The people who have been selling long-term care insurance (LTCI) have been doing a great job of increasing sales in recent years but facing hurricane-force headwinds.
The LTCI carriers have discovered that they have had a hard time pricing LTCI products in a sustainable way, and, at the same time, they have discovered that interest earnings on the assets supporting the LTCI products are very, very low and likely to stay low for a painfully long time.
But, meanwhile, the baby boomers are getting older, and members of the Silent Generation — remember them? A lot of you are them — are getting quite a bit older.
“LTCI agents” seem to be more inclined these days to emphasize that they are long-term care (LTC) planners, and to talk about products other than stand-alone LTCI policies, such as life insurance policies with riders with LTC-related triggers, and annuities with riders with LTC-related triggers.
Now Hartford Financial Services Group (NYSE:HIG) and the MIT AgeLab have come out with a study on car technology for adults ages 50 and older.
One reason may well be that Hartford has (sigh) shifted its focus away from LTCI products and individual annuities.