John Hancock has announced that it will be resuming its place as a part of the California individual long-term care insurance marketplace, starting on February 27, 2012, through both its Custom Care III (non-Partnership) and its new California Partnership policy. These two policies will provide comprehensive long-term care coverage for all circumstances, such as assisted living facilities, nursing homes, adult day-care centers, and at home, and will also provide the policyholder with care planning and care giving support. The president of John Hancock long-term care insurance, Marianne Harrison, expressed the…
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Choosing the right long-term care policy to cover your needs
The percentage of people who have purchased life insurance has currently reached a figure that is lower than it has been in half a century, as many people debate whether or not the coverage is worth their money when they are already tightening their belts in an economy that continues to struggle in its recovery. Life insurance differs from standard medical insurance in that it provides coverage for individuals who require assistance with their daily living activities. For example, in the case of a broken shoulder or hip, dementia, or…
Read MoreAt what age should consumers purchase long-term care insurance?
Among individuals younger than the age of 50, it is quite common to believe that long-term care insurance is something that they won’t really need until later on in their lives. According to CFP Rich Arzaga, CEO and founder of San Ramon, California-based Cornerstone Wealth Management, the majority of consumers won’t start to inquire about long-term care insurance until about the age of 45. In fact, “it won’t be on their radar”. He said that once they reach the age of 55 or 60, they will begin to talk about…
Read MoreMost Asset Based Long-Term Care Purchases Are Over Age 65 – Two Thirds Of New Single-Pay Life+LTC Policy Sales Are Over $100,000
The sale of asset-based long-term care insurance protection grew significantly according to research by the American Association for Long-Term Care Insurance (www.aaltci.org) the national trade organization. According to data gathered from the industry’s leading insurers, premium in 2010 increased 79 percent compared to the prior year. The number of covered lives increased 83 percent. “Asset based or linked products are experiencing growth as they are highly suitable for a very specific consumer,” states Jesse Slome, AALTCI’s executive director. “Financial planners and investment professionals who may not like the more complex…
Read MoreGovernment Study Examines Long-Term Care Insurance Rate Increases – Only 1.6% Drop Coverage; 23% Actually Pay Less
PRESS RELEASE: A report released on August 16th by the U.S. Government Accountability Office (GAO) examines the impact of rate increases on long-term care insurance policyholders. Specifically, the report examines the Federal Long-Term Care Insurance Program (FLTCIP), the largest private long-term care insurance program in the nation. “As a voluntary plan consisting of typical employees, this is a most representative group,” states Jesse Slome, executive director of the American Association for Long-Term Care Insurance (www.aaltci.org), one of those interviewed by GAO staff preparing the study. “Instead of hyperbole, we now…
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