Hannover Re recognised this emerging trend many years ago and set about positioning itself as a leading player in the senior citizens insurance product space. The increasingly wide recognition among the general population of the need to provide for one’s own later life care needs has resulted in a market that is not only growing but also diversifying.
Companies like Hannover Re seek to support their clients in offering innovative products that respond more intelligently and imaginatively to long term care needs.
Our clients benefit from our global awareness of how different markets and territories have responded to the challenge of long term care, providing a valuable source of insight and fresh ideas.
Hannover Re has led the way in this area. We were, for example, the first reinsurer to promote the idea of enhanced annuity products that deliver increased annuity payments to those experiencing severe ill health. We have also developed an ‘immediate needs’ policy sold to those about to enter a long term care facility: while facing a significantly reduced life expectancy they need to be sure they can fund care for the remainder of their lives.