Long-term Care Coming Up Short Hot

Long-term care insurance used to be focal point for insurers. Now, it’s being dropped by multiple carriers. Lower interest rates and increased longevity have made it less appetizing to offer the insurance; those who still do are committed to the product.

 

This kind of fallout can result in higher prices, yet more quality providers. With the Boomer generation living longer and facing more health concerns as they age, they also do not want to be a burden on their children. Fewer carriers who provide the insurance combined with higher premiums and Boomers’ desire to have a high quality of life may force them to change habits and live even healthier lifestyles. This creates more opportunity for advisors focusing on health risks for their aging clients as well as a more focused point of differentiation.