Los Angeles, CA, August 25, 2013 --(PR.com
)-- The majority of individuals who purchased a new life insurance policy that offered a tax qualified long term care insurance rider did so before turning age 55 according to findings reported by the American Association for Long-Term Care Insurance.
"There are now more ways than ever for consumers to purchase forms of long term care Insurance protection," reports Jesse Slome, executive director of the national long term care insurance industry trade group. The organization published the findings as part of their 2014 Long Term Care Insurance Sourcebook.
Life insurance policies that offer accelerated long term care benefits have become increasingly popular over the past few years. According to the organization's research, over half (51.4%) of new male buyers of variable premium life policies with the long term care feature were under the age of 55. "Traditionally, we explain that the sweet spot for looking into long term care insurance is between your early 50s and age 64 prior to qualifying for Medicare," Slome explains. "However, with growing interest in these life policies, the age to start may well indeed be younger." Slome noted that nearly 20 percent of buyers were under age 45.
"With life insurance, younger people still have a need for this protection and adding the long term care benefits provides double duty benefits," Slome added. "People still mistakenly believe that everyone can get long term care insurance at any age and that simply is not true," Slome explains. "To keep the costs of coverage as low as possible for those who purchase coverage, insurers are selective."
The Association research is being published in the 2014 Long Term Care Insurance Sourcebook which contains both special studies conducted by AALTCI as well as summaries of other key industry studies. The Sourcebook will be mailed to all Association members around October 1 and single copies can be purchased for $99.
For additional information or to obtain a copy, call the organization at 818-597-3227. Consumers seeking long term care insurance costs and information can access free long term care insurance guides on the organization's website. No sign-in information is required to access the guides. To learn more or to be connected with a designated California long term care insurance specialist call the organization at 818-597-3227 or visit their website.