Have you looked at Group Life Insurance with LTC Benefits? If not, it’s time! These plans have been growing in popularity and have been offered in the Individual (retail) Insurance market for a number of years.
Why are these products gaining interest?
- Pure Long-Term Care Insurance has a "use it or lose it" structure that some people don't like. On the other hand, a combination Life/LTC plan will always pay either a death benefit or a LTC benefit as long as premiums are being paid.
- People like these plans is that a younger buyer can be sure their family is protected at an early age while also investing in Long-Term Care protection that may be needed after retirement. For most people, as they age their Life Insurance needs decline (as their children leave the house and become self-sufficient), but their need for Long-Term Care planning grows.
- Premium stability. It's a well-publicized fact that many LTC Insurance carriers are raising premiums for current participants on group plans, including the biggest group plan - the federal employees program. Although current products are priced to avoid future rate increases, it is likely that many potential buyers of Long-Term Care Insurance at the worksite will be concerned about rate increases. Some of the Life & LTC product combinations offer guaranteed premiums which will appeal to this group.
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Contact us to learn more at GroupLTC@LTCIPartners.com or (877) 949-4582 x7