Younger boomers buying group LTC insurance

Although older baby boomers account for the majority of individual long term care insurance sales, it is largely younger boomers and those under 45 who buy group LTC insurance, according to data from the American Association for Long-Term Care Insurance. The Westlake Village, Calif.-based group today published data on 95,000 buyers of employer-sponsored LTC insurance. Of that total, 36% of the buyers were under 45, while another 36% were between 45 and 54. On the individual side, an analysis of 215,000 policies showed that 53% of those buyers were between 55 and 64, while just 24% were in the 45-54 range. Those who purchased group LTC insurance between 35 and 44 also took advantage of having the lowest premiums. Last year, their annual premiums were an average of $435. Meanwhile, those in the 45-54 group paid an average premium of $690.