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Long Term Care Insurance Industry Paid $10.3 Billion in Claims in 2018
Industry passes the $10B mark for the first time
A record $10.3 Billion in claims was paid last year by the nation's long term care insurance companies according to the American Association for Long-Term Care Insurance. Benefits were paid on more than 303,000 policies.
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LIMRA and LOMA Establish the Robert A. Kerzner Scholarship Program
From the start, Kerzner was an 'agent of change'
LIMRA and LOMA today announce the Robert A. Kerzner Scholarship Program, established to honor Robert Kerzner for his contributions to the insurance industry and his years of service as CEO of LIMRA, LOMA, and LL Global.
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2019 Long-Term Care Insurance Price Index Released
While costs increases slightly over 2018, many insurers had no increase
A couple in their mid-50s purchasing new long-term care insurance coverage can expect to pay just over $3,000 for a potential combined benefit of over $770,000 in coverage should they begin needing care at age 85.
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Five Factors Influencing Growth in the Life-Combination Market
Joint LIMRA-EY study identifies the impact of this $4 billion market
According to LIMRA research, the life-combination market has grown to more than a $4 billion market over the past 10 years. A new study, conducted jointly by LIMRA and Ernst & Young LLP (EY), identified five factors that impact the viability of the life-combination market.
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LIMRA: Total Individual Life Insurance New Premium Increases in the Third Quarter 2018
Driven by strong indexed universal life (IUL) sales
U.S. life insurance new annualized premium increased 3 percent in the third quarter 2018, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. Driven by strong indexed universal life (IUL) sales, this is the second consecutive quarter of positive growth.
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Most Caregivers Are Overwhelmed Emotionally And Lack Adequate Emotional Support
Study: Gen X Feeling the Impact More Than Others
Caregiving is a growing reality for Americans – one that comes with a significant emotional toll, according to findings from Northwestern Mutual's 2018 C.A.R.E Study. The study finds that while nine in ten caregivers say they are providing emotional support for others, significantly fewer feel they get the support they need for themselves.
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New Tax Limits for LTCi
...Something few insurance pros ever discuss
by Jesse Slome
Last Friday the IRS issued new limits for the tax deductibility of ’tax qualified’ long-term care insurance premiums. Only traditional LTCi policies have this benefit (the hybrid or linked benefit ones do not … a benefit few (if any) consumers know about (because few, if any, insurance agents or financial advisors ever bring up this…
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Holidays Offer a Chance to Talk About More Than Turkey
Planning for future care, expenses should be on the menu, too
Across the United States, families will be gathering over the coming weeks, talking about family news, meals—and possibly, having crucial discussions about care for loved ones.
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Failure to Plan for Long-Term Care Often Leaves Caregiving to Female Family Members
Study finds that 60 percent of people who have provided care underestimated how demanding it would be further illustrating the need for families to prepare
A new Lincoln Financial Group (NYSE: LNC) study released during Long-term Care Awareness Month finds nearly 75 percent of people believe they will be responsible for caregiving of a family member in need, yet 7 in 10 people worry they will not be able to provide adequate care.
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Caregivers Are Getting Younger, As Stress, Mental Health Issues Continue Unabated
Costs of care include emotional, physical & financial impacts
Caregivers in the United States are getting younger and continue to struggle with stress and depression, no matter what their age, according to Genworth’s Beyond Dollars Study 2018[2] released today. Genworth has conducted the Beyond Dollars Study about every three years since 2010 as part of its mission to help families prepare for the challenges…
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Nearly Two-Thirds of Consumers Think Long-term Care Insurance Is Important
Still, only 15% have purchased it
According to the U.S. Department of Health and Human Services (HHS), more than half (52 percent) of Americans turning 65 today will develop a disability serious enough to require long-term care services.
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Make November The Time to Start LTC Conversations
The need to start a discussion is great
by Chris Coudret, CLU, ChFC
November is Long-Term Care (LTC) Awareness Month, National Alzheimer’s Disease Awareness Month and National Family Caregivers Month, making it the perfect time to have discussions about these three often-difficult topics.
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All LTC Protection Is Not Created Equal
Survey: Nearly 4 in 10 Americans 65+ haven't talked with others about preparing for possible need of long-term care
Nearly 4 in 10 Americans age 65 and over – 37 percent – say they haven't had conversations with anyone about preparing for their possible need of long-term care (LTC). The proportion was similar to American adults overall, 38 percent of whom said they hadn't had such conversations.
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