Although sales of traditional long-term care insurance have dropped 60 percent over the last decade, half of the insurance companies marketing the policies experienced increased sales in the first half of 2016 compared to the same time period in 2015.
“While the number of new policy sales declined just slightly for the industry as a whole, having half of the insurers who currently offer policies to new applicants see sales increases is a very positive thing,” Jesse Slome, director of the American Association for Long-Term Care Insurance, said during a recent talk he gave before long-term care insurance professionals.
During the presentation, Slome said that markets evolve—noting that in 2000 less than 10,000 Americans purchased hybrid cars. “In 2015, over 500,000 hybrid cars were purchased,” Slome said. “Likewise, different options for long-term care planning are seeing sales growth so one must look at the overall market.” Some of the newer options available include life insurance policies and annuities with long-term care benefits.
About a dozen companies still market traditional long-term care insurance. “Companies see sales increases and some see decreases for a variety of reasons, but overall market stability is important,” Slome said.
The national long-term care insurance expert also reported an increase in the number of consumers contacting the organization seeking information or pricing for long-term care insurance. “That’s a very positive sign and one that’s most welcomed,” Slome said.
To compare long-term care insurance costs, contact the American Association for Long-Term Care Insurance at 818-597-3205, or visit the organization’s website at www.aaltci.org. Or contact USI for more information—we can help you analyze your needs and recommend coverage, including long-term care hybrid options that involve life insurance or annuities.