The number of people who purchased traditional long-term care insurance policies last year dropped significantly compared to previous years, based on new figures released by the American Association for Long-Term Care Insurance (AALTCI).
AALTCI reports that at its peak in 2000-2001, sales of traditional LTCi policies soared to more than 700,000. Numbers have fallen over the last two decades and hit their lowest point in 2020 with just 49,000 policies sold. AALTCI says while the need for LTCi hasn’t changed, “more people are opting for a linked-benefit product such as a life insurance policy that can also pay long-term care benefits.”
Given this latest report, what does the future hold for the LTCi hybrid market? Join us Wednesday as our partners Sandy Jones and Nolan Tully discuss this topic and more with Cheri McCourt, assistant general counsel at Northwestern Mutual. To learn more and to register click here.