How Consumers Prefer to Cover Long-Term Care Costs

It’s a fact—consumers prefer long-term care riders to stand-alone long-term care (LTC) insurance.

In 2018, 350,000 Americans bought long-term care insurance.1

84% chose linked-benefit coverage.?In other words, their LTC insurance was a rider on a life insurance policy or another financial vehicle.

Only 16% chose stand-alone LTC insurance.

If you had to guess why riders won out, what would you say?

• Because LTC riders are often far more affordable than stand-alone insurance?2
• Because LTC riders aren’t subject to steadily increasing premiums?3
• Because stand-alone LTC insurance is growing harder and harder to qualify for??

If you guessed any of the above, you’d be right! They’ve all contributed to the rising popularity of LTC riders.

For many, LTC riders are a no-brainer. If something’s more affordable, easier to qualify for, and less subject to change, wouldn’t you prefer it, too? And considering that 70% of people age 65 and older will need LTC, it’s a form of financial protection everyone should explore.?

That’s not to say an LTC rider is the perfect solution for your situation. If you don’t need permanent life insurance, then a stand-alone policy may be the way to go. That’s why it’s critical to meet with a licensed and qualified financial professional—they can evaluate your situation and what tools and strategies best meet your needs.

Check out Troy Talks Podcast 35th Episode with Eric Twiggs

Don't miss this 35th episode of Troy Talks Podcast with?Eric Twiggs of The What Now Movement.

? Eric M. Twiggs is a founding partner and president of The What Now Movement.

? His mission is to build high-performing entrepreneurs, authors, and career professionals, who are prepared for life’s unexpected curve balls.?

? In this interview, shares with us some awesome insight and wisdom in pivoting & procrastination.

? Eric shares with us:

"ask your self "what now"

"own it

"Don't allow perfection to become your enemy of progress."

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