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?