The utmost penalty for violating California’s ban on fear-based advertising techniques is $25,000 for brokers and brokers and $500,000 for insurers.
Monetary Skilled Reactions
Ramona Neal, president of Dwelling Profit Evaluation, a agency that analyzes post-acute care insurance coverage merchandise, mentioned insurance coverage gross sales representatives want a way of urgency.
“In spite of everything,” she mentioned, “insurance coverage is bought, not purchased. However, however, we now have seen some cross the road from a way of urgency to deceptive.”
Steve Cain, a director at LTCI Companions, a long-term care insurance coverage brokerage agency, mentioned he has obtained many emails full of factual inaccuracies about California’s LTC job power.
“I used to be glad to see the commissioner set the report straight,” Cain mentioned.
Cain mentioned the very best method is to speak about the necessity to plan for long-term care prices, not about avoiding the LTC payroll taxes that some states might ultimately undertake.
The California State Capitol in Sacramento, California. (Picture: Sundry Images/Adobe Inventory)