Since its inception in the 1970s, Long Term Care insurance premiums have been the same for men and women.
But according to an industry insider, there is pressure on insurance companies to recognize the reality that women live longer then men and to charge women higher premiums.
“Research done by the American Association for Long Term Care Insurance indicates that women represent 2/3 of all new claims. Considering the industry has paid out a projected $7 billion in benefits, this represents a significant larger risk for insurance companies. Soon, at least the majority, if not virtually all insurance companies, will begin charging premiums which represent the individual risk based on gender,” said Rob Cohen, Executive Vice President at ACSIA Long Term Care, Inc. a marketer of Long Term Care Insurance.
“Genworth Financial is the first company to announce such a pricing change, but I predict that many other companies will follow. This means individuals looking to plan for the physical, emotional and financial burdens Long Term Care places on family and friends can save money by learning and acting now,” Cohen explained.
Thanks to ConsumerWorld.org for the tip on this story.
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