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Longevity Alliance Acquires Long-Term Care Quote; Leader in Financial Services for Older Americans Now Includes Long-Term Care Insurance in Its Portfolio

Posted on: Thursday, 21 September 2006, 09:06 CDT

Longevity Alliance, the Washington-based company providing older Americans with financial and health insurance services has acquired Long-Term Care Quote, a consumer resource center and 10-year-old independent agency specializing in long-term care insurance. Long-Term Care Quote's unique proprietary database and rating system for developing customized quotes and side-by-side comparisons for long-term care insurance will be added to Longevity Alliance's comprehensive portfolio of services, including annuities and health and life insurance.

Long-term care is a critical issue for Americans planning for retirement and is generally defined as any kind of care provided for chronic disabilities and illness. It is sometimes referred to as custodial care and often takes the form of at-home nursing aides, nursing homes and assisted living centers. Unfortunately, the cost of long-term care can be debilitating for many Americans and their families.

The long-term care industry estimates that more than six million Americans over the age of 65 currently need long-term care at an average cost of over $70,000 per person per year. Long-term care insurance is one of the few ways that most Americans can help afford the high cost of long-term care in the future.

"Long-Term Care Quote and Longevity Alliance are a natural fit and we are excited by this acquisition," said Steve Zaleznick, President and CEO of Longevity Alliance. "Long-term care insurance and planning for a longer life and retirement should go hand-in-hand. Both of our companies approach the issues the same way. We offer value-minded consumers in-depth, customized information and a choice of top-quality products from best-in-class providers."

"Too many Americans have experienced the devastating cost of long-term care first hand. And far too often, they're forced to pay for it by selling family homes or spending their retirement nest egg," according to Long-Term Care Quote Founder and President Robert Davis. "I'm pleased that Longevity Alliance can now bring long-term care insurance to its customers nationwide. Together, we will help older Americans plan for retirement and help eliminate the cost of long-term care."

As part of the acquisition, Longevity Alliance will acquire Long-Term Care Quote's proprietary database that monitors the prices and features of the top long-term care insurance plans, its proprietary rating system that customizes insurance quotes for customers and its customer base. Long-Term Care Quote's offices and employees in Chandler, Arizona, will continue to operate as an office of Longevity Alliance. Long-Term Care Quote President Robert Davis will continue with Longevity Alliance as an advisor.

The acquisition is funded by Kinderhook Industries, a $200 million small market private equity fund with an investment philosophy of combining senior management and operating experience in a variety of industries with the financial investment and know-how of private equity professionals.

About Longevity Alliance and Retirement Planning

Between now and 2030, the number of Americans approaching retirement will more than double to almost 108 million - nearly a third of the population. Longevity Alliance, formed in September of 2005, is one of the first companies exclusively serving America's burgeoning aging population with one-stop, affordable financial planning, health and life insurance services, and long-term care insurance.

Based in Washington, DC, and with call-center operations in the Phoenix, Arizona area, Longevity Alliance helps older Americans find the right products to meet their needs by surveying the marketplace and contracting with high quality financial and insurance companies to provide consumers with a range of choices in each product category. Longevity Alliance is staffed with experienced senior executives in aging, insurance and financial services who have spent decades working for the biggest names in products and services for older Americans. The company also publishes Momentum, a newsletter for older Americans. IQuote, an online quoting service for term life insurance, is a division of Longevity Alliance. For more information, visit www.longevityalliance.com and www.longtermcarequote.com.

Source: Business Wire

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