Many of our clients and their moms and dads (if they were smart) bought long-term care insurance (LTCI) five, 10, 20 or even 30 years ago. Now, as we work with prospects and clients in their 40s, 50s, 60s and 70s who have not yet purchased long-term care protection, we are facing a whole new world of LTCI options.
LTCI today is certainly not what it used to be. There have been significant changes in the products, particularly over the past few months. Rate increases are common. It appears the unlimited benefit period, zero-day elimination period, and large discounts for couples and for good health may be a thing of the past. Underwriting, too, appears to be changing, and familial history is likely to begin to play a more important role in the underwriting process. Women, particularly single women, will be facing higher rates in the very near future.