Men tend to ignore or feel indifferent about risk, making it difficult to sell them insurance, including long-term-care insurance, writes Harley Gordon of the National Academy of Elder Law Attorneys. Gordon suggests focusing the conversation on consequences for loved ones, rather than risk to oneself. InsuranceNewsNet Magazine
A National Association of Insurance Commissioners task force has tabled a request to study creation of a uniform rate-review process for long-term-care insurance after encountering opposition. Birny Birnbaum, executive director of the Center for Economic Justice, calls the proposal “significant misuse of market-conduct authority.” InsuranceNewsNet Magazine online (8/6)
A study from Moll Law Group shows Americans underestimate their need for long-term care, as well as the cost and how soon they might need it. The study also finds 64% of respondents have nothing saved to pay for long-term care. ThinkAdvisor (free registration) (8/6)
Clients want to “get something back” from their long-term-care insurance if they don’t end up tapping into benefits, said financial planner Dan Moisand, and this concern could fuel growth in sales of policies that combine life insurance and long-term-care insurance. Data from LIMRA shows sales of combination policies nearly tripled…
Brian Starr, a long-term-care insurance advisor in Phoenix, says he is seeing a trend in which millennials purchase the product for their parents. Starr says millennials want products that are "internet-based" and notes they put value on working with advisors who have been personally recommended to them. InsuranceNewsNet online
Sales of hybrid long-term-care policies have more than doubled in the past five years, but the products' potential for growth remains strong, LIMRA says. That's because fewer than 7% of people older than 50 have any kind of long-term-care coverage, according to a LIMRA analysis. Financial Planning online
The cost of long-term care provided at home has increased year over year in 2017, with the cost of home health aides' services up more than 6% and that of homemaker services up 4.75%, a Genworth Financial survey found. The faster pace of cost increases is the result of factors…
Seniors who face the possibility of lapsing or surrendering a life insurance policy can exchange the policy on secondary markets to help pay for long-term care, writes Chris Orestis of GWG Life and Life Care Funding. The proceeds from selling a policy can be used to fund a long-term-care benefit…
Michael Kitces reviews the tax laws and rules applicable to the deductibility of long-term-care insurance premiums and offers some strategies to maximize taxpayer benefits. Financial Planning online
The relaunch of our Self-Directed Power Lunch (SDPL) meetings are off to a fast start. At our SDPL meeting on Thursday, June 8 2017, co-host Isaac Deutsch Account Executive, Brokers Central LLC did a fine job addressing the hot topic of Traditional LTC vs Hybrid LTC and Linked LTC products. Following…
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