Baby-Boomers Buying Long Term Care Insurance

     I just read a great article by Business Week that took a look at the age trend of people buying long-term care insurance.  Business Week went over some interesting statistics that will draw the attentions of America's Baby-Boomers.  In 2007 the average age for buying a long term care insurance policy dipped below 60 and is now 58.  The average age for buying long term care insurance has been falling the past decade, it was 61 in 2005 and 69 yrs old in 1995.

     This trend in LTCtree.com's opinion, is the fact that many Baby-Boomers have seen first hand their parents go through a long term care stay and drain most of their nest-egg they work so hard to save.  Boomers have definitely taken notice and are taking the steps to protect their nest-egg and prevent from being a burden on their kids.  Planning and buying long-term care in a person's 50's is the sweet spot because the premiums are much more reasonable and a person typically has better health the younger they are.

     The Business Week article also said that about 8 Million people now have Long Term Care Insurance which is a 60% increase from the year 2000 when only 5 Million had coverage.  This year 46% of long term care insurance buyers were between the ages of 50 and 60, 40% were over 60 yrs old, and the remaining were under the age of 50.  One last interesting stat is that since women live longer than men they make up 2/3 of all LTC claims totaling 3.3 Billion annually. 

     At Ltctree.com we have been in business since 1997 and have been there to spot cutting edge trends in the market when they pop up.  We work with virtually all of the top A+ carriers and can help you match the perfect company with your unique financial situation.  For your free quotes simply fill out the form below and we'll get you your quotes the next business day.