Hybrid Long Term Care Insurance Companies To Debate At Association Summit

Long term care insurance hybrid product info at www.aaltci.org

Executives from four leading companies offering hybrid life insurance policies offering long term care insurance benefits will debate the merits of their company's specific offering at the nation's largest gathering of insurance sales professionals focused on this field.

"Sales of life insurance policies which pay a long term care benefit are increasing but insurance professionals are confused as to the pros and cons of each particular product," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance.  A 90-minute debate featuring four of the nation's leading companies offering these products will be featured at upcoming National Long Term Care Insurance Summit.  The conference is the premier industry gathering and takes place November 10-12, 2012 in Las Vegas, Nevada.

According to Slome, the four companies represented will be Lincoln Financial Group, OneAmerica, Genworth Financial and Security Mutual Life which markets a rider to their life policies.  "A number of new insurers are starting to offer life insurance products offering accelerated long term care benefits such as Pacific Life," according to Slome.  "We believe when insurance professionals can stack up the respective pros and cons of each product they will be better able to educate their clients and help them make better decisions."

Over 550 insurance professionals, members of the trade group are registered to attend the event which features some 30 different sessions as well as keynote addresses from Knight Kiplinger, editor in chief of Kiplinger's Personal Finance magazine and Jesse Slome who will discuss a 'new and improved" long term care insurance plan of protection.

To learn more about the 2012 long term care insurance sales conference call the organization’s offices at (818) 597-3227 or visit the Association’s website.

Linked Long Term Care Insurance Attracting Younger Buyers

To protect against the risk of needing costly long-term care an increasing number of national insurance companies are offering protection that combines life insurance with potential long term care insurancebenefits.   According to the 2012 Buyer Study conducted by the American Association for Long-Term Care Insurance, these linked benefit (also called “combination”) products are gaining favor with individuals in their 40s and 50s.

The Association’s annual study of leading insurers found that 53 percent of buyers of these hybrid policies were under age 65 in 2011 compared to only 48 percent in 2010.   Some 42.5 percent of male and 38.5 percent of female buyers were between ages 55 and 64 explains Jesse Slome, director of the national trade group.  Nearly one in 10 buyers was between 45 and 54.

          

 “A linked benefit policy has advantages that many pre-retirement consumers find attractive,” Slome notes.  Policies can fund expenses when qualifying long-term care is needed at home or in a skilled care facility.  Some linked, or hybrid products, allow unused benefits to pass to named beneficiaries income tax-free.  “At a time when long-term care is increasingly top of mind, these life insurance-based solutions avoid the ‘use it or lose it’ risk associated with traditional long term care insurance,” says Chris Coudret, CLU, ChFC, Vice President, OneAmericaone of the nation’s leading insurers offering linked benefit solutions.  “In most cases, people make a single payment, effectively removing the risk of future premium increases.”

          

 The AALTCI study reported sales for the participating linked benefit insurers increased 14 percent in 2011 and the premium increased almost 20 percent.  To learn more or obtain long term care insurance costs from an Association member call (818) 597-3227 or visit the organization’s website www.aaltci.org.

            

Established in 1998, AALTCI is the national trade organization established to create heightened awareness regarding the importance of planning for long term care.  To access or read three free consumer guides outlining ways to reduce costs for long-term care insurance visit the Association website http://www.aaltci.org/long-term-care-insurance-costs/