People like to know what other people are buying – what the trends are. The assumption is that all these other people must know what they’re doing. So LTC Consumer thought we would put your minds at ease by compiling our long-term care insurance (LTCI) buying trends into one easy-to-read Infographic. Guided by our specialists, last year’s consumers chose policies that made the most sense for their families and their retirement strategies. Check it out and see what was trending.
“LTC Consumer thought we would put your minds at ease by compiling our buying trends into one easy-to-read infographic.”
Applicant Demographics
In 2018 the ages that LTC Consumer customers purchased LTCI policies the most was between 60-64, and then next between 55-59. While LTCI policies are less expensive when applicants are younger, this is the age range when people are starting to really narrow down their retirement plan and are still healthy enough to qualify. 52% of applicants were female and 48% were male, and since most carriers offer a discount when both partners apply, over half of the policies sold were to couples where both purchased a policy. Of the 13% who were single, 74% of those were female. Females are often more expensive but are also often caretakers who may need care of their own later.
Plan Design
Plan design is where a specialist can really come in handy. They will call you and through screen-sharing go through every option, adjusting as you see fit. Making minor adjustments can greatly affect policy cost and overall plan design. If we took all five of the most popular plan designs you would have a $4,000 monthly benefit, 3-4 years benefit length and $100K-$200K pool of money with 3% compound inflation and a 90-day elimination period. Again, all of these can be adjusted to get the policy premium and policy benefit that fits your lifestyle and retirement goals.
The best news of all, from the entire survey, was that 79% of people who applied were offered coverage. On top of that many of those were offered discounts due to good health. Our specialists are some of the best in the business. No matter what your worry, our agents can help you find a solution. We’ve helped people find LTCI coverage who have had cancer, weight issues, diabetes, medications, etc. The first step is simply to talk to an expert who specializes in the LTCI industry. They can shop the top carriers, work with you to design a plan that fits your budget and needs, and help you find a policy that fulfills your retirement strategy. Contact LTC Consumer today and see if our Buying Trends fit into your plans this year.
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