Who Buys Long Term Care Insurance and Exactly What Do They Buy

It’s difficult to discuss typical buyers and their policies, since policies vary so much. The information below may be helpful as you consider LTC insurance. However, it’s wise to keep in mind that your best course of action may bear little resemblance to the purchasing behavior of others.

The average policyholder is age 56, with most (77.6%) policyholders between the ages of 50 and 69. However, many younger people are enrolling in LTC coverage. Slightly more than nineteen percent of purchasers are under age 50 (19.4%). Only 3.9% of LTC insurance buyers are age 70 or older.

The most popular benefit period is 3 years. The majority of purchasers buy policies with a 3, 4, 5 or 6 year benefit period (85.4%). Eleven percent buy a benefit period of 2 years or less.