Live Insurance News

The gap in long term care insurance is widening as Baby Boomers age

July 8, 2012April 30, 2013

As the largest generation heads for retirement what coverage do they have? Long term care insurance is currently facing a notable gap in the coverage that it is providing, and as a growing number of Baby Boomers begin to rely on it, that gap is increasing at an alarming rate. The problem is that almost three quarters of all Americans over the age of 65 will need this service. The National Clearinghouse for Long Term Care Information’s data has shown that nearly three in every four Americans past that age…

Couples should consider shared long term care insurance

June 23, 2012April 30, 2013

Financial protection is less expensive when this option is selected. Though many people know that long term care insurance is a highly important element of financial protection, and that most will require it in their retirement, the cost of this coverage stops many people who should have it from buying it. Shared care is, therefore, becoming much more popular among married couples due to the savings it offers. With these joint LTC policies, a couple is able to purchase benefits that are combined between them and that can be used…

California commissioner announces new legislation for long term care insurance

June 18, 2012April 30, 2013

AB 999 has been passed by a vote of five to three. The California Department of Insurance has issued a press release that detailed Commissioner Dave Jones’s announcement regarding the passing of AB 999, which was authored by Assembly Aging and Long Term Care Committee Chair, Mariko Yamada (D-Davis). Commissioner Jones had sponsored the bill, as did the California Department of Insurance. It has been written to increase consumer protection from the risk of excessive premium rate volatility, through the modification of the existing calculation process for the rates for…

Younger consumers are buying – and benefitting from – long term care coverage

April 28, 2012May 26, 2012 Julie Campbell

Linked long term care coverage is starting to appeal to a younger audience due to claims with large payouts. In order to maintain coverage against the high costs of long term care, a growing number of national insurers are now offering a combination product that includes life insurance with the option for LTC benefits. This information was drawn from the 2012 Buyer Study, which was performed by the national trade group, the American Association for Long-Term Care Insurance. These products that offer linked benefits (also known as combination policies) are…

Is the end approaching for long term care insurance?

April 14, 2012May 27, 2012 H. Cutner

Recently, those in the insurance industry have started to look into the future of long-term care (LTC) insurance and the possibility that its own future may not be as long as it could be, especially as one insurer after the next steps its way out of that particular sector. Throughout the last three years alone, MetLife, Guardian, Unim Group, and Allianz, have all backed out of the LTC business. Similarly, in March, Prudential stated that it would no longer be issuing individual policies for that form of insurance. The primary…