Hybrid life insurance policies gain popularity as LTC payment plans

Hybrid life insurance - life insurance - forms

As long term care insurance skyrockets in price, many people are looking for alternative funding. Hybrid life insurance policies are beginning to take the place of long term care insurance policies. Traditional LTC products have plummeted in popularity due to their spiking premiums in recent years. To pay for long term care needs, consumers are turning to new types of insurance coverage. Hybrid life insurance policies are becoming a leading option in that area. These policies come in the form of life products that back long term care financing strategies.…

Read More

General Electric seeks to divest itself of insurance business

Insurance Business - Long Term Care

GE wants to step away from the long term care insurance that is now costing it far too much. General Electric Co. is currently seeking to unload its troubled insurance business. The American multinational conglomerate has been working with investment bankers to identify opportunities. The company’s insurance branch took on a wealth of expenses following shareholder lawsuits. GE’s insurance business was required to cover extensive charges at the same time it faced lawsuits from its shareholders. The company was also the subject of an investigation by United States regulators, according…

Read More

Insurance denial case involving gay men in New York to be investigated by state

HIV insurance denial discrimination

State financial regulators will be looking into reports of discrimination against homosexual men. New York financial regulators are looking into recent reports of insurance denial involving gay men. The story originated in the New York Times and stated that gay men were being denied long-term care, disability and life insurance because of a preventative medication they were taking. The men were taking a medication to help boost their protection against H.I.V. when they applied for coverage. If the insurance denial allegations are true, it may mean that the insurers’ practices…

Read More

John Hancock long term care insurance is shutting down

The insurer recently announced its intentions to step out of that market and will cease selling next month. As of December 2016, John Hancock long term care insurance policies will no longer be sold by the insurer. This announcement arrived as the company announced that it would be exiting that coverage market. The insurance company is owned by one of the largest long term care policy providers in the United States. John Hancock long term care insurance is owned by Canadian firm Manulife Financial Corp. That company is among the…

Read More

The high cost of long term care is rarely planned for

senior medicare cost of long term care insurance

While planning for retirement, few people plan for the potential need for nursing home care. The cost of long term care has become one of the largest expenses faced during retirement. At the same time, only a small minority of people actually plan for this eventual need. By the time a person reaches the age of 65, their chances of needing a nursing home at some point are about 50-50 at the moment. These types of annual cost are very high and most people haven’t factored it into their savings.…

Read More

Public long term care insurance program debate to start in Hawaii

Hawaii long term care insurance industry

The state is about to begin a discussion about starting the first universal coverage program in the country. Hawaii is about to enter into a debate that will discuss whether or not the state should launch the first public long term care insurance program to exist in the country; a move that will likely have the nation’s insurance industry watching very closely. This LTC insurance program would be the first time coverage of this nature was offered by a state. The benefit for people covered by a universal long term…

Read More

Long-term care insurance premiums to see massive increase in Kansas

Long-Term Care Insurance Caregivers

State residents will see a major increase in their long-term care insurance premiums Kansas residents that have purchased long-term care insurance will be hit by significant rate increases in the near future. Policyholders have been reporting that they have been notified that they will see rate increases as high as 60%. The Kansas Insurance Department has confirmed that this is, indeed, the case, as regulators have approved significant rate increases coming from insurers. For many consumers, this may become a major financial burden that may mean they would lose their…

Read More