Situation: Not that long ago, the only way to insure the risk of long-term care was through the purchase of a standalone long-term care insurance policy. While stand-alone long-term care products offered a variety of features allowing customization of a policy, many customers did not like the “use it or lose it” nature of the […]
The Necessity of Long-Term Care in Retirement Planning When helping their clients formulate plans for retirement, financial advisors must now account for life expectancies into the early 90s. However, the simultaneous need for long-term care planning isn’t accounted for nearly as widely as it should be, considering the significant impact that long-term care expenses can […]
Underwriting long-term care risk is very different from life insurance underwriting, and it all comes down to mortality vs. morbidity. Long-term care underwriting looks at morbidity risk, which takes into account medical impairments that impact a client’s ability to perform daily living activities which would indicate a need for long-term care. Life underwriting, on the […]
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