LTC riders: More education is needed, NAIFA president says

Carriers must do a better job of educating advisors and consumers about long-term care riders on life insurance policies.

That was one of the suggestions that Christopher Gandy, president of the National Association of Insurance and Financial Advisors, made to the National Association of Insurance Commissioners Senior Issues Task Force at its fall meeting.

Gandy is founder and CEO of The Legacy Wealth Group in Chicago. He has more than 20 years of experience selling traditional LTC policies as well as hybrid life policies with LTC and extended care riders.

Confusion exists about hybrid life and riders, he said, and asked NAIC to create a standardized education piece about them.

More robust education about riders needed

Education about hybrid life and riders must be more robust, Gandy said.

“Because if we’re going to educate the public and show up better for ourselves and our communities and the people we represent, we must be able to educate them on a basic, fundamental level. If you came up with a standard of, ‘these are the basics around long-term care insurance and long-term care riders,’ there won’t be as much confusion.”

Gandy suggested NAIC create a one-page document included with LTCi and life/LTC hybrid policies “that would make it a lot easier for us, because TikTok and Instagram is not the way in which these products are bought. They’re bought in person. However, consumers are getting a lot of information out there and they’re getting it from influencers.”

Clients want to retire with dignity and with choices, he said. “But those choices should not be skewed based on the information that we’re not getting and we’re not able to educate our clients on.”

© Entire contents copyright 2025 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

Susan Rupe is editor in chief, magazine, for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at susan.rupe@innfeedback.com.