After a market contraction due to a low interest rate environment and its effects on reserves as well as challenges understanding the pricing on a relatively new product, long-term care insurance is poised for a comeback.
On this first of a two-part series on the ShiftShapers Podcast, we’ll investigate a resurging need for long-term care insurance. There is a 75 percent chance that those who reach the age of 65 will need long-term care at some point in their lives. Our guest, Bill Dyess, is president of Dyess Insurance Services. He is one of the country’s foremost experts on long-term care.
Getting hurt or becoming sick and needing long-term care as a result of a chronic condition can happen at any age. While long-term care is primarily associated with the needs of an aging population, though anyone at any age can face this challenge. Bill will help explain the differences and the need for disability vs. long-term insurance.
In the 1980s and 1990s, there was an explosion of long-term care products. As the costs associated with long-term care exploded, the availability of products disappeared. The population is aging and surviving previously fatal diseases at a higher rate which makes an interest in long-term care insurance a new opportunity. There is a resurgence in the number of carriers in the marketplace and today we discuss what this means for advisors.
SPONSOR: Captivated Health (www.captivatedhealth.com)