Multilife long-term care insurance door is still open, marketer says

L. Nicholas Hogan traveled to the Health Agents for America meeting in New Orleans last week to tell the attendees that multilife long-term care insurance still exists, and isn’t necessarily all that expensive. 

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A multilife long-term care insurance program sells groups of ordinary one-life, or one-couple, long-term care policies at the worksite.

Hogan, president of Gahanna, Ohio-based Insurance Advisors, said he knows of at least two active markets for multilife long-term care insurance coverage.

The cost of $100,000 of coverage may be less than $10 per month for a young worker, and less than $20 per month even for workers in their 50s, Hogan said.

The underwriting questions for active workers tend to be aimed mainly at filtering out workers who already suffer severe enough disabilities to qualify for long-term care benefits, Hogan said.

Owning long-term care insurance “protects your 401(k) contribution,” Hogan said.