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Prospective Clients


Banks and Credit Unions

Most of us know how important it is to insure our cars, homes, and other possessions against catastrophic damage. But when it comes to insuring our hard-earned savings, investments, and property against the catastrophic expense of a long-term medical condition, we often don’t see the need as clearly—until it’s too late.

Offering members and employees information and access to
long-term care (LTC) insurance policies ties into a credit union’s role in helping people build and protect their financial assets.

LTC insurance marketing is intensifying as more baby boomers reach retirement age. By associating your trusted credit union brand with a reliable LTC insurance provider, you help members navigate the many protection options.


You also create another potential bond that strengthens a
member’s ties to your credit union.

The Increasing Cost of Long-Term Care Services

According to the Met Life Mature Market Institute’s 2012 survey on long-term care costs and services, the 2012 national average rates have increased over 2011, outpacing the national medical inflation rate.


Long-term assistance with the basics of daily life, such as eating, bathing, and getting around, can drain a carefully built nest egg very quickly.

2012 Average
2012 Average Cost Annual
Increase Over 2011

Private Nursing Home

per day


$9 (3.8%)

Assisted Living Facility

per month


$73 (2.1%)

Adult Day Care Services

$70 per day


$0 (0%)

* Costs are rounded to the nearest dollar.
Annual rates for home care are based on 4 hours per day, 5 days per week; annual rates for adult day services are based on 5 days per week.
Source: “Market Survey of Long-Term Care Costs,” Met Life Mature Market Institute, 2012.


Common Misconceptions

Learn more about our Long-Term Care Insurance program

  • LTC insurance generally covers assistance people need when they lose the ability to perform three or more “activities of daily living” for an expected period of at least 90 days. The activities are essential daily functions such as dressing, eating, and bathing.
  • The cost for these services is outpacing the medical inflation rate, according to the Met Life Mature Market Institute (“The increasing cost of long-term care services”).
  • A common mistake is believing Medicare pays for these services. It doesn’t.
  • Medicaid does, but only after you’ve exhausted most personal assets. Another mistake is associating LTC insurance solely with nursing home care.


But properly designed policies offer members more choices and control in where and how they receive their care.

In 2011, about half of all new individual LTC insurance claims were for home services, while nursing home care and assisted living care accounted for about one-third and one-fifth of new claims, respectively, according to the American Association for Long-Term Care Insurance.


A key risk for members is delaying the decision to buy LTC insurance until age and poor health make them ineligible or unable to afford the premiums.

Another important consideration:

The family’s ability to withstand the expense, time commitment, and
physical and mental stress of providing long-term care. A licensed LTC
representative can help members understand when and what type of
LTC insurance is best for their families.


Protect Executives’ Supplemental Retirement Benefits

In addition to marketing LTC insurance to your most eligible members, these products can help you protect top executives and board members.

Credit union executives and board members often fall into a prime category of consumers who need LTC insurance: middle- to retirement-age professionals with substantial retirement accounts to protect.

To bolster retirement benefit plans for executives, many credit unions have turned to supplemental benefits such as 457(f) and 457(b) accounts. LTC insurance can protect these nest eggs.

And there are advantages for the credit union and the executive if the credit union purchases the policy. If the employer purchases a qualifying policy on behalf of an executive, the benefit isn’t treated as taxable income for the executive.

Credit unions can control the cost of this benefit by adjusting the daily benefit amount, the length and comprehensiveness of coverage, and other variables.

These products can vary significantly among providers, so work with an experienced broker who knows your credit union.



It is no secret that health coverage costs can be expensive. Adding long-term coverage to your product portfolio can help to:

Protect member and employee assets

    • Designed to pay for long-term medical expenses not covered by other programs
    • Helps safeguard retirement funds
    • Helps ensure access to needed medical care
    • Minimizes financial burden on family members
    • Supplements coverage provided by Medicare/Medicaid

Rewards key credit union executives and minimize
turnover and business disruption

  • Helps credit unions compete against other financial organizations for top talent
  • Improves attraction for retention efforts

Give business members an affordable retention tool

Your business accounts can also benefit from this valuable resource.

Build non-interest income

Benefits for Credit Unions


For more information on long term care insurance, or to schedule an appointment please fill out a form here.
Interested in receiving a quote for long term care insurance? Please fill out a quote form.