Los Angeles, CA, October 08, 2012 --(PR.com
)-- Over the past year, several large life insurance companies have unveiled new riders that provide benefits apparently similar to traditional long term care insurance.
“There are many ways Americans can plan for the eventual need for long term care and our role is to educate consumers about their choices and make it as easy as possible to pick the best one,” says Jesse Slome, executive director of the American Association for Long-Term Care Insurance. The industry trade group supports insurance agents and financial professionals who market solutions to clients.
Life insurance policies that pay long term care benefits when a person meets qualifying conditions have existed for a number of years as have annuity contracts that offer this option. “Lately we are seeing riders to life insurance policies that appear to be the same but insurers offering them sometimes don’t have any long term care insurance experience so we want to make sure they are designed to really benefit consumers in the years to come,” Slome states. “Our philosophy is that an educated consumer prevents problems down the road both for their family as well as for the industry itself.”
The Association has announced an initiative designed to look into these newer riders and to help provide a balanced look that will benefit consumers. “There is no one single best solution that fits for every person,” Slome notes. “But financial products can be complex and we are getting an increasing number of calls from consumers who are concerned and want to know more.”
Some eight million Americans currently have some form of long term care insurance protection according to AALTCI. “We have a long way to go and much to do,” Slome concludes. “You have to start somewhere.”
Established in 1998 as a non-profit trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.