The U.S. Census Bureau reports the 65-and-over crowd is now growing faster than the total U.S. population. Most of them have not made any arrangements for their long-term care. What will happen when they start to need care? Who will pay for that care?
There are many types of insurance that will pay for long-term care. A traditional Long Term Care Insurance (LTCI) policy should be the first choice for those who can afford and qualify for one. But for those who don’t, a Short Term Recovery Care (STRC) policy is an excellent choice.
Short Term Recovery Care Insurance can pay benefits for long-term care services but is not considered traditional LTCI. Designed to pay benefits for a year or less, they are more affordable than traditional LTCI. And while underwriting requirements are different from company to company, generally the requirements for STRC are more relaxed than LTCI.
Some highlights of Short Term Recovery Care:
- Simplified underwriting
- Unisex rates
- Competitive Cost of Living riders
- Can be used to cover 90-day elimination on existing LTCI policies
- Variety of coverage available
- No special CE is required to write
If this sounds like the kind of policy you’d like to be offering to your clients, we’d be happy to work with you.
Standard Life & Accident Insurance Company
- A.M. Best Rating: A