We're veering off course slightly this week to discuss long term care insurance.
The recent decision to finally allow the beleaguered long term care insurance company, Penn Treaty (not to be confused with Penn Mutual) to be liquidated, sparked a need to discuss the ongoing issues with long term care insurance in general.
We are asked about long term care insurance on occasion and we certainly think using the product is a good idea for some people.
However, there continues to be turmoil in the industry at large as to what sort of premiums need to be paid to sustain these products over the long term.
The jury is still out on that matter obviously as we see fewer and fewer companies in the business of issuing new long term care insurance policies and substantial increases on existing blocks of business continue to increase.
To be clear, we're not talking about long term care insurance benefits that sit atop a life insurance chassis. There a handful of options that do this quite well.
In today's episode we're strictly dealing with the issues associated with what we call “traditional long term care insurance”. These products require a premium paid monthly or annually strictly for use as insurance to provide long term care benefits.
Brantley is a practicing life insurance agent and has been for nearly 18 years. After years of trying to sell like his sales managers wanted him to, he discovered that people want to buy life insurance if you actually explain the benefits.
IPB 107: When Interest Rates Go Up, Bonds Go Down. What Does It Mean for my Life Insurance?
IPB 106: Diversifiable Risk vs Market Risk: The Discussion You’re Not Having
IPB 105: Is Indexed Universal Life Insurance Worth it even if the Interest Rate Assumptions are Wrong?
IPB 104: You Can Just Buy Bonds: One of the Reasons Not to Buy Whole Life Insurance