The number of consumers requesting information and costs for long-term care insurance increased nearly 39 percent for the first six months of 2017 compared to the prior year reports the American Association for Long-Term Care Insurance.
“This is a significant increase and an indication of enormous growing interest among consumers in the importance of long term care planning,” states Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The increase represents the number of consumers who completed a request for long-term care insurance costs on the Association’s website.
Slome attributes the increase in interest to a good economy among aging Baby Boomers and a growing realization that government programs and medical insurance do not cover much of the cost associated with long-term care.
“This is a good trend because everything begins with awareness and interest,” Slome noted. “Maybe this will encourage more insurance agents to see the potential of the marketplace as there has been a lack of recruitment and training in recent years.”
The long-term care insurance expert shared some general feedback on the consumers inquiring about long-term care insurance and offered guidance for the industry which accounted for approximately $220-million in new insurance premiums in 2016.
“A significant percentage of those requesting information are already in poor health and mistakenly believe they can obtain long-term care insurance,” Slome says. “Unfortunately, they can not health qualify for insurance offered by private carriers. In certain states, they may be able to get a short-term care insurance policy and we are seeing growth in sales of these policies where available.”
While the average age of new applicants for long-term care insurance continues to decline, a significant percentage of people requesting information have aged-out of their ability to obtain coverage. “Today the average age for new policies issued is 55 and the sweet spot for applying for this coverage is between 55 and 64,” Slome advised.
Slome is encouraged by the increase in requests for long-term care insurance costs by consumers visiting the Association’s website. “Consumer interest is there, now we need to get a few more agents and we could see an upswing in yearly sales,” he concluded.
The American Association for Long-Term Care Insurance website offers comprehensive consumer information and no-cost access to obtain long-term care insurance costs from leading independent insurance specialists. To learn more about long term care planning go to www.aaltci.org or call 818-597-3227.
LEARN MORE ABOUT LONG-TERM CARE INSURANCE PROTECTION. Get a free, no obligation quote for Long-Term Care Insurance from the American Association for Long-Term Care Insurance. Click here now!
INSURANCE AGENTS. SELL MORE LONG-TERM CARE INSURANCE PROTECTION. Visit the Association's Online LTC Learning, Marketing & Sales Center. Click here now!
HAVE YOU HEARD ABOUT CRITICAL ILLNESS INSURANCE? Learn more from the American Association for Critical Illness Insurance. Click here now!
MEDICARE SUPPLEMENT INSURANCE COSTS
Click here to learn more!