Earlier this week, I went to a small conference to learn more about new product developments for long term care insurance and life insurance.
I've always thought the insurance industry is slow to evolve and embrace new ideas. The featured insurance company admitted this freely.
What they have done has developed a long term care insurance plan which the premium will change each year, as well as automatically increasing the benefits each year, but also providing policyowners to receive additional benefits, reduction of future premiums paid based on their personal outlook. This certainly favors younger consumers who plan for their futures wisely.
The life insurance can include a lifestyle benefit for a very nominal annual cost, which will also immediately benefit policyowners with additional consumer benefits outside their insurance- trips, hotels, consumer goods, etc. and also can increase their policy values.
A long term care insurance rider (additional benefit) can also be added for a small percentage (1-4%) of their annual premiums.
Contact me to discuss, and see if this can make sense for your insurance portfolio!