Tag: ltc insurance

$13.5 Billion in Long-Term Care Insurance Claims Paid In 2022

G. Turner
long term insurance claims report just in

Insurers paid out $13.25 Billion in long term care insurance claims during 2022 according to a new report released this week by the American Association for Long-Term Care Insurance (AALTCI). “Consumers need to understand that long-term care insurance companies have paid benefits to millions of Americans over the past decades,” says Jesse Slome, AALTCI’s director. “In fact, each year, insurers pay more in claim benefits to more beneficiaries than the prior year.” According to Slome, some $12.3 Billion in claim benefits was paid out in 2021. “The over $1 Billion increase…

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Will Secure Act Increase Long-Term Care Insurance Sales?

Jesse Slome
secure act and long term insurance

Contained within the just-signed SECURE Act 2.0 is a provision that potentially benefits those considering the purchase of long-term care insurance. While any legislation that includes some incentive to purchase LTC insurance should be seen in a positive light, it is my belief that in the absence of change this legislation will likely be of little value. I hate to throw a wet blanket over any legislation that seems to give long-time LTCi advocates a glimmer of hope today. And, after decades of advocating for the importance of an often-maligned…

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National Guardian Life Insurance Company brings new LTC coverage to California

H. Cutner
National Guardian Life Insurance Company - elderly care

The stand-alone LTC insurer is expanding its selling to the state starting on July 6. The National Guardian Life Insurance Company has announced that it will be bringing its EssentialLTC long term care policy to California next month. The stand-alone LTC insurance policy will become available to Californians starting next week. This announcement means that the National Guardian Life Insurance Company long term care policy will have expanded across the entire country aside from New York and Montana. This coverage is sold through traditional associations, distributions and worksite marketing programs.…

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Over 41% of long-term care insurance policies are in these 10 states

H. Cutner
Long-term care insurance - Woman having blood pressure checked

There are approximately 8 million Americans with L.T.C. coverage, and nearly half reside in 10 states. Newly released American Association for Long-Term Care Insurance (A.A.L.T.C.I.) data shows that approximately 8 million Americans are covered by some form of L.T.C. policy. That said, between one third and one half of those policyholders live in only 10 states across the country. The data is from 2017 but represents the latest issued by the N.A.I.C. annual study findings. The A.A.L.T.C.I. based its data on the National Association of Insurance Commissioners (N.A.I.C.) national study.…

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Life insurance sales placed in suspension at Genworth Financial

Julie Campbell
life insurance agent policy

As the firm enters into restructuring plans, it has now ceased the sale of those policies until further notice. Genworth Financial Inc. has now announced the suspension of some of its life insurance product sales, after having posted a Q4 loss for 2015, which meant that it had continued to lose money throughout every quarter of that year. The company is now entering into restructuring plans in order to overcome its considerable financial challenges. As a result of this announcement and as the insurer begins the planning for its restructuring,…

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