HOLLYWOOD, Fla. - Long-term care insurance is one of the most sought-after executive benefits today, while the need for long-term care remains the greatest unfunded liability a person can face in retirement.
Other significant risk factors are covered by various forms of insurance–health, home and vehicle–but long-term care is not widely insured. Yet the need is real and growing, said Michael McNerney, senior long-term care specialist for CUNA Mutual, told the company’s Discovery Conference.
CUs looking for ways to attract key executives should consider long-term care as part of an executive benefit plan, said McNerney.
“Long-term care is an innovative benefit that is becoming expected. In a 2007 survey, 27 percent of respondents included long-term care insurance in executive benefit packages,” he said, noting most credit unions still don’t offer the benefit.
“Long-term care insurance is a win-win situation for credit unions and credit union executives,” said McNerney. “For the executive, long-term care insurance completes a lifetime of retirement planning, acts as an umbrella of protection over other accumulated benefits and provides for the entire family if care is needed. For the credit union, long-term care insurance can be used as a tool to reward and retain key executives, is a flexible benefit component and costs only pennies on the dollar.”(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
