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August 19, 2009, Featured Articles, Annuities, Health Care
Will Boomers Pony Up for these Riders?
Deferred annuities have lapse rates as high as 40% to 70%, but the lapse rates of LTCI/annuity hybrids could shrink to as low as one or two percent—the rates associated with LTCI policies.
By attaching long-term care insurance (LTCI) riders to deferred annuities, insurers could solve three chronic conditions: the high cost of stand-alone LTCI products, the high surrender rate of deferred annuity contracts, and Baby Boomers' fear of potentially monumental nursing home expenses.
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