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Long Term Care Insurance Buyer’s Age Drops Dramatically
Date:8/27/2013

nd marketing was mostly relegated to the silver-haired crowd aged 60+. Insurance companies targeted people aged 60 to 80 as prime candidates for long term care policies for a multitude of reasons. Older clients would be more sympathetic to the need, for one thing. Today, however, retirement planning starts at younger ages as savvy baby boomers seek to establish well defined retirement plans that their longevity won't outlast decades ahead of time.

In addition, increasingly inquisitive (and younger) baby boomers are using the Internet to research (and ultimately purchase) long term care insurance. In the old days, a local agent may give a free dinner seminar and then come out to the house for that infamous insurance sales meeting. The meeting was a dog and pony show about a policy that culminated in the client writing a big check to put coverage in force without knowing any alternatives. LTC Tree's data is based on Internet buyers, so the cohort tends to be savvier, younger, and healthier, according to Nichols.

Insurance Company Rules

As time went on and more claims data came in, the insurers noticed that they preferred younger clients with a longer "runway" of premiums on average. The maximum age for purchase came down from 84 to 79 to 75 with most long term care companies over the years. The LTC Tree study also found that decline rates for those ages 65+ are 220% higher than decline rates for those ages 45-55. One theory is that so- called "adverse selection" would be higher with older buyers than with younger, healthier buyers.

LTC Tree’s report provides new insight into the long term care industry and what affects buyers’ purchasing decisions. As these younger, savvier boomers watch their parents receive long term care services, they are beginning to realize the importance of insuring their own long term health.

Read the full story at

Source: PRWeb
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