Windsor, CT, June 15, 2007 — Individual long-term care insurance sales edged into positive numbers for the first time in four years in the first quarter of 2007, with a 2 percent gain in premium over the same period last year. Policies continued to slip with a 2 percent decline for the period.
Total premium for the quarter was $149.3 million, with 70,164 policies sold.
While it is too soon to call it a trend, the first quarter performance “reflects a new reality for LTCI,” said Jennifer Douglas, LIMRA associate scientist and author of the report. “Growth expectations based solely on an illusionary reading of demographics have been replaced with a realistic assessment of the market’s potential and its challenges.”
Douglas said LTCI companies are creating new products to attract a broader market and for the most part are embracing the potential of the new partnerships and training requirements that many states are adopting.
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