A younger demographic is increasingly being attracted to asset-based long-term care insurance, according to research from the American Association for Long-Term Care Insurance.
AALTCI's numbers suggest that premium increased about 20 percent and the number of covered lives jumped 13.5 percent; more than half of male buyers of the coverage were under age 65, as well. Half of female buyers are also under age 65, up from the previous study's figure of 44 percent.
"We expect the sale of asset-based or linked LTC products will continue to grow as they offer some highly attractive benefits to a category of buyers looking to protect their retirement savings," said AALTCI director Jesse Slome, in a release. He cites the example of Pacific Life and its new UL policy with LTCI benefits as one of the products recently released by a major player.
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