New long term care benefit available to Prudential customers

Prudential Insurance has announced that its long term care coverage products will now include a benefit that offers a program providing personalized, high quality guidance to help them to achieve independent living through a single integrated source. This benefit is known as the Univita Living program, which was created by Univita Health, and is built on a foundation of significant knowledge and research from professionals with significant experience in health and long term care. What the program provides is the ability for families and individuals to locate, coordinate, and manage…

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At 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…

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Department of Health and Human Services casts a wary eye at CLASS

The U.S. Department of Health and Human Services is currently reviewing a new report concerning the longevity of the Community Living Assistance Services and Support (CLASS) program. The long-term care program has generated controversy lately after the resignation of the program’s administrator and staff. As of now, the program will not receive any federal money in 2012. CLASS is designed to provide insurance coverage for those needing long-term care. The future of the program is currently in jeopardy but the HHS is not inclined to solve any of its problems…

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Residents of California still aren’t buying into long term care insurance

The results of a survey of the residents of California have just been released, to show that while an increasing number are aware that there is a possibility that they will be required to cover certain long term care costs, such as nursing homes, as they get older, only a small percentage are willing to purchase long term care insurance. The survey showed that when compared with the statistics from 17 years ago (when the survey was first conducted), today’s consumers are twice as likely to say that they are…

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Most 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…

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