NU Online News Service, March 13, 2003, 6:20 p.m. EST — Atlanta
Insurance regulators heard discussions here about the state of the long-term care insurance market at the spring meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
Bob Glowacki, chair of the long-term care insurance committee at the American Council of Life Insurers, Washington, pointed out that financial planners, LTC specialists and worksite marketing programs have been reaching younger prospects in the past two years.
Traditionally, the biggest buyers of LTC insurance have been consumers over age 65. But the average age of the customers buying through the planners, LTC specialists and worksite marketers is between 58 and 62, Glowacki said.
Long-term care insurance “is no longer a senior-age product,” Glowacki said.
Glowacki also told regulators that the lapse rate for LTC coverage is only 1.2% per year. “That tells us that older blocks of business are not lapsing,” Glowacki said.