A major long-term care insurance issuer is reaffirming its commitment to the long-term care insurance market.
Adam Walling, the producer performance director at Omaha, Nebraska-based Mutual of Omaha, has sent agents, brokers and other distribution partners a memo assuring them that his company is still committed to the long-term care insurance market.
“We believe that LTCI provides value through product profitability and company diversification,” Walling writes. “The product aligns with our mission to help our customers protect what they care about and achieve their financial goals.”
The aging of the U.S. population should continue to help the market for long-term care insurance grow, and Mutual of Omaha believes there is no viable government-provided alternative, Walling says.
Another player in the market, LifeSecure Insurance Co. of Brighton, Michigan, ended sales of new individual long-term care insurance products Oct. 31, but it’s staying in the multi-life long-term care insurance market.
In the multi-life market, an issuer sells two or more individual long-term care insurance policies at the same time at a worksite.
LifeSecure, a unit of Blue Cross Blue Shield of Michigan, has emphasized that it will meet its commitments to its individual policyholders, and that it’s still eager to participate in the multi-life long-term care insurance market.
“LifeSecure has always been an impassioned advocate of LTCI, and we remain optimistic about the future of this very important product line,” the company says in a memo sent to producers in October. “We believe that there continues to be a growing need for LTCI and LTC planning in general.”
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