What's your Long Term Care Insurance IQ ?

The Wall Street Journal last weekend in their "Weekend Journal" edition did a nice piece on basic retirement info and the topic of long term care insurance was a big part of it.  The article revealed that in 2007 that 50% of all long term care insurance buyers we in the age range of 55-64 according to the statistics they used from the American Association for Long Term Care Insurance.  The economist in me can't help but to ask why and connect the stats to a logical reason.  People of that age have aging parents in their 80's and 90's and many have seen there own parents need long term care.  When long term care happens to someone that close it is a real eye opener and those Baby-Boomers are being proactive and planning ahead. 

The average age that people are buying long term care insurance in 2007 breaks down like this:

Ages 55-64: 50%

Ages 45-54: 26%

Ages 65-74: 15%

Ages 35-44: 6%

Ages 75+: 2%

Ages Under 35: 1%

When I began in the industry in the 90's the average age was 65+, someone buying this in their 50's was unheard of but things have changed dramatically in the past 10 years.  I strongly feel as more and more people see a long term care stay in their family that those younger people will continue to buy this coverage to ensure their retirement is protected.

At LTCtree we can help you begin the process of "sticking your big toe in the water" and learn what LTC is and how it work.  We work with all the major long term care insurance carriers and will mail you out a side by side comparison so take a minute to fill out the form below.

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