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June 23, 2009 at 08:00 PM
A study by the American Association for Long Term Care Insurance finds 66% of buyers of combination long term care-life insurance policies in 2008 were women.
The average single premium paid for these combination policies, also known as asset-based LTC insurance, was just under $70,975, reports AALTCI, Westlake Village, Calif. This was up 4% over 2007, when the group reported an average premium of $68,300 for such policies.
AALTCI examined 2008 sales data for over 5,000 new asset-based LTC policies and found around 50% had a base face amount for life insurance of between $100,000 and $200,000. About 30% had a face amount of between $50,000 and $100,000.
