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April 09, 2009 at 08:00 PM
Individual long term care insurance sales dropped 23 percent in the fourth quarter of 2008 and ended the year down seven percent, according to a survey by LIMRA. "The economic downturn had a significant impact on LTCI sales during the second half of 2008," said LIMRA associate analyst Karen Fisherkeller.
"Unlike other, more widely understood and sought after products, LTCI carriers have struggled in their efforts to convince consumers of the need to protect for their LTC risk, and in today's economy, that which is not deemed necessary is put on hold."
