Your Clients Aren’t Average
Some carriers like to claim that your clients don’t need LTC protection beyond the average length of a care need. But preparing for only the average length of a care need can leave a large gap.
The Story of Averages
The average length of an LTC need is typically longer for women than men (3.7 years vs 2.2 years1). However, in a survey of leading long-term care insurers, that story of averages doesn’t hold up.
With five of the seven carriers, men met or exceeded the length of claim for women, with each exceeding a million dollars! Planning for the average would’ve only covered a fraction of the cost. The belief that average lengths of care are sufficient could create one of the most devastating financial decisions in life.
Addressing only the average care need excludes the possibility of a life-long diagnosis like Alzheimer’s or Parkinson’s. Lifetime protection is the only way to ensure that every client has exactly the amount of protection that they need, whether it’s for two months, two years, 20 years or more.
Your clients aren’t average, and their LTC protection shouldn’t be either. Contact us to learn more about our Continuation of Benefits options, including Lifetime, to help your clients be protected against a costly LTC needs.
Largest LTC Insurance Claims Paid through December, 2018
| CO | Largest Claim (Male) | Total Cost | Largest Claim (Female) | Total Cost |
|---|---|---|---|---|
| 1 | 14 years, 2 months | $2,276,381 | 16 years, 6 months | $2,329,333 |
| 2 | 19 years, 3 months | $2,205,800 | 15 years, 4 months | $2,636,417 |
| 3 | 16 years, 2 months | $2,091,083 | 9 years, 10 months | $1,727,594 |
| 4 | 15 years, 8 months | $1,700,000 | 14 years, 6 months | $2,000,000 |
| 5 | 14 years, 3 months | $1,461,256 | 11 years, 7 months | $2,012,385 |
| 6 | 15 years, 4 months | $1,413,934 | 15 years, 6 months | $1,499,601 |
| 7 | 13 years, 2 months | $1,179,502 | 18 years, 1 month | $1,316,417 |
Source: http://www.aaltci.org/long-term-care-insurance/learning-center//ltcfacts-2019.php#2019end Published 2019