A single long-term care insurance policyholder claim has exceeded two million dollars (actually $2.6M for a female). The largest claim still being paid to a male policyholder reached nearly $1.6 million.
Why is this important? First, it’s the first time we’ve seen a single claim in excess of $2 million. Second, because consumers mistakenly perceive this protection in ‘investment’ terms … will I get my money back? Insurance agents need info like this to tell the story properly!
When it comes to LTC insurance (or most insurance for that matter) some will get NO benefit … some will get SOME benefit … and a few will get HUGE benefit. By the way, can’t imagine what life is like being on claim for 20 years.
We posted data on the largest claims from five insurers online. We report the value of the claim paid, how long the claim has been paid, what the policyholder paid for their policy and how long they paid before the claim started.
Link to data: LTC Facts
I hope you will take a minute to review and maybe share this important information. Happy to answer any questions or provide a larger version of the graphic.