U.S. individual long term care insurance sales fell to $600 million in 2008, down 7% from the 2007 total.
Researchers at LIMRA International, Windsor, Conn., have based those figures on an industry survey.
“The recession had a major impact on LTC insurance sales during the second half of 2008,” says Karen Fisherkeller, a LIMRA analyst. “Historically, individual products have emerged relatively unscathed from the effects of a recession. This time, however, all individual product lines have taken a hit.”
LTC insurance appears to be particularly vulnerable, Fisherkeller says.