Analysts: LTC Hybrid Policies Will Keep Driving Life Insurance Sales
August 20, 2019 by John Hilton
It was one of the most stunning data sets discussed during the recent state insurance commissioners’ summer meeting in New York City: policies sold with a long-term care rider jumped from 228,000 in 2015 to 461,000 in 2018.
Today, more than 40 carriers are selling these products with a long-term care element, said Steve Schoonveld of the Society of Actuaries. “That’s a really robust market,” Schoonveld told the National Association of Insurance Commissioners’ Senior Issues Task Force.
Agents should keep in mind how flexible the LTC hybrid products can be in meeting several needs for clients. For example, Schoonveld described a 65-year-old couple with a good retirement nest egg, maybe as high as $400,000.