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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:

bullet A Universal Life policy that provides access to the Death Benefit, even prior to insuredís death, in the event of Chronic Illness and/or Terminal Illness.  If insured develops a Chronic/Terminal Illness they can accelerate the policyís death benefit to pay for their care.
bullet And/or Upon insuredís death, the policy provides the designated beneficiary with the life insurance benefit. 
bullet A UL policy that provides a No-Lapse Guarantee.  Thereby ensuring that the premium for a Chronic Illness/LTC rider will never increase.  
bullet LTC riders are not underwritten based on morbidity, so many of your clients who would hitherto have been a decline, may be issued a life policy with an LTC rider.
bullet No receipts required (indemnity plan).
bullet Predictable benefit amount.
bullet Waiver of monthly deduction while on claim.
bullet Familiar benefit trigger:  unable to perform 2 out of 6 ADLís (Activities of Daily Living)

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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Last modified: 10-Jan-2024