BeamaLife Asserts Changes In Long Term Care Market Underscore Value of Whole Life Insurance

Whole Life Insurance policies are now offering more and more Long Term Care benefits too.

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Not that life insurance companies have not failed, just like banks; but overall, life insurance is a much better investment and provides the benefits that people have been seeking from buying long term care policies.

Piscataway, NJ (PRWEB) July 31, 2012

Prudential Financial announced this week that it will exit the long term care insurance market, no longer selling group long-term care effective immediately. Prudential is just the latest among big-name insurers who have discontinued LTC policy sales, a list that includes Metlife and Unum.

“Long term care insurance has been an unstable market since it started many, many years ago” said insurance and financial planning expert and BeamaLife CEO Neil Jesani. “Not that the need for long term care coverage has been decreasing, though; it’s clear that as Americans live longer thanks to advances in medical care, the need for long term care has only grown in the last 20 – 30 years.”

“During that time, countless companies have entered and exited the long term care insurance market, some companies continuing to honor policies sold in the past, and some simply unable to continue operations, especially in the low-interest economy that we’re experiencing these days” Jesani said. “This leaves thousands of policyholders in a very dangerous financial position, since there’s a 1 in 2 chance that every American will need long term care coverage at some point in their lives.”

“At the same time,” Jesani continue, “the life insurance industry has remained stable, and premiums for policies have dropped over time. Not that life insurance companies have not failed, just like banks; but overall, life insurance is a much better investment and provides the benefits that people have been seeking from buying long term care policies.”

“Think about it – people buy long term care insurance so that they don’t have to dip into their savings or sell their assets to pay for long term care expenses. Cash value life insurance policies can provide that same benefit, along with advanced benefit options and a death benefit in the event of the death of the policy’s insured. In essence, you’re getting total financial protection when you purchase whole life insurance and a stable market with very strong providers. You don’t see MetLife or Prudential or Unum getting out of the life insurance business,” Jesani added.

About BeamaLife.com
BeamaLife is a privately-help, rapidly growing online nationwide life insurance brokerage firm licensed in all 50 states. While leading the evolution of the life insurance industry into the e-commerce environment, BeamaLife’s mission is to educate Americans on life insurance, term life insurance, whole life insurance, college savings, retirement savings, disability insurance and long term care insurance. BeamaLife is a leader in term life quotes and whole life quotes.

About Neil Jesani
Neil Jesani is the president and CEO of BeamaLife.com. He is also a Certified Financial Planner and recognized by the Consumer’s Research Council of America as one of “America’s Top Financial Planners.” Mr. Jesani contributes articles and financial advice to the top publications within the financial and Indian communities. He has been a guest on several television programs providing sound business and financial advice and is passionate about helping individual consumers and business owners understand the complex and challenging world of life insurance and financial planning.


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