"If you are not allocating some of your assets to protect against LTC expenses, you are exposing all of your assets to LTC expenses."
Did you know at least 70% of people over 65 will need long-term care services and support at some point in their lives? Long-term care is a range of services and supports needed to meet personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life. Without proper planning, a serious accident or illness could rob your clients of their financial independence. An average couple that retires at age 65 today should expect to spend, on average, $220,000 for out-of-pocket medical expenses during their retirement years.
Long-term care insurance premiums have seen significant increases. In fact, many companies have restricted their offerings and pulled out of the LTC insurance business completely. Due to market pressures, insurance companies are searching for new ways to provide LTC protection and have begun development of combination products, which are life insurance policies with either chronic illness or long-term care riders.
