LTC Financial Partners LLC. – one of the leading long-term care insurance companies in the United States – has released a statement to Americans in the hopes of assisting them to more easily obtain long-term care insurance and at a better rate simply by asking their employers about it.
According to the senior vice president of business development for the insurer, Dan Cahn, by asking their employers about this coverage “could save you time, paperwork, and money — even if your workplace has no group LTC benefit in force.”
The reason, according to Cahn, is that there is now a relatively new type of coverage in that sector that is designed for the workplace and that is very easy to put into place. This new long-term care insurance is known as “multi-life” and requires three or more participants in order to qualify.
He indicated that the majority of organizations include at least that many people who could benefit from this type of coverage, and that it could be set up “virtually overnight”. He also indicated that this policy will typically offer a special rate, in addition to the shortened process for application.
Moreover, Cahn explained that the participants in a multi-life policy are not all required to be rank-and-file workers, but could also be the owners and managers of the business, as well as their family members.
He believes that this type of coverage is the “up-and-coming” type of long-term care insurance that is notably different from the standard plan, which can take several weeks or even months to put into place.