Women Buying Majority of Life Plus Long-Term Care Insurance Policies
Published : 2011-05-31 - Updated : 2013-06-12
Author : American Association for Long-Term Care Insurance
Synopsis* : Linked life insurance policies that offer long-term care benefits experience significant growth.
Main DigestLong-term care insurance protection can be purchased within a life insurance policy and sales surged in 2010 according to a new study released by the American Association for Long-Term Care Insurance.
Sales in 2010 of life insurance policies offering long-term care benefits surged 79 percent for the industry's leading insurance carriers.
According to annual research conducted by the American Association for Long-Term Care Insurance www.aaltci.org women comprised just over 60 percent of new buyers the study found.
"Linked life insurance policies that offer long-term care benefits experienced significant growth in 2010," states Jesse Slome, the national trade organization's executive director. "Consumers are finding these products offer a significant advantage when it comes to long-term care planning."
Newer life insurance policies offer the ability for the policyholder to access funds should a need for long-term care occur. "For those with sufficient savings to purchase coverage, these new forms of protection help overcome the what if I don't need long-term care," Slome explains. If the policy benefits are not used for long-term care, the designated beneficiaries receive the death benefit.
According to data published in the Association's 2011 Long-Term Care Insurance Sourcebook, over one-third (34%) of women who purchased new life+LTC policies in 2010 were between ages 55 and 64. Nearly 40 percent were between ages 65 and 74. Male purchasers tended to be slightly older Slome acknowledged. "You need to have a fair amount of savings or what I call lazy money," Slome explains. "Lazy money consists of funds sitting in low-paying Certificates of Deposit that can be easily put to far better use on your behalf."
The single premium face amount of just over two-thirds of new policies purchased in 2010 was over $100,000. About a quarter of buyers opted for a face amount of over $200,000. The complete findings are published in the Association's 2011 Long-Term Care Insurance Sourcebook that can be obtained from any of the organizations 3,000 members. Slome advises consumers considering long-term care insurance to carefully compare coverage with a knowledgeable professional. "Costs for virtually identical coverage can vary by as much as 40-to-60 percent," he warns.
The American Association for Long-Term Care Insurance www.aaltci.org is a trade organization. The Association's Consumer Information Center is the #1 source for information and can be accessed at www.aaltci.org/long-term-care-insurance
You're reading Disabled World. Be sure to check out our homepage for further informative disability news, reviews, disability sports events, exclusive stories and how-tos. You can also find us on Twitter, Facebook, and LinkedIn.
Related Life Insurance Documents
- 1: Life Insurance Calculator: Calculate Amount You Should be Insured For : Free online life insurance calculator provides the amount you should be insured for in event of your death accident or disability.
- 2: Life Insurance Rates Comparison - Compare Quotes : Insurance Agents provides information and finds life insurance rates features and insurance comparison quotes.
- 3: Women Buying Majority of Life Plus Long-Term Care Insurance Policies : Linked life insurance policies that offer long-term care benefits experience significant growth.
- 4: $1.39 Billion Dividend Payout for MassMutual Policy-owners : MassMutual approves payment of estimated $1.39 billion in dividends to eligible participating policy-owners in 2013.
- 5: Life Insurance Helps Provide Critical Retirement Safety Net : Life insurance can work for retirees from providing tax benefits to protecting their estates to providing financial security.
*Disclaimer: Disabled World provides general information only. Materials presented are in no way meant to be a substitute for professional medical care by a qualified practitioner, nor should they be construed as such. Any 3rd party offering or advertising on disabled-world.com does not constitute endorsement by Disabled World. View our Advertising Policy for further information. Please report outdated or inaccurate information to us.
Journal: Disabled World. Language: English (U.S.). Author: American Association for Long-Term Care Insurance. Electronic Publication Date: 2011-05-31 - Revised: 2013-06-12. Title: Women Buying Majority of Life Plus Long-Term Care Insurance Policies, Source: <a href=https://www.disabled-world.com/disability/insurance/life/majority.php>Women Buying Majority of Life Plus Long-Term Care Insurance Policies</a>. Retrieved 2021-04-16, from https://www.disabled-world.com/disability/insurance/life/majority.php - Reference: DW#474-7809.