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.
But maybe this is also part of a trend: that LTC planning will morph into later-life planning and encompass many different strategies for helping people to maximize independence and quality of life along with assets.
The MIT AgeLab came up with a list of technologies that can benefit “mature drivers,” such as better emergency response ssytems, better blind spot warning systems and assistive parking systems.
Of course: Any systems that can help people drive longer can help them avoid using home care or nursing home care longer.
The AgeLab researchers could have easily done a report on technologies that can help mature homeowners, or technologies that could help mature grocery shoppers, and maybe later-life planners will come to advise clients on that sort of later-life technology planning as well as LTCI policies and hybrid policies.