Mon. Apr 22nd, 2024

Los Angeles, CA, March 21, 2024 –Three long-term insurance companies increased the number of covered lives over the past 10 years according to data reported today by the American Association for Long-Term Care Insurance.

“Mutual of Omaha, Northwestern Mutual and New York Life all reported more covered lives than a decade ago,” shares Jesse Slome, director of the long-term care insurance organization. “Unfortunately, companies that were once leaders in the industry have long ceased offering new policies and, as a result, their lives in force have decreased over the same period.”

According to Slome and analysis reported in 2023, Mutual of Omaha and Northwestern Mutual both had 100,000 additional covered lives compared to what they reported in 2013. The largest company in terms of covered long-term care insurance lives, Genworth, reported about 200,000 fewer lives in force for the same period.

“It is important for consumers as well as insurance professionals to understand that even when a company ceases offering new policies, existing policies stay on the books and are serviced when claims are filed,” Slome adds. “The past decade has definitely been difficult for some insurers offering traditional long-term care insurance. But, it is important to recognize that some insurers have reported growth.”

For example, Slome notes that Mutual of Omaha which had 110,664 lives in force as reported in 2013, reported 212,213 lives a decade later. “Some may view this as slow growth but it’s quite the contrary,” Slome explains. “While long-term care planning is something every aging American should undertake, long-term care insurance is a viable option for a specific and rather small segment of the overall population.”

Access the complete data regarding leading long-term care insurers lives in force at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php#LongTermCareInsurers-Lives.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. Access the latest long-term care insurance statistics at https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2024.php.

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