Rising Life Expectancy Heightens Long Term Care Insurance Need

Feb. 9, 2013 - PRLog -- Los Angeles, CA - February 10, 2013:   The average life expectancy for both women and men has increased.  More older people will be financially at risk predicts the director of the American Association for Long-Term Care Insurance.  

According to data from the National Center for Health Statistics, the average life expectancy for women rose to 81.1 years and 76.3 years for men.  The report was based on 2011 data and represented an increaser from 76.6 years for women and 68.8 years for men in 1975.

"It is increasingly common that people will live long lives but they are completely unprepared for the financial consequences," exclaims Jesse Slome, director of the American Association for Long-Term Care Insurance.  "Many have too little saves for a long retirement and certainly far too few have any plan to deal with the risk of needing long-term care http://www.aaltci.org."

The Association reports that some eight million Americans own some form of long-term care insurance either purchased on an individual basis or through a plan offered by their employer.  "Long term care insurance is certainly not a universal solution for all because one must health qualify for protection and the cost generally is $100 a month or more for someone in their 50s," Slome adds.  "Millions of Baby Boomers now in their 50s and 60s never expected to reach this point let alone their 80s or 90s and they have absolutely no plan in place."

Slome notes that many consumers ask an inexperienced insurance agent to price long term care insurance.  "First, the costs can vary significantly from one insurance company to another," Slome explains.  "But many agents are stuck with the belief than insuring anything less that the maximum risk is a mistake and present coverage costing hundreds of dollars a month when there are so many options that could be adequate for an individual and certainly far less expensive."

The expert recommends that consumers work with knowledgeable specialists who typically are appointed to sell at least four policies offered by the leading long term care insurance companies.  "Some agents only are able to sell policies from one company and they have a vested interest in extolling the virtues of that particular plan," the expert notes.  "The could be your best choice or could be far more costly than equal coverage from another top-rated insurer.  It pays to compare."

To connect with a long term care insurance specialist, a designated member of the American Association for Long-Term Care Insurance call the organization weekdays at 818-597-3227 or visit their website where you can access free consumer informational guides and submit a request for a no obligation long term care insurance cost quote at http://www.aaltci.org/long-term-care-insurance.