According to annual research conducted by the American Association for Long-Term Care Insurance women comprised just over 60 percent of new buyers the study found.

“Linked life insurance policies that offer long-term care benefits experienced significant growth in 2010,” states Jesse Slome, the national trade organization’s executive director.  “Consumers are finding these products offer a significant advantage when it comes to long-term care planning.”

Newer life insurance policies offer the ability for the policyholder to access funds should a need for long-term care occur.  “For those with sufficient savings to purchase coverage, these new forms of protection help overcome the what if I don’t need long-term care,” Slome explains.  If the policy benefits are not used for long-term care, the designated beneficiaries receive the death benefit.

According to data published in the Association’s 2011 Long-Term Care Insurance Sourcebook, over one-third (34%) of women who purchased new life+LTC policies in 2010 were between ages 55 and 64.  Nearly 40 percent were between ages 65 and 74.    Male purchasers tended to be slightly older Slome acknowledged.

“You need to have a fair amount of savings or what I call lazy money,” Slome explains.  “Lazy money consists of funds sitting in low-paying Certificates of Deposit that can be easily put to far better use on your behalf.”

The single premium face amount of just over two-thirds of new policies purchased in 2010 was over $100,000.  About a quarter of buyers opted for a face amount of over $200,000.

The complete findings are published in the Association’s 2011 Long-Term Care Insurance Sourcebook that can be obtained from any of the organizations 3,000 members.   Slome advises consumers considering long-term care insurance to carefully compare coverage with a knowledgeable professional.  ”Costs for virtually identical coverage can vary by as much as 40-to-60 percent,” he warns.

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