Los Angeles, CA – August 18, 2016; Half of the insurance companies marketing traditional long term care insurance policies indicated they saw sales increases for the first half of 2016 compared to the same time period in 2015 according to a talk given today by Jesse Slome, director of the American Association for Long-Term Care Insurance.
“While the number of new policy sales declined just slightly for the industry as a whole, having half of the insurers who currently offer policies to new applicants see sales increases is a very positive thing,” Slome shared with a number of leading long-term care insurance professionals. Slome indicated that annual sales of traditional long term care insurance have declined by about 60 percent compared to a decade ago.
“All markets evolve, in the year 2,000 less than 10,000 forward-thinking Americans purchased a hybrid car,” Slome delineated to the audience “In 2015, over 500,000 hybrid cars were purchased. Likewise, different options for long-term care planning are seeing sales growth so one must look at the overall market.” The organization which conducts research projects throughout the year advocates for the importance of long term care planning.
Around a dozen companies including Northwestern Mutual, Genworth Financial, John Hancock, New York Life and Mutual of Omaha still market traditional long-term care insurance. “Companies see sales increases and some see decreases for a variety of reasons, but overall market stability is important,” Slome added.
The national long term care insurance expert also reported an increase in the number of consumers contacting the organization seeking information or pricing for long term care insurance. “That’s a very positive sign and one that’s most welcomed,” Slome concluded.
For more information or to compare long term care costs contact the American Association for Long-Term Care Insurance by calling 818-597-3205 or visit the organization’s website at www.aaltci.org.
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