Pandemic: Increased Home Care
While life insurance applications have increased during the pandemic, traditional LTC applications are in decline. Reasons sited for the LTC decrease are carriers leaving the marketplace and product repricing.
The pandemic has increased the demand for care at home and more people are avoiding nursing homes.
Hybrid life-LTC insurance products are the biggest trend in LTCI recently. These products have been around for awhile, but are only trending now because of longer, more affordable pay periods and the addition of indexed and variable universal life insurance chassis.