Insurers No Longer Selling Long-Term-Care Policies
Some insurers will continue to service existing policies; others will sell off your policy to another insurer.
My long-term-care insurance company, John Hancock, is no longer selling new policies. What will happen to my coverage? --B.C., Arlington, Va.
John Hancock will continue to service existing policies and pay claims, even though it recently stopped selling new policies (except for the federal employees’ plan). Several other long-term-care insurers have also stopped selling new policies over the past few years because of larger-than-expected claims and the effect of low interest rates. As with John Hancock, some of them continue to service existing policies; others have sold their business to other insurers that service the policies.
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As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.
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