2014 Long Term Care Insurance Sourcebook contains latest data and statistics
Los Angeles; August 1, 2013 – Universal life insurance policies with optional long term care insurance are gaining consumer interest according to new research by the American Association for Long-Term Care Insurance.
“We are definitely seeing heightened interest among consumers with available savings that they can leverage to protect against the high costs associated with needing long term care,” explained Jesse Slome, executive Director of the American Association for Long Term Care Insurance. “These policies are not for everyone and there can be significant differences between policies being offered today.”
According to a study by the Association more than half of buyers of life insurance with long term care benefit option policies were under age 65. “Some companies have imposed age restrictions on these policies and that could be pushing down the age of average buyers,” Slome explained. “It’s also likely that more stockbrokers and financial planners are starting to recommend these products to their younger clientele.”
A growing number of companies now offer life insurance policies that offer long term care benefits according to AALTCI. “You used to have one or two major players but over the past few years several large insurance companies have introduced new products,” Slome noted. “Consumers have the misperception that all policies are identical but we see some important differences that can vary. The difference in future benefits can be quite significant.”
The AALTCI study reports that 56 percent of buyers in 2012 were age 64 or less. The complete findings of the study will be included in the 2014 Long Term Care Insurance Sourcebook a compendium of industry research published by the trade group. Copies of the Sourcebook cost $99.
To request a free, no-obligation policy benefit comparison from a designated life plus long-term care insurance specialist who is a member of the Association, call 818-597-3227.
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