More Americans consider long-term care insurance

May 17, 2011

Seniors need to consider the benefits of long-term care insurance

It appears more Americans who are working or nearing retirement are now considering their post-retirement care, with a report saying many more are purchasing long-term care insurance.

The coverage - which can sometimes be packaged along with traditional life insurance policies - has increased by double-digit percentages in 25 states, according to new data from the American Association of Long-term Care Insurance. California, New York, Illinois, Texas and Florida were the states that recorded the largest volume of long-term care policyholders, said the report, but even states with smaller populations saw strong increases.

"Sales of long-term care insurance are increasing as more consumers recognize the importance and affordability of this protection," said Jesse Slome, AALTCI's executive director. "The number of insured individuals in Alaska grew by nearly 130 percent. Other smaller states like Wyoming (62 percent) and Vermont (48 percent) saw significant increases as well."

Retirees in New York can tap into their life insurance policy's death benefit to pay for long-term care, though residents in other states may want to consider the insurance coverage.

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