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The REAL Reason Long-Term Care Insurance Sales are Dropping

by | Sep 12, 2017

The number of long-term care insurance policies has increased from 4.5 million in the year 2000 to over 7.1 million today. However, sales of new policies have declined 14 of the last 15 years. Last year only 90,000 new long-term care insurance policies were purchased.

There are several reasons for the decline in new sales, but there’s one main reason: The insurance industry does NOT want you to buy long-term care insurance.

Not the entire industry, but most of the insurance industry does NOT want you to buy long-term care insurance. They want you to buy life insurance instead.

The insurance industry does NOT want you to buy long-term care insurance.

Life insurance is easier to sell.

Life insurance has more profit for the insurance company.

Life insurance pays higher commissions to the agent than long-term care insurance.

Over 100 insurance companies sell life insurance. Only 13 insurance companies sell long-term care insurance (here’s the list).
 
Life insurance with a “chronic illness rider” allows the death benefit to be paid before you die. Most insurance companies and agents want you to buy life insurance with a “chronic illness rider” to fund your long-term care. 

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Hear this loud and clear: these life insurance policies usually cost 100% to 300% MORE than a comparable long-term care policy.

Buyer Beware!

Many of these policies are not guaranteed. They are “universal life” policies and many of them can lapse as you get older, leaving you without any coverage, even if you pay all your premiums on time!

New long-term care policies have new regulations, new consumer protections, and better benefits than the old long-term care policies. 

Today’s long-term care insurance has:

New regulations that penalize insurance companies if they raise rates.

100% of the benefits can be used for care at home!

Asset protection for the middle-class, even if the policy runs out of benefits.

Tax savings, especially for the self-employed.

Even with all of these improvements in today’s long-term care policies, most people in the insurance industry don’t want you to buy long-term care insurance.

What are you going to do about it?

Find Your Perfect Plan!

5 simple questions and our policy finder will find the policy that’s right for you.

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