Insurance:

Long Term Care Insurance

Article: Long Term Care Statistics

 

Our "Long Term Care Statistics " article can be downloaded by clicking here or by clicking on the document to the left. The article is in .pdf format.

 

Long Term Care Statistics

 

 

It was reported by LIMRA** that a total of 1,485,945 Long Term Care Insurance policies were in force by the beginning of the year 2000.  The annual premiums for these policies totaled $2,321,675,000 with a 7% growth rate.

Who buys Long Term Care Insurance?*

1. 58.7% are female
2. 56.9% are between the ages of 50 and 64

What type of Long Term Care coverage do people buy?*

1. 96.6% buy home care benefits as well as nursing home
2. 74.7% want their home care benefits to equal their nursing home benefits
3. 38.7% want lifetime benefits
4. 36.2% want four to six year benefits
5. 67.7% buy a policy with a monthly benefit from $3,000 up to $5,000 per month
6. 61.8% select a policy with a 90 day waiting period before benefits can begin
7. 41.5% select a policy with benefits that will automatically increase by 5% compounded every year to keep up with medical inflation trends
8. Tax Qualified Plans accounted for 88% of policies sold.

*Please note: buying statistics are not available for the market as a whole and represent the policies of one insurer only.
** Life Insurance Reporting Agency