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…
Advisers should "start small" when discussing long-term-care insurance options with clients to avoid overwhelming them with the cost of comprehensive coverage, said Roberta Eckert of Nationwide's Retirement Institute. Eckert recommended beginning with a discussion of insuring the basics, such as home health care, and leaving a discussion of nursing home…
Fred Andersen, chief life actuary at the Minnesota Commerce Department, has developed a list of five factors for regulators to consider when evaluating requested rate increases for long-term-care insurance. Those factors include the findings of new morbidity studies, "shrinking" older blocks of LTC insurance, and the effects that long-term projections…
A healthy 55-year-old Tennessee man is poised to pay 20% less this year for a top-tier stand-alone policy covering long-term care, according to the American Association for Long-Term Care Insurance. Men's premiums for mid-level coverage are up 3%, while women's premiums for mid- and top-level coverage are each up less…
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