Long-term care and the cost of care can be overwhelming for most. In the past, traditional stand-alone LTC policies were the only way to insure long term care expenses. These days, there are more ways to obtain this valuable coverage – including LTC riders on Life Insurance policies.
Underwriting long term care risks can be very different than underwriting for life insurance. LTCi underwriting takes into account medical impairments that impact ability to perform daily living activities. Whereas, life underwriting is more concerned about impairments that affect mortality, or life expectancy. In some cases, your client may be eligible for life insurance at a favorable rate class, but may be rated or declined for long term care.
This recent case study shows how different underwriting mortality vs. morbidity can be:
Non-traditional long term care insurance and chronic illness riders are the perfect solution for those impairments that would be declined for traditional LTC riders.
These alternative riders are automatically available on eligible permanent products with little to no additional underwriting.
Whatever the case may be, there is a product we can pivot to, to cover long term care needs. Contact your Underwriting Specialist, we’re here to help you sort through the different options and pre-qualify your client for this much needed coverage.
Excellence, Passion, Integrity, Collaboration and Creativity – our core values since 1974
The EPICC Center is the online source for financial professionals, designed to provide them with the essential elements they need to run their practice and increase their bottom line including breaking news, carrier / product information, market trends, sales ideas, marketing tools & resources and more.