U.S. insurers sold stand-alone long-term care insurance (LTCI) to about 55,000 people in 2018, according to new data from the American Association for Long-Term Care Insurance (AALTCI).
Insurers sold long-term care (LTC) benefits linked to life insurance policies or annuity contracts to about 295,000 people, according to the AALTCI data.
Steve Schoonveld has helped make many of those sales of linked-benefit products happen.
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Schoonveld is the head of linked benefit product solutions at Lincoln Financial Group.
Lincoln Financial has offered the MoneyGuard family of life-LTC combination products since 1987. An A.M. Best U.S. health review published in 2018 implies that, in 2016, Lincoln Financial might have had about 130,000 MoneyGuard policies in force.
Schoonveld was in Chicago Monday for the Intercompany Long Term Care Insurance Conference. Lincoln Financial is a silver-level conference sponsor.
He said he prefers the term “combination product” for what Lincoln Financial sells to “hybrid product,” because the life insurance coverage in a MoneyGuard policy is separate from the LTC benefits, and the term hybrid seems to imply that two things are mixed together.
Schoonveld also talked about what he feels are some misconceptions about how combo products and other long-term care benefits products work.