by John Darer® CLU ChFC MSSC CeFT® RSP CLTC
Long term care insurance carriers have been squeezed by low lapse rates combined with low interest rates, at just the time when insurers are seeing more claimants, according to the March 2011 edition of InsuranceNewsNet magazine.
In the same article Jesse Slome, Executive Director of the American Association for Long Term Care told A.M. Best "that insurers are buckling under the trople whammy".
One insurer Berkshire Life Insurance Company of America will stop selling Long Term Care Insurance by the end of 2011. Will others follow?
If You Think You Are Too Young for LTC, Think Again
Think you're too young? I bought Long Term Care Insurance when I was 38. With annual increases my coverage is up to $585 per day by the time I'm age 60 and $747 per day by the time I'm 65. For lawyers and my industry brethren the insurance should be a no-brainer since you have an acute sense of what facilities and home care, respite care and assisted living cost. You also have the sense of how age is not a barrier to the potential need for these services.
Long term care insurance can help preserve your assets and quality of life and that of your family, give you choices about where care is delivered and save relationships that will undoubtedly be strained emotionally and financially if the worst happens. What it amounts to is a small percentage of what you should be saving for retirement each year. Think about it.
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