In an era when tax strategies of the rich and powerful are under increasing scrutiny, a recent Senate report featured in The Washington Post, has shone a stark light on the life insurance market — not for its widely acknowledged benefits, but for its exploitation as a tax shelter by America’s wealthiest. The traditional purposes of life insurance, including estate planning and providing non-taxable benefits to heirs, are well-understood. Yet, as the Senate Finance Committee revealed, a niche offering known as Private Placement Life Insurance (PPLI) propels these advantages into…
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Long term care insurance prices are soaring
The cost of coverage for nursing home fees is up by double digits this year. The price associated with covering oneself against the cost of a nursing home or other similar forms of assistance service is skyrocketing, as long term care insurance premiums rise by 6 to 17 percent this year. The amount of the increase depends on the type of coverage that is purchased. This data is from the American Association for Long Term Care Insurance. Many insurers in this sector are finding that they are losing money and…
Read MoreLife insurance should be purchased early for best results
Financial advisors are failing to get the message across to their younger clients. Recent statistics regarding the way that financial advisers are recommending life insurance products have shown that there are two primary common actions that are leaving their clients without the coverage from which they could greatly benefit. The most common of these habits is not to recommend the policies at all. Although life insurance has decreased in its popularity over the last two decades, this does not remove the fact that many people – particularly those with families…
Read MoreLong term care insurance is struggling due to many factors
There are many causes of the challenges faced by this sector of the industry. The long term care insurance sector of the industry has been facing a lot of difficulties over the last few years due to a lack of new customers and increased use by older policyholders. Carriers have been giving up on the sector altogether and have been dropping out of it. The long term care insurance companies that have decided to hold their ground within the sector are resorting to efforts that are less favorable to the…
Read MoreLong term care insurance is often misunderstood, leading to poor choices
Consumers make the right policy purchasing decisions when they understand the coverage. Misunderstandings regarding long term care insurance are widespread and growing and are currently causing consumers to make choices that aren’t in their best interest in terms of the financial protection needs of themselves and their families. The biggest mistake made is that people wait too long to purchase their coverage. The best time to look into purchasing long term care insurance is before a physical or mental condition has been diagnosed, which will lead you to require assistance…
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