The last bona fide individual Long Term Care carrier (John Hancock) left the LTC market 12-2016. Why has every carrier of importance left the LTC marketplace? Quite simply; Lack of profitability due to fewer sales in a continually shrinking market. Why werenít consumers purchasing LTC? Quite simply: Too costly, stringent underwriting and the specter of possible future premium increases.
Fortunately, your clients can still purchase in essence a Long Term Care policy, via the purchase of a Life policy that includes a Chronic Illness (LTC) rider. By doing so your clients can obtain the following benefits:
No LTC certification is required by agents to sell these plans. We offer the following NY carriers whose GUL products offer a true LTC rider: Prudential (offers age last birthday rates) and Nationwide. For non-NY residents we offer American General and Prudential. American National also offers a GUL product with chronic illness rider included at no additional cost, albeit their rider is not as comprehensive as our other carriers.
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