you recently expressed an interest in Long Term Care insurance, itís important
you are aware many of the leading carriers of long term care insurance are in
the process of redesigning their products and will shortly be coming out with
similar products at increased premiums. If you are seriously considering this
protection, it would be in your best interest to purchase coverage now.
factors contribute to this movement. One
is the recent finding that unlike other types of insurance protection, Long Term
Care policyholders do not let their policies lapse.
The process of purchasing this insurance generally includes a lot or
research and a labored weighing of alternatives and options. People tend to do
it carefully as they wend their way through a myriad of choices in carriers,
products and benefits . It is always essential that the buyer purchase what he
or she can afford and question if it realistically accomplishes their goals. Recognizing
the protection Long Term Care Insurance will afford, few allow their policies to
current issue is, that based on history with other types of insurance products,
actuaries have actually built into the rates the factor that a percentage of
people will drop their policies after a few years. This is not happening, so
premiums must rise to prepare for larger reserves to be there for a larger group
of people going on claim than initially projected.
the National Association of Insurance Commissions, based on numerous studies,
has published new model regulations that include recommendations for the pricing
of initial premiums and premium increases. A Guidance Manual for state regulators is also now available.
a few smaller carriers have under priced their products and had to resort to
premium hikes, most of the major companies have kept their prices stable for the
past ten years. The common practice
is to retain premiums for current policyholders and come out with new, more
expensive, enhanced products for new customers. While I cannot offer a guarantee
of no increased prices over time, I do see the products currently on the market
as an excellent value.
conclusion, if you are considering the purchase of Long Term Care Insurance, I
suggest that you do so now while this opportunity exists.
you have any questions, as always I am available to you. You can email me at firstname.lastname@example.org
or call me at 631.393.5039.
the warming weather!
the warming weather!