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Follow on Google News | Long Term Care Insurance Tax Qualified Riders Study ReleasedMore than half of buyers of long term care insurance policies with a tax qualified long term care rider are under age 54 according to a study by the American Association for Long-Term Care Insurance.
"There are now more ways than ever for consumers to purchase forms of long term care Insurance protection," Life insurance policies that offer accelerated long term care benefits have become increasingly popular over the past few years. According to the organization's research, over half (51.4%) of new male buyers of variable premium life policies with the long term care feature were under the age of 55. "Traditionally, we explain that the sweet spot for looking into long term care insurance is between your early 50s and age 64 prior to qualifying for Medicare," Slome explains. "However, with growing interest in these life policies, the age to start may well indeed be younger." Slome noted that nearly 20 percent of buyers were under age 45. "With life insurance, younger people still have a need for this protection and adding the long term care benefits provides double duty benefits," Slome added. "People still mistakenly believe that everyone can get long term care insurance at any age and that simply is not true," Slome explains. "To keep the costs of coverage as low as possible for those who purchase coverage, insurers are selective." The Association research is being published in the 2014 Long Term Care Insurance Sourcebook which contains both special studies conducted by AALTCI as well as summaries of other key industry studies. The Sourcebook will be mailed to all Association members around October 1 and single copies can be purchased for $99. For additional information or to obtain a copy, call the organization at 818-597-3227. End
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