Still struggling with your LTCI message? You might be targeting the wrong spouse. Two-thirds (66 percent) of purchasers were women and the average single premium paid was just under $71,000, according to the first national study of buyers. Nearly half of individuals purchasing asset-based long-term care protection in 2008 were under age 65.
Research conducted by the American Association for Long-Term Care Insurance (AALTCI), the national trade organization, examined 2008 sales data for over 5,000 new policies.
“Asset-based long-term care insurance protection is becoming an increasingly popular way for individuals to protect against the risk,” explains Jesse Slome, AALTCI’s Executive Director. Asset-based long-term care policies offer the dual benefit of access to long-term care benefits as well as life insurance protection. “Many individuals find this coverage attractive because if they don’t use their long-term care protection, their beneficiaries still benefit from the life insurance coverage,” Slome explains.