Long Term Care: Building on the NYT Article

by Dec 9, 2016

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Today’s New York Times features an article about Long Term Care. The topic deserves attention, so it is great to see this coverage. But there is more to the conversation. Here are some thoughts to add depth to the topic:

  • Hancock has stopped selling Long Term Care policies, but they are not alone. Genworth, another provider, was recently sold to a Chinese-based insurer putting those Long Term policies at risk as well. Which means there are virtually no options left.
  • Over the course of the last 20 years, policy premiums have gone up while coverage terms have gone down.
  • There is no government backstop to cover a Long Term care stay, so the potential for exposure is high.
  • Finally, there is an 80% likelihood you or your parents will need Long Term care at some point, so planning for this is a must both to ensure your well-being and to protect your assets.

The hybrid life insurance policies mentioned in the article are really the only viable option. These polices not only have a death benefit, but also an option for a full return on the premium if you don’t use the Long Term Care coverage. This is the best option to provide the Long Term Care benefit if you should ever need it.

Click here to read the New York Times article Combine Long-Term Car With Life Insurance? Do the Numbers First

If you have questions email Kyle at or call 203.698.9342.

(photo credit Justin T. Gellerson for the New York Times)

Written by: Steve Shepard

Founder/Principal, Shepard Insurance Group. At Shepard Insurance Group we begin every relationship with a face to face meeting with the client. In a comprehensive discussion of coverage needs, personal concerns, objectives and finally appetite for risk, we can arrive at the proper insurance solution. Understanding the client is the first step to accurate execution.

December 9, 2016

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