LTC insurance market is growing younger

Article Abstract:

Insurance agents should consider selling long-term care (LTC) insurance. The market for LTC products is expected to grow to 12 million policies by the year 2000, driven in most part by consumers seeking to protect assets, guarantee services and ensure independence. Additionally, purchases are increasingly being made by people in their 40s and 50s because they have learned that nursing home care can be expensive, with costs currently in the $30,000 to $50,000 level. Agents considering this market will need to learn about LTC insurance, Medicare and Medicare supplements.

Forecasts and trends, Health insurance industry, Long-term care insurance, Long term care insurance

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Know IRS requirements on policy exchanges

Article Abstract:

Insurance agents should have a thorough understanding of Section 1035 of the Internal Revenue Code (IRC) to best advise clients about the tax advantages of life insurance policy replacement transactions. Agents should be particularly aware that only certain types of replacement transactions are eligible for nonrecognition tax status under Section 1035. Also, all the tax characteristics of the policy may not be preserved even though it the law is applicable to the replacement transaction.

Public Finance Activities, Life Insurance, Direct Life Insurance Carriers, Personal Income Tax Deductions, Laws, regulations and rules, Tax deductions, Personal income tax

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Offer clients coverage in growing LTC market

Article Abstract:

Americans are failing to plan for their old age despite cuts in Medicare and Social Security benefits. Insurance agents should advise their clients about the benefits of long-term care (LTC) insurance to combat this growing problem. A variety of LTC policies are offered by 135 companies throughout the US. Financial planners should also advise clients about the benefits of tax-deferred annuities.

Planning, Marketing, Column, Long-term care of the sick, Long term care

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