September 2015 – Tony Laudato, Vice President at Hannover Life Reassurance Company of America, and Pam Kreager, Senior Director of Clinical Quality & Standards, LTCG, reviewed product design, underwriting, reinsurance and claims management of life and long term care (LTC) hybrid products. Mr. Laudato began by noting that over the past 10-15 years, there have been significant market exits from LTC direct writers. Linked benefit products, on the other hand, are increasing due to a need for them, given the age 65+ market will increase to 90 million by 2060, and almost 70% of those people will need some form of LTC–nursing home or in-home care. Only 3% of the current 45 million people age 65+ have LTC coverage.
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