A man with a sign reading, "No!" (Credit: Thinkstock)

Underwriting for stand-alone long-term care insurance (LTCI) might be tougher for older applicants now than it was five years ago.

That’s the assessment of Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).

(Related: The Largest Individual LTCI Claim of 2018)

Slome is now analyzing preliminary LTCI survey data.

Many people try to apply for LTCI after age 70.

Slome has not yet put underwriting data for older LTCI applicants in the same, apples-to-apples categories.

But he says he believes the decline rate for all applicants over 70 is now close to 50%.

In 2013, he says, the rejection rate for applicants in a similar age category — ages 70 through 79 — was 44%.

For consumers, the message in the new numbers is that would-be LTCI owners should be looking at the product when they’re ages 50 to 65, and more likely to be healthy enough to qualify to buy coverage, Slome says.

About 76% of LTCI buyers are ages 50 through 69, according to AALTCI data.

Resources

AALTCI posts its survey data here.

— Read Agents Optimistic About LTCI Sales: AALTCIon ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on LinkedIn and Twitter.