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Advisors can help clients tweak LTC policy to blunt premium increases

Long-term-care insurance costs are soaring because of a number of factors, including longer lifespans and low interest rates. Financial advisors can help clients facing premium increases by looking for areas to tweak their policies to keep costs down, such as reducing benefit periods and increasing waiting periods. CNBC

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Most LTC contracts today linked to annuities, life insurance

The traditional long-term-care insurance industry is struggling as the majority of consumers opt for hybrid LTC products linked to an annuity or life insurance contract. Of the roughly 350,000 LTC policies sold last year, less than 60,000 were conventional stand-alone LTC contracts, according to the American Association for Long-Term Care…

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Exec looks to dispel misconceptions about LTC combo products

Steve Schoonveld, head of linked-benefit product solutions at Lincoln Financial Group, seeks to correct several misconceptions about annuity and life insurance contracts that include long-term-care benefits, starting with the idea that they lack inflation protection. He also makes the case that they should be called combination products rather than hybrids,…

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Focus on consequences when selling men LTC insurance

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

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NAIC backs off uniform rate review for long-term-care insurance

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)

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Study: People underestimate long-term-care need, cost

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)

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Desire to “get something back” may fuel sales of combo life-LTCI policies

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…

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More millennials buying LTC insurance for their parents, advisor says

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

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LIMRA: Hybrid LTC market has untapped potential

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

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Survey: Cost of providing long-term care at home is rising faster

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…

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