Category: Long Term Care

Is longer term care insurance a dying breed or is it just getting a second look by consumers. Learn more about this product with news and informational articles posted by experts.

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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Younger Americans are seeking long term care insurance policies

Nordstrom
Long Term Care Insurance Policies - Hospital room

vA MassMutual survey showed that the demand continues to remain solid among consumers. Long term care insurance policies continue to hold their appeal among younger Americans, according to the results of a recent MassMutual survey. Insurers have been withdrawing from this market which comes with expensive chronic care benefits. Despite the concerns among insurers, many consumers are still very interested in investing in long term care insurance policies. The research showed that consumers also like the idea of being able to purchase this coverage as a part of a package…

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Fitch labels General Electric insurance “risky”, sending share prices tumbling

G. Turner
General Electric Insurance - long term care

A new report called the long term care insurance backer the riskiest one in that sector. A new Fitch Rating report referred to General Electric insurance as one of the riskiest backers of long term care coverage. It pointed to the company’s substantial claims exposure and comparatively small cash reserves for paying those claims. As a result of the new designation, G.E. saw its shares take a nose dive at the start of the week. The Fitch Ratings report is issued annually. The credit ratings agency underscored concerns outlined by…

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Traditional long term care insurance policy sales maintain downward slope

Logan B.
Traditional long term care insurance - Hand over senior citizens

Data shows that Americans are buying fewer LTC policies year over year. Americans are no longer purchasing traditional long term care insurance at the same rate they used to. In 2018, they bought only about 60,000 stand-alone policies in that category. That represents a drop of 13 percent year over year. Falling sales mean fewer insurance companies are participating in this coverage sector. Only about 15 carriers actively sold traditional long term care insurance policies last year. Moreover, among them, five took in over three quarters of the entire market,…

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Long term care insurance rate reform takes a top spot for NAIC

H. Cutner
long term care insurance rates - costs

State insurance commissioners across the country are taking on the rapidly growing pricing problem. State insurance commissioners throughout the U.S. have taken on the growing issue of long term care insurance rate growth. The industry has seen skyrocketing prices as a result of a slew of challenges in this area of coverage. The problems in the LTC insurance industry have been growing over several decades. Long term care insurance rate reform has been necessary for a long time. Over the last decades, insurance companies have been finding that their models…

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Long term care insurance takes another hit from exiting insurers

Logan B.
Long Term Care Insurance Industry - Insurance companies exiting - Goodbye

Another major player in this sector of the insurance industry has announced its market withdrawal. Amid a slew of existing struggles in the long term care insurance industry, Genworth has now announced that it has stopped selling individual stand-alone policies. Genworth had once been the largest seller of L.T.C. coverage in the United States. Genworth’s cessation of long term care insurance sales is immediate as a part of a broader move. This is becoming an increasing trend in the long term care insurance industry. Genworth is no longer selling individual…

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Massachusetts seeks to reverse decisions for denied life insurance by naloxone carriers

Logan B.
Denied Life Insurance - Life Insurance Form

The state has issued guidelines following a nurse’s rejection because she is trying to be a good Samaritan. Massachusetts has issued new guidelines regarding naloxone carriers after a nurse was denied life insurance. The state is hoping that life insurance and disability insurance companies will stop denying coverage to good Samaritans who are carrying the overdose-reversing drug in order to help those in need of it. The guidelines were issued this month in response to the story of a nurse who couldn’t get a policy. The Boston nurse carries the…

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