Long term care insurance buyers were slightly older in 2009 than in previous years, according to a new study by The American Association for Long-Term Care Insurance.
The buyers in 2009 also tended to choose less costly policy features, says the Los Angeles trade group.
The research reflects analysis of 155,000 individual placed policies in 2009, say researchers.
“Clearly the economy is having an impact on when individuals start their LTC planning and what benefit levels and policy options they select,” says Jesse Slome, executive director of AALTCI.
The findings include:
- 73.5% of buyers of individual policies were age 55 or older when they applied for coverage compared to 69% in 2008