Follow on Google News News By Tag Industry News News By Place Country(s) Industry News
Follow on Google News | Long Term Care Insurance Buyers ExaminedThe majority of individuals purchasing long term care insurance acted to avoid higher future costs for coverage according to the director of the American Association for Long-Term Care Insurance.
“Long term care planning is vitally important today because Americans are living longer and government and company retirement benefits are diminished,” Too few insurance agents understand what consumers know and don’t know about long term care insurance http://www.aaltci.org/ “Once people understand that the long term care insurance cost they will only increase the longer they wait, they understand the importance of acting now,” Slome explains. “Costs increase because they are tied to the age at which you apply so someone age 52 will pay more that someone age 50 for equal coverage,” Slome notes. “In addition, as a result of the historically low interest rates virtually every long term care insurance company has been raising rates on their new policies.” Once coverage is purchased, an insurer generally can only raise rates on an entire class of policies and often only following approval from the State Department of Insurance. Over half of those who replied to a national study of long term care insurance buyers explained they purchased because ‘they thought the cost of insurance would increase in the future.’ “More insurance professionals need to understand this so they can explain why rates increase and help their clients make decisions at a point in time when they can still afford premiums,” Slome adds. Other reasons consumers give for deciding to purchase coverage included they ‘thought it was a good idea to have it (long term care insurance) right now’ and ‘I could afford it now’. The American Association for Long Term Care Insurance was established in 1998 to advocate for the importance of planning for long term care and to support insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs http://www.aaltci.org/ End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|