Baby Boomers Are Buying LTC Insurance

More and more Baby Boomers are purchasing Long Term Care Insurance because many have either already seen or are presently watching their parents go through a Long Term Care stay.  These Boomers are learning first-hand that Long Term Care can completely drain a nest egg.  Indeed, many Boomers are now wisely taking steps not only to protect their own nest eggs but also to prevent any chance of becoming financial burdens to their children.

A 2007 article published in Business Week suggests that the average age for buying Long Term Care Insurance is getting younger and younger.  In 1995, for example, this article reports that the average age for buying LTC insurance was 69.  By 2005, according to Business Week, the average age had dropped to 61, and by 2007, the average age was 58.

This trend seems to be continuing.  The American Association for Long Term Care Insurance (AALTCI) recently reported that 73.5 percent of those buying Long Term Care Insurance policies in 2009 were 55 years of age or older when they applied for coverage.

According to Business Week, approximately 8 million people had Long Term Care Insurance in 2007.  This was a 60 percent increase over the year 2000 when only 5 million had coverage.  AALTCI reports that approximately 400,000 new Long Term Care policies are currently issued each year.

Because of lower premiums and because a person typically has better health the younger they are, it is certainly advantageous to purchase Long Term Care Insurance in one's 50's; however, anyone under the age of 80 should weigh the benefits of purchasing Long Term Care Insurance.

Since 1997, LTC Tree has been following the trends in Long Term Care Insurance.  We work with virtually all of the top A+ carriers and can help you match the perfect LTC insurance policy with your unique financial situation.

For your free quotes, simply fill out the form below.  We will get your quotes out to you the next business day.