Los Angeles, CA, December 14, 2012 --(PR.com
)-- The desire to protect assets and leave an estate to heirs is the primary reason people purchase long term care insurance coverage according to one of the nation's leading industry experts.
"This is the first generation who are living long lies into their 80s, 890s and even past age 100," according to Jesse Slome, executive director of the American Association for Long-Term Care Insurance. Slome was speaking to insurance professionals today sharing reasons people purchase this increasingly favored insurance product. "When you live a long life the chance of needing very costly care rises significantly and it can wipe out a lifetime of savings rather quickly."
According to Slome, research finds that the desire to protect assets and leave an estate to a spouse, family members or a charity is the reason given by one third of those who purchased long term care insurance. Other reasons shared are the desire to avoid dependence on others and to protect living standards.
"Far too many people talk about long term care planning and long term care insurance in purely financial terms," Slome declared. "Of course there is a risk but it really is the consequence of needing care that is a much more important message that needs to be shared." Slome suggested that insurance professionals start to convey what needing long term care will do to a family. "It can and does disrupt entire lives," Slome explained. "We don't want our adult children having to care for us. We want them to care about us and insurance gives them the resources to hire and supervise outside professionals."
Some eight million Americans currently have some form of long term care insurance protection according to the Association. "Each year over a quarter of a million Americans purchase protection," Slome reports. "The sweet spot for looking into this protection is between ages 55 and 65," he adds. "That's when you are most likely to be able to health qualify and when premiums are comparatively affordable."
Established in 1998 as a non-profit trade group, the Los Angeles, California-based American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs call the organization’s offices at (818) 597-3227 or visit the Association’s website.