Those who buy long-term care coverage do so in the hopes that a policy now might come to their aid 10, 20 or 30 years down the road. But a growing concern is whether such long-term policies are structured in such a way that by the time they are needed, the policies are still delivering a solution the policyholder needs. Alternative plan of care clauses, for example, are intended to provide coverage for services that are not spelled out in the policy but my emerge in the future. (Much like how assisted living facilities did not exist when the holders of LTC policies bought them 30 years ago.) The problem is, alternative plan of care clauses are honored at insurers’ discretion, leaving many policyholders and potential clients wondering if their LTC policy will really deliver.
The NCOIL version refers to life insurance, health insurance and annuities.
InsPro runs the InsPro Enterprise insurance administration and marketing system.
Money may buy bootleg hand santitizer, but not necessarily tranquility.
Sponsored by Just Invest
Discover why the mass affluent should be your focus and how you can give them what they want through direct indexing.
Sponsored by Cetera Financial Group
Have you approached your business-owner clients about helping educate their employees about finances? Discover why you should!
Don’t miss crucial news and insights you need to make informed investment advisory decisions. Join ThinkAdvisor.com now!
- Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions.
- Exclusive discounts on ALM and ThinkAdvisor events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.