New data from LTC Tree, the insurance “supermarket” indicates the average buyer of LTC coverage is younger than ever.  According to watchlistnews.com the statistical department analyzed more than 53,000 cases from 1999 to 2013 to find the main change in the buyer’s age.
In 1999, the average age of the buyer was 67.3 years old.  In 2006, it dropped 6.09% to 63.2 years old and now in 2013 the age has dropped  to a staggering 21.09% to 56.1 years old.  The average age of long term care insurance buyer has decreased 11.2 years in the past 14 years.  The question everyone asks is in a society where life expectancy is increasing, why are people buying long term care insurance earlier?

New data from LTC Tree, a long term care insurance “supermarket,” indicates the average buyer of LTC coverage is younger than ever before. A new report from the firm investigates several reasons why 50 may be the new 65 when it comes to retirement planning. LTC Tree’s statistical department analyzed more than 53,000 cases from 1999 to 2013 to find the mean change in the buyer’s age. The findings show an emerging trend.

  • In 1999, the average age of LTC Tree’s long term care insurance buyer was 67.3 years old.
  • By 2006, that age had dropped 6.09% to 63.2 years old.
  • By, 2013 that age had dropped a staggering 21.09% to 56.1 years old.

In a society where life expectancy is increasing, why are people buying long term care insurance earlier?

Take advantage of these results and talk to your clients about long term care insurance.  As the study shows it’s never too early to think about long term care, they are listening sooner than you think.  Some are unsure why client’s are buying earlier but as long-term care cost continue to increase clients are becoming aware.

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