The age of those purchasing asset-based long term care insurance protection
Long term care insurance statistics from LTCi Sourcebook
continues to decline according to research by the American Association for Long-Term Care Insurance the national trade organization.
According to data gathered from leading insurers, 56 percent of new male buyers of life insurance plus long-term care policies were age 64 or younger. Some 53.5 percent of new female purchasers in 2012 were age 64 or less.
“The percentage of younger buyers continues to grow compared to prior years,” states Jesse Slome, AALTCI’s executive director. According to the organization’s studies, the some 53.5 percent of male and 50.0 percent of female buyers in 2011 were 64 or younger. For 2010, the AALTCI study reported 48.5 percent of men and 44.3 percent of women fell into this age category.
“We attribute the change to an increase in the number of insurance and financial consultants marketing linked benefit products and a greater emphasis by insurers on attracting younger buyers,” Slome noted. “I would anticipate that the average age of buyers will continue to decline especially as the awareness and marketing of flexible premium policies grows.”
The Association’s analysis of over $400 million in new sales during 2012 found that 31.5 percent of buyers were men and 68.5 percent were female. Complete findings will be published in the Association’s 2013-2014 Long-Term Care Insurance Sourcebook. Copies are mailed to all Association members or may be purchased for $99.
Founded in 1998, the American Association for Long-Term Care Insurance is the national trade organization established to create heightened awareness and understanding of the importance of long-term care planning and the various financial options available.
For long term care insurance costs or to connect with a designated specialist, a member of the American Association for Long-Term Care Insurance, visit the organization’s website or call 818-597-3227.
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