The characteristics of typical long-term care insurance (LTCI) buyers may be changing rapidly.
The American Association for Long-Term Care Insurance (AALTCI) has looked at LTCI buyer demographics in a preliminary analysis of data on 85,000 people who bought LTCI coverage in 2014 and compared the results with those from a similar analysis the group conducted using 2012 data.
Insurers have talked about a need to cope with low interest rates and new information about LTCI claims by focusing on selling cheaper, leaner products to younger consumers.
AALTCI found that 40 percent of the buyers in the 2014 data pool were age 54 or younger, up from 29 percent in 2012.
See also: Who’s buying LTCI?