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Life Insurance Group > Life insurance news > Term life insurance » Washington Firm to Offer Multiple Channels for Funding Long-Term Care...

Washington Firm to Offer Multiple Channels for Funding Long-Term Care

Monday, November 11th, 2013

This firm based in Kirkland Washington has been offering services related to long-term traditional care for many years now. As markets started to lose carriers, curtailed the benefits, and tightened its underwritings the firm started offering other solutions as well as a survival strategy. Now, the company wants to build upon its multi-solution strategy and put it into high gear at last. In order to do that their first step is to shift from traditional focus, the long-term care to balance and broad focus involving multiple payment channels related to care.

According to the company’s spokesperson, agents work within a limited periphery with instruments that they understand and know. The requirement now is to educate them regarding the intricacies and procedures related to other options that offer better results. The market for finding related to long-term care is constantly growing. The same sadly is not applicable for the insurance industry related to long-term care, which is both stagnant and dwindling. So the firm wants to tap other avenues and explore them in a bid to increase returns. Helping their clients, pay up through multiple channels can be a mutually beneficial scenario in this regard.

So what is ailing the insurance industry? According to the spokesperson low rates of interest on a long-term basis along with low rate for lapse, greater advances in medicine and technological developments are other reasons. To deal with this situation some carriers brought down the associated risks of long-term care a notch. Others had no other option but to leave the field for good. Innovations in product design were another way to cope with the dwindling situation and this meant keeping premiums affordable with $ 2300 annual average.

For the insurance companies to survive, the firm believes that the agents need to offer insurance solutions that the clients need instead of pushing sales for company products. Customers want something to address their specific needs and this is what the agents have to provide.

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