After a market contraction due to a low interest rate environment and its effects on reserves as well as challenges understanding the pricing on a relatively new product, Long Term Care is poised for a comeback.
In part two of two, Bill Dyess and I continue our conversation about the future of Long Term Care insurance. Bill is the President of Dyess Insurance Services and one of the country’s foremost experts on long-term care.
Bill and I talk about how hybrid policies, which combine life insurance or annuities with Long Term Care insurance, have added a new wrinkle to the insurance marketplace. We measure some of the pros and cons of hybrid plans and highlight the importance of the advisor’s role as consumer educator.
The caregiver side of the equation is also important to weigh in the discussion of Long Term Care insurance. LTC can be a useful tool for caregivers, who must care for their own lives as well as those of their loved ones. As the nature of caregiving changes – trending younger and toward parity in caregivers’ gender – it is even more likely that LTC insurance will become more popular.
What You’ll Learn From this Episode:
- The likelihood of an illness or accident triggering a Long Term Care claim.
- How hybrid policies and plans are designed, and how they may affect the resurgence of LTC.
- The role of partnership plans in protecting the consumer’s assets in the marketplace.
- The changing nature of caregivers, and why LTC insurance is a tool they can utilize to ensure their loved ones get the care they need.
- How to get into the Long Term Care space as an advisor.
Featured on the Show:
Listen to the Full Interview:
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