Added Longevity Increases Importance of Long Term Care Insurance

LOS ANGELES - March 20, 2013 - PRLog -- Los Angeles; March 20, 2013 - A new study reports that a female who reaches age 65 is expected to live another 22.7 years an increase from the prior projection of 21.3 years.  A male who reaches age 65 is expected to live another 20.5 years up from 19.5 years.

"People are living longer lives and the consequence of longevity is a greater risk of needing long term care," declares Jesse Slome, executive director of the American Association for Long-Term Care Insurance.   He notes that long term care insurance http://www.aaltci.org/long-term-care-insurance requires that applicants meet health criteria and that applying prior to age 65 is ideal.  "The sweet spot we believe is between ages 55 and 65 when you are most likely to health qualify for this protection."

According to Slome, the average age when people apply for coverage is currently 56.  "We advocate a 'good, better, best' approach to long term care insurance planning where you factor your financial and personal situation and tailor coverage to meet your needs and budget," Slome explains.  According to the 2013 Long Term Care Insurance Price Index just released by the organization, a 60-year old couple can expect to pay from $1,800 to about $3,500 a year depending on how much benefit dollars they want access to."

The longevity projection comes from a Society of Actuaries report issued recently, the first update to their mortality projections since 2000.  The American Association for Long-Term Care Insurance http://www.aaltci.org provides support to insurance professionals and publishes the annual long term care insurance Sourcebook containing extensive industry research.  For additional information visit the organization's website or call the national organization at 818-597-3227.