Happy Sweet 16!
November marks the 16th anniversary of National Long-Term Care Awareness Month, a tradition my group, the American Association for Long-Term Care Insurance, established in 2001. And, like all teenagers, the world of long-term care insurance has and is experiencing hormonal changes.
Awareness Month is an appropriate time to take a quick look back and briefly ponder the future of an industry that is in the midst of what I call an ongoing evolution of markets, products and distribution.
Back in 2001 yearly sales of traditional long-term care insurance (LTCi) policies were reaching lofty numbers, as over 700,000 individuals purchased new coverage. Few linked-benefit products were available or sold.
For 2017, our projection is that 70,000 traditional LTCi policies will be sold, and we’d estimate some 400,000 to 450,000 linked-benefit products that offer some form of LTCi payout will be purchased. The actual number could be higher.