AALTCI: LTCI buyers continue to get younger
By National Underwriter
By Allison Bell
The American Association for Long-Term Care Insurance (AALTCI) says about 75 percent of the new long term care insurance (LTCI) policies sold last year were purchased by individuals ages of 45 to 64.
About 56 percent of new buyers of individual LTCI policies were ages 55 to 64, and 22 percent were ages 45 to 54.
Jesse Slome, executive director of AALTCI, Westlake Village, Calif., says he believes the prime years for consumers buys LTCI coverage are from 52 to 64.
"That is the age when costs are more affordable and the individual is still more likely to health qualify for insurance protection,” Slome says.
Ten years ago, the average LTCI buyer was 66 or 67, and fewer than 5 percent were younger than 45, Slome says.
Individuals who buy LTCI through the worksite continue to be younger than other LTCI buyers, "but the age gap is narrowing," Slome says.
AALTCI is preparing to publish LTCI figures in its upcoming 2012-2013 Long Term Care Insurance Sourcebook.
Originally published on LifeHealthPro.com