buy Long Term Care Sales Leads
When you buy leads for long term care insurance, you get clients instantly without having to unroll marketing campaigns or nurture medium-intent leads. You purchase relevant purchase-prone clients who usually convert without much effort, especially if we’re talking about exclusive leads.
Consider these qualities when buying long-term care insurance leads:
| Exclusivity | Leads for long term care insurance who have already been approached by other agents – shared leads – are cheaper and harder to convert than exclusive leads sold to a single company. But it doesn’t mean shared leads are necessarily a worse choice – it depends on how well you convert the leads you buy. |
| Novelty | In most cases, it makes sense to contact a lead instantly after buying their contact information. For this reason, fresh leads are more expensive and likelier to convert. However, some companies may benefit from cheap aged leads if they can effectively reengage them. |
| Price per Lead | Exclusive web leads and phone calls cost $50 to $200 per lead and more, depending on the industry, seller, and demographics. At the same time, aged leads can only cost a few dollars per lead and sometimes even less, which means you can buy them in bulk and try to convert some of them. |
| Delivery | How the purchased contact information is delivered matters. For example, live transfer long term care leads —callers dialing a business—may connect directly to your sales department, increasing your conversion potential. |
Buy Long Term Care Insurance Leads at Profitise
Profitise connects hundreds of insurance lead buyers and sellers, including health and life insurance advertisers and publishers. Not only can you get your insurance leads instantly, but you can also ensure they are interested in your insurance offering.
To kick things off with Profitise,
- Register as an affiliate or advertiser
- Get free creative materials, tracking software, and expert assistance
- Set your goals to buy or sell the leads that grow your business
For questions, call 888-400-4868 or contact us at info@profitise.com.
Frequently Asked Questions
How do you attract qualified long term care leads?
If you’re generating leads from organic traffic channels, you have to qualify them later (for example, when a lead uses your IVR system or fills out a website form). If you’re acquiring leads through paid advertising, you can qualify leads by selecting whom you want to display your ads to.
Likewise, you can buy qualified leads that match your target parameters like location, gender, age, family status, etc.
How can you work effectively with long term care sales leads?
To convert insurance leads effectively, you need the right targeting, nurturing, and sales strategies. You need to research the market, create resonating content, and route your leads to a matching sales agent, among other things.
